Series 82 Exam Guide: Private Securities Offerings Format, Score & Cost
The Series 82 qualifies representatives to sell private placement securities in a primary offering. Here is what FINRA lists for its format, four job functions, passing score, fee and retake rules, plus a Regulation D practice question from our video.
The FINRA Series 82 has 50 scored multiple-choice questions (plus 5 unscored pretest items), a 90-minute limit, and a passing score of 70. The fee is $100. You need a sponsoring FINRA member firm, and the SIE is a corequisite. Half of the exam is Function 1: seeking business from customers.
Series 82 facts at a glance
| Scored questions | 50: plus 5 unidentified, unscored pretest items (55 in all), multiple choice |
|---|---|
| Time limit | 90 min: about 1 minute 38 seconds per item across all 55 |
| Passing score | 70: a scaled score, equated across exam forms |
| Exam fee | $100: per FINRA; fees can change |
| Corequisite | SIE: pass both the SIE and the Series 82 to register |
| Sponsorship | Required: by a FINRA member firm or other applicable SRO member |
| Guessing penalty | None: answer every question |
Checked against the official FINRA page and the sources listed at the end of this page on 2026-10-26.
Watch: Series 82 videos
Series 82 Exam Explained: Private Securities Offerings Rep, 50 Questions & How to Study
Half the Series 82 exam is one topic #shorts
What is on the Series 82: four job functions
FINRA's outline divides the 50 scored questions into four functions. Finding and qualifying investors is half the exam.
| Function | Weight | Scored questions |
|---|---|---|
| F1: Seeks Business for the Broker-Dealer from Customers and Potential Customers | 50% | 25 |
| F2: Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives | 18% | 9 |
| F3: Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records | 26% | 13 |
| F4: Obtains and Verifies Customers' Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions | 6% | 3 |
Source: FINRA: Series 82 – Private Securities Offerings Representative Exam
What the Series 82 registration covers
FINRA says the Series 82 qualifies a representative for the solicitation and sale of private placement securities as part of a primary offering. In other words, you can sell new securities that a company raises privately rather than through a registered public offering.
That is far narrower than the Series 7, which covers almost every kind of security. If your firm works only on private placements, the Series 82 may be the only representative exam you need; your firm decides which registration fits your role.
FINRA's content outline points to Regulation D (Rules 500 to 508, including Rule 506), so expect questions on exempt offerings, accredited investors, and how private offerings may be marketed.
Series 82 passing score
The passing score is 70 on FINRA's scaled score, which adjusts for small differences between exam forms. It is not a fixed count of correct answers.
FINRA does not publish a Series 82 pass rate. Aim for timed practice scores comfortably above 70%, with Function 1 as your strongest area.
Cost, sponsorship and signing up
FINRA lists the Series 82 fee at $100. Your sponsoring firm opens the enrollment, and firms often cover the fee. The SIE needs no sponsor and can be taken at 18 or older before you are hired.
If you don't pass: retake waiting periods
Until January 18, 2027, FINRA's waiting period is 30 days after a first or second failed attempt and 180 days after a third or later failed attempt within a two-year period.
FINRA Regulatory Notice 26-18 (October 14, 2026) shortens these to 15 days and 60 days, effective January 19, 2027.
How to study for the Series 82
Spend about half your time on Function 1: Regulation D offerings, who counts as an accredited investor, and the limits on how private offerings can be marketed. Then cover suitability and recommendations (Function 3) and account opening (Function 2).
Use FINRA's content outline as your checklist and finish with timed sets of 50 questions in 90 minutes.
Try a Series 82 practice question
This is the original practice question from our Series 82 video. It is not from a FINRA exam.
In a Rule 506(b) offering, which investors can the issuer sell to without any limit on their number?
- Non-accredited investors
- Accredited investors
- Foreign investors only
- Institutional investors only
Show answer
B. Accredited investors
A Rule 506(b) offering can include any number of accredited investors, but no more than 35 non-accredited purchasers. Knowing who counts as accredited is core Series 82 material.
Series 82 FAQ
How many questions are on the Series 82?
50 scored multiple-choice questions plus 5 unscored pretest items, for 55 in total, in 90 minutes.
What is the Series 82 passing score?
70, on FINRA's scaled score. It is equated across exam forms rather than being a fixed number of correct answers.
How much does the Series 82 cost?
FINRA lists the fee at $100. FINRA sets the fee and can change it.
What can you sell with a Series 82?
FINRA says it qualifies you for the solicitation and sale of private placement securities as part of a primary offering. It does not cover the broad range of products that the Series 7 does.
Do I need the SIE for the Series 82?
Yes. The SIE is a corequisite, and you also need a sponsoring FINRA member firm to sit for the Series 82.
Related practice and guides
Sources
Exam facts on this page were checked against these official pages on 2026-10-26.
- FINRA: Series 82 – Private Securities Offerings Representative Exam
- FINRA: Series 82 Content Outline (PDF)
- FINRA Regulatory Notice 26-18 (qualification exam retake waiting periods)
OpenExamHub is an independent study resource and is not affiliated with FINRA. The practice question is original, not from a real exam. Formats, fees, and passing scores are set by FINRA and can change; confirm them on FINRA's current pages before you enroll.