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The Series 82 is the Private Securities Offerings Representative Examination administered by the Financial Industry Regulatory Authority. Passing it qualifies you to solicit and sell private placement securities as part of a primary offering. It is the focused, limited-scope license for professionals who work exclusively with unregistered securities sold under exemptions from Securities Act registration, such as Regulation D offerings.
Think of the Series 82 as the representative-level license for the private capital markets, where companies raise money outside the public exchanges.
A Series 82 holder can solicit and sell private placement securities to investors in a primary offering on behalf of a broker-dealer acting as placement agent. This covers Regulation D offerings, Regulation A offerings, and other primary private transactions where the firm is raising capital for an issuer.
It does not authorize the holder to sell public securities, conduct secondary market transactions, or make recommendations to retail investors outside of private offerings. For those activities, you need the Series 7.
The Series 82 consists of 50 scored questions and 5 unscored pretest questions, for a total of 55 items. You have 90 minutes to complete it. The passing score is 70%. The Financial Industry Regulatory Authority's exam fee is $60, making it one of the more affordable representative-level licenses. You must pass the Securities Industry Essentials exam as a corequisite, and you must be sponsored by a Financial Industry Regulatory Authority member firm.
The Series 82 content covers four major job functions: seeking business for the broker-dealer from customers and potential investors, opening accounts and reviewing investor qualifications, processing and confirming private offerings transactions, and maintaining books and records. A heavy emphasis is placed on private placement workflow, investor qualification under accredited investor standards, and handling offering documentation including private placement memoranda and subscription agreements.
The Series 7 is the general representative license covering the full range of securities products. The Series 82 is significantly narrower, covering only primary private placements. Firms that specialize in private placements and capital formation sometimes use the Series 82 rather than requiring all their placement agents to hold the Series 7. Passing either the Series 82 or Series 7 is accepted as the qualifying representative-level exam needed before you can pursue the Series 24 General Securities Principal license.
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