The FINRA Series 39 exam, officially known as the “Direct Participation Programs Representative Qualification Examination,” is a crucial step for individuals seeking to advance their careers in the financial industry. As with any certification exam, candidates have numerous questions about what to expect and how to prepare effectively. This article addresses the most commonly asked questions from those preparing for the Series 39 exam, offering insights into preparation strategies, exam difficulty, career prospects, and more. Whether you’re just starting your study journey or are in the final stages of preparation, understanding these key aspects can help you approach the exam with confidence.
Series 39 content outline official guide
What is the FINRA Series 39 exam?
The FINRA Series 39 exam, known as the Direct Participation Programs Representative Qualification Examination, is designed to assess the knowledge and skills required for a role in managing direct participation programs (DPPs) and real estate programs. It ensures candidates understand the regulatory and operational aspects necessary for advising and managing investments in these specialized areas.
What topics are covered on the Series 39 exam?
The Series 39 exam covers topics such as regulatory requirements for direct participation programs, compliance, sales practices, understanding of DPPs and real estate investment trusts (REITs), and the roles and responsibilities of a DPP representative. The exam tests knowledge in areas including securities laws, ethical practices, and the operation of DPPs and REITs.
How difficult is the Series 39 exam?
The difficulty of the Series 39 exam can vary based on your prior knowledge and experience with direct participation programs and related regulations. The exam is considered challenging due to its focus on detailed regulatory content and practical applications. Candidates often find success by thoroughly studying the materials and understanding the regulatory environment.
How long should I prepare for the Series 39 exam?
Preparation time for the Series 39 exam typically ranges from 6 to 12 weeks, depending on your background and familiarity with the subject matter. A structured study plan, including review of study guides, practice exams, and possibly enrolling in a prep course, is recommended to ensure comprehensive coverage of the material.
What study materials are recommended for the Series 39 exam?
Recommended study materials for the Series 39 exam include official FINRA study guides, textbooks on direct participation programs, online practice exams, and review courses from reputable providers. It is also beneficial to use flashcards and summary notes to reinforce key concepts and regulatory requirements.
Are there any prerequisites for taking the Series 39 exam?
Yes, there are prerequisites for the Series 39 exam. Candidates must be associated with a FINRA-member firm and typically hold the Series 7 or Series 22 qualification before taking the Series 39 exam. These prerequisites ensure that candidates have a foundational understanding of securities regulations and practices.
How many questions are on the Series 39 exam?
The Series 39 exam consists of 100 multiple-choice questions. These questions are designed to assess your knowledge across various topics related to direct participation programs and regulatory requirements.
What is the format of the Series 39 exam?
The Series 39 exam is a computer-based test consisting of 100 multiple-choice questions. The exam is administered at Pearson VUE testing centers, and you will have 2 hours and 30 minutes to complete it.
How much does the Series 39 exam cost?
The Series 39 exam typically costs around $135. This fee is payable at the time of registration and may be subject to change, so it is advisable to check the latest fee structure on the FINRA website or with your sponsoring firm.
What is the passing score for the Series 39 exam?
To pass the Series 39 exam, you need to achieve a score of 70% or higher. This means you must correctly answer at least 70 out of the 100 questions to pass.
Can I retake the Series 39 exam if I fail?
Yes, you can retake the Series 39 exam if you fail. However, you must wait 30 days before retaking the exam. There may be additional fees for each attempt, so it’s important to prepare thoroughly before scheduling a retake.
How long do I have to wait before retaking the Series 39 exam?
If you fail the Series 39 exam, you must wait 30 calendar days before you can retake it. This waiting period allows you time to review and strengthen your knowledge before attempting the exam again.
What is the best way to study for the Series 39 exam?
The best way to study for the Series 39 exam includes a combination of strategies: reviewing study guides and textbooks, taking practice exams, attending prep courses, and joining study groups. Creating a structured study plan, focusing on weaker areas, and regularly reviewing key concepts will help reinforce your knowledge.
Are there practice exams available for the Series 39?
Yes, practice exams are available for the Series 39. These can be found through FINRA, various exam prep companies, and online study platforms. Practice exams are a valuable tool for familiarizing yourself with the question format and identifying areas that need additional focus.
