Series 50 Examination

About the Series 50 Examination 
Beginning September 12, 2016, the MSRB will make available the permanent Municipal Advisor Representative Qualification Examination (Series 50). To facilitate the transition to the new exam requirement, the MSRB is providing 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. The passing score for the Series 50 exam is 71 percent.  The MSRB administered a pilot test to set the passing score and validate the bank of test questions for the permanent exam. Pilot participants who passed the Series 50 pilot exam will be qualified as municipal advisor representatives and are not be required to take the permanent Series 50 exam.

Additional Information about the Series 50 Examination

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.