Series 39 is an examination under the Financial Industry Regulatory Authority (FINRA) to become principals at brokers or dealers that market in direct participation programs (DPPs) set up usually as limited partnerships (LPs). Series 39 was made to challenge the knowledge of test takers regarding the structure of DPPs, the ways to manage registered representatives of a broker or dealer, and the FINRA and SEC’s fiduciary requirements. The exam is composed of 95 questions with a passing grade of 70%.