Series 50 Examination

Series 50 Pilot Exam 
From January 15, 2016 through February 15, 2016, the MSRB administered 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). Test results will be mailed to pilot volunteers approximately 15 weeks following the end of the pilot. Pilot volunteers who pass 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. For individuals who did not pass the Series 50 pilot exam, the MSRB will provide one free retake of the permanent Series 50 examination when it becomes available this fall. A failure of the Series 50 pilot exam does not count as one of the three opportunities available for a candidate to pass the permanent Series 50 exam before triggering a sixth-month waiting period for a fourth opportunity to pass 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.

The MSRB plans to implement the permanent Series 50 exam in the fall of 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.