Series 39 Exam

Definition - What does Series 39 Exam mean?

The Direct Participation Programs Principal exam, or the Series 39 exam, is designed and administered by FINRA. This exam was created to qualify those individuals who will work as a principal for the solicitation, purchase, and/or sale of programs that provide for flow-through tax consequences. This would include programs like oil and gas, real estate, and S corporation offerings.

Topics for the Series 39 exam include:
  • Structure and Regulation of DPP Offerings
  • Sales and Employee Supervision / FINRA Regulations
  • Compliance with Financial Responsibility Rules
The Series 39 exam is a 100 question, multiple-choice test that must be completed within 2 hours 15 minutes. Cost for this exam is $90.00. Please note that this cost only represents the registration fee for the Series 39 exam. There will most likely be other fees involved with scheduling, scoring or study materials.

Testopedia explains Series 39 Exam

Candidates should be aware that there are prerequisites for the Series 39 exam. In order to be eligible for this exam, candidates must have successfully passed either the Series 22 or Series 7 exam.

The Series 39 exam, like all FINRA exams, can be taken at any Pearson Vue testing center. Pearson Vue has testing centers in most large and medium sized cities throughout the country and is open six day a week, making it a nice choice for candidates. This exam is available year round.
Potential candidates for this exam should note that while the exam is available year round, it cannot be taken on Sundays. This fact should be kept in mind when you are scheduling your exam and choosing your testing locations.

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