Free Series 82 Practice Exam
Free Series 82 Private Securities Offerings Representative practice exam covering private placements, due diligence, issuer characteristics, and customer account handling. No signup required.
Due Diligence
Evaluating issuer financial condition, business prospects, risk factors, and verifying information in offering documents. ~20% of Series 82.
Issuer Characteristics
Business structure, financial statements, capitalization, management quality, and industry analysis for private placement issuers. ~20% of Series 82.
Offering Characteristics
Private placement structure, Regulation D exemptions, Rule 144A offerings, offering memoranda, and securities law compliance. ~20% of Series 82.
Handling of Customer Accounts
Suitability for private placements, customer account documentation, Reg BI obligations, and recordkeeping requirements. ~40% of Series 82 — largest section.
Full Series 82 Practice Exam
All four sections mixed and weighted by the official FINRA Series 82 blueprint. 50 questions, 90 minutes.
About the Series 82 Exam
The Series 82 Private Securities Offerings Representative exam is a FINRA limited representative qualification that licenses registered representatives to sell private placement securities — securities offered under exemptions from SEC registration such as Regulation D and Rule 144A. It is primarily used by broker-dealers whose representatives sell exclusively in the private markets and do not need the broader Series 7 qualification. The Series 82 is increasingly relevant as the private capital markets have grown significantly and now rival the public markets in total capital raised annually.
The exam contains 50 scored questions (55 total including 5 unscored) across four content areas: Due Diligence (20%), Issuer Characteristics (20%), Offering Characteristics (20%), and Handling of Customer Accounts (40%). You have 90 minutes to complete the exam and must score at least 70% to pass. The SIE is required as a co-requisite, and firm sponsorship from a FINRA-member broker-dealer is required to register.
Study Tips
Handling of Customer Accounts dominates at 40% of the exam — this section tests suitability analysis for private placements, which requires understanding both the Regulation Best Interest (Reg BI) standard and the specific risk characteristics of private offerings including illiquidity, lack of transparency, and concentration risk. For Offering Characteristics, deeply understand Regulation D Rules 504, 506(b), and 506(c) — know who can invest in each, what disclosures are required, and how general solicitation rules differ between them. Rule 144A offerings restricted to QIBs (qualified institutional buyers) also appear frequently. For Due Diligence, study the specific questions an underwriter must ask about an issuer before recommending a private offering to customers.