How do I register for the Series 39 exam?
To register for the Series 39 exam, you need to complete the registration process through FINRA’s website or your sponsoring firm. You will need to create an account, provide necessary personal and employment information, and pay the exam fee. Your sponsoring firm will typically assist with the registration process.
What should I bring to the exam center on the day of the Series 39 exam?
On the day of the Series 39 exam, you should bring a valid government-issued photo ID (e.g., driver’s license or passport) and any other identification required by the testing center. Personal items such as bags, electronic devices, and study materials are generally not allowed in the testing area.
How is the Series 39 exam scored?
The Series 39 exam is scored based on the number of correct answers. The scoring is not weighted; each question has equal value. You will receive a pass or fail result based on your performance, with a passing score being 70% or higher.
How can I find a Series 39 exam prep course?
You can find Series 39 exam prep courses through online search, educational institutions, and specialized exam prep companies. Look for courses with positive reviews and proven success rates. Many prep courses offer both in-person and online options to fit different learning styles and schedules.
What are the key areas to focus on when studying for the Series 39 exam?
Key areas to focus on include the regulatory framework for direct participation programs, compliance issues, the operation of DPPs and REITs, and ethical practices. Understanding the detailed regulatory requirements and sales practices is crucial for success on the exam.
How does the Series 39 exam impact my career prospects?
The Series 39 exam is a key qualification for roles involving direct participation programs and real estate investments. Successfully passing the exam enhances your qualifications, demonstrates expertise in these areas, and can open up career opportunities in investment firms and financial advisory roles.
What job roles can I pursue with a Series 39 license?
With a Series 39 license, you can pursue roles such as Direct Participation Programs Representative, Financial Advisor specializing in real estate investments, and Compliance Officer. This qualification is especially valuable in firms that handle direct investments and real estate securities.
Is there a difference between the Series 39 and other FINRA exams?
Yes, the Series 39 exam focuses specifically on direct participation programs and real estate investments, whereas other FINRA exams cover broader or different areas of securities regulation and investment practices. For example, the Series 7 covers a wide range of securities, while the Series 22 focuses on direct participation programs with some overlap with the Series 39.
What is the exam duration for the Series 39?
The Series 39 exam is 2 hours and 30 minutes long. This time frame is allotted to complete the 100 multiple-choice questions, so it is important to manage your time effectively during the exam.
Can I use a calculator during the Series 39 exam?
Yes, you are provided with a basic calculator at the testing center for use during the Series 39 exam. Personal calculators and electronic devices are not permitted, so familiarize yourself with the provided calculator’s functions before the exam.
Are there any study groups or forums for Series 39 candidates?
Yes, there are several study groups and forums available for Series 39 candidates. These can be found on platforms like Reddit, LinkedIn, and specialized exam preparation websites. Joining these groups can provide additional resources, study tips, and support from fellow candidates.
How often is the Series 39 exam updated?
The Series 39 exam is updated periodically to reflect changes in regulations and industry practices. FINRA reviews and revises the exam content to ensure it remains current and relevant. Staying updated with FINRA announcements and study materials will help you prepare effectively for any changes.
What are some common mistakes to avoid when preparing for the Series 39 exam?
Common mistakes include inadequate study time, neglecting key topics, and not using practice exams effectively. It’s important to avoid cramming, instead, study regularly, understand the exam format, and focus on areas where you need improvement. Ensuring a balanced study approach will increase your chances of passing.
What is the cancellation policy if I need to reschedule my Series 39 exam?
If you need to cancel or reschedule your Series 39 exam, you must do so at least 24 hours before your scheduled appointment. Fees may apply for rescheduling, and it’s advisable to check the specific policy on the Pearson VUE website or through your FINRA account.
How can I get more information about the Series 39 exam from FINRA?
For more information about the Series 39 exam, visit the FINRA website. The site provides detailed exam content outlines, registration procedures, and contact information for further inquiries. You can also reach out to FINRA’s customer support for specific questions and guidance.
Are there any changes to the Series 39 exam format or content due to recent regulations?
Exam content and format may change periodically due to updates in regulations and industry standards. It’s important to regularly check FINRA’s website for the latest information on exam updates and ensure that your study materials reflect any recent changes in regulations or exam format.
