The Series 82 exam costs $245, has an estimated 88% pass rate, consists of 50 questions over 90 minutes with a 70% pass mark, and qualifies representatives to solicit and sell private placement securities — but does NOT cover full M&A advisory, which requires the Series 79.
Last verified: 2026 | Source: FINRA.org — finra.org/registration-exams-ce/qualification-exams/series82
| Fact | Detail |
| Administered by | FINRA |
| Exam fee | $245 |
| Questions | 50 questions |
| Time limit | 90 minutes |
| Pass mark | 70% (35 of 50 questions correctly) |
| Pass rate | ~88% (estimated — FINRA does not publish officially) |
| Sponsorship | Yes — FINRA member firm or SRO sponsorship required |
| Corequisite | SIE exam — must pass both for registration |
| Scope | Private placements only — does NOT cover public offerings or full M&A advisory |
| Activity | Series 82 | Series 79 |
| Private placements | ✅ Yes | ✅ Yes |
| Public offerings (IPO, follow-on) | ❌ No | ✅ Yes |
| M&A advisory | ❌ No | ✅ Yes |
| Financial restructuring | ❌ No | ✅ Yes |
| Exam cost | $245 | $395 |
| Exam length | 50 questions / 90 min | 75 questions / 2.5 hrs |
Yes — the Series 82 is shorter (50 questions vs 75), has a lower pass mark (70% vs 73%), and covers a narrower topic scope (private placements only). Most candidates prepare in 20–40 hours vs 50–100 hours for Series 79. Both have similarly high estimated pass rates (~87–88%).
Yes — the Series 82 and Series 79 are separate licenses. You can hold both simultaneously. Many M&A professionals start with the Series 82 and add the Series 79 as their practice expands to include full M&A advisory services.
The Series 82 is common at boutique M&A firms focused on growth equity raises, lower-middle-market leveraged buyout placements, and private credit transactions — where the primary regulated activity is placing securities privately rather than full M&A advisory. Investment banks with broader mandates uniformly require the Series 79.
The Series 82 exam fee is $245 — $150 less than the Series 79. Both require FINRA member firm sponsorship and a passing SIE exam score.
Like the Series 79, the Series 82 is valid for the duration of association with your sponsoring FINRA member firm. It lapses if you leave and do not join another firm within 2 years. Annual FINRA Regulatory Element CE is required by December 31 each year after the first year of registration.
Whether you pursue the Series 82 or Series 79, the right foundational training makes the exam preparation and real-world application significantly faster. Explore our business broker training pathway →