Municipal Advisor Professional Qualifications

Series 50 Pilot Exam 
From January 15, 2016 through February 15, 2016, the MSRB will administer a pilot test to validate its bank of test questions and set the passing score for the permanent Municipal Advisor Representative Qualification Exam (Series 50) (see MSRB Notice 2015-15). Municipal advisors are invited to participate in the pilot. A candidate who takes and passes the Series 50 pilot exam will be qualified as a municipal advisor representative and will not be required to take the permanent Series 50 exam. The exam registration window will be available beginning on September 21, 2015 and closing on January 14, 2016. During the enrollment window, municipal advisors can use the Financial Industry Regulatory Authority’s (FINRA) Form U10 to enroll their municipal advisor professionals.

Exam Window 

January 15, 2016 - February 15, 2016
Enrollment Window
  September 21, 2015 - January 14, 2016
Number of Questions
Test Time
  240 minutes (with an additional 30 minutes for a tutorial on how to complete the computerized exam)
Test Results

  Test results will be mailed to candidates approximately 15 weeks following the pilot

Additional Information for Pilot Participants

As part of its expanded mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the MSRB is implementing the first qualifying examination for municipal advisors. MSRB Rule G-3, effective April 27, 2015, creates two classifications of municipal advisor professionals, representative and principal, with firms required to designate at least one principal to oversee the municipal advisory activities of the firm. All municipal advisor representatives and principals are required to take and pass the Series 50 exam to demonstrate the level of knowledge needed to be sufficiently qualified to perform municipal advisory activities. 

To assist municipal advisor professionals in preparing for the Series 50 exam, the MSRB provides a content outline that includes exam topics, sample questions and reference material. The content of the test covers the roles and responsibilities of municipal advisor professionals as well as applicable rules and regulations. A volunteer committee of municipal advisor professionals developed the content outline for the exam, which was approved by the MSRB Board of Directors in January 2015 and filed with the Securities and Exchange Commission in April 2015. Read more about the development of the municipal advisor representative qualification exam.

The MSRB plans to implement the new exam in 2016. To facilitate the transition to the new exam requirement, the MSRB’s rule provides for a one-year grace period during which individuals will be able to take the municipal advisor representative exam while still engaging in municipal advisory activities.