Series 54 Examination

The Municipal Securities Rulemaking Board (MSRB) has developed the Municipal Advisor Principal Qualification Examination (Series 54) for municipal advisor principals — those individuals directly engaged in the management, direction or supervision of the municipal advisory activities of a municipal advisor firm and its associated persons.

When the permanent Series 54 examination is available, which is planned for Fall 2019, individuals functioning in a municipal advisor principal capacity will have one year to take and pass the Series 54. During this one-year grace period, an individual functioning as a municipal advisor principal is permitted to continue to engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons so long as such person is qualified with the Municipal Advisor Representative Examination (Series 50).


Content Outline

A content outline is available for the Series 54 that details key concepts and rules to be tested on the examination and the percentage of the examination devoted to each topic area. Additionally, to familiarize individuals with the format of the Series 54, the content outline includes sample questions similar to the type of questions that may be found on the examination. Read the content outline.

Series 54 Pilot

Consistent with best practices for test development, the MSRB will administer a
Series 54 pilot examination to validate the examination questions and determine a passing score. The MSRB is seeking volunteers to take the Series 54 pilot, which will be available from March 2019 – July 2019. Individuals interested in taking the pilot can enroll from March 4, 2019 – March 15, 2019, and subsequently schedule a test date within a 120‑calendar day period. 

During the enrollment period, individuals will be able to open an exam enrollment window by using the Financial Industry Regulatory Authority’s (FINRA) Test Enrollment Services System (TESS). Once enrolled through TESS, individuals can schedule a date to take the Series 54 pilot at a Prometric testing center. Read FINRA’s FAQs on enrolling for an exam through TESS.

Series 54 Pilot Exam

Pilot Exam Enrollment Window

March 4, 2019 – March 15, 2019

Pilot Exam Period

March 2019 – July 2019

Number of Questions

110 (100 multiple-choice questions scored and an additional 10 questions that are unscored pretest questions)

Test Time

180 minutes

Test Results

Exam results will be communicated to individuals by the end of Summer 2019

Following the end of the Series 54 pilot period, the MSRB will announce the passing score for the Series 54 and the date the permanent examination will be available. Individuals who take and pass the Series 54 pilot will be appropriately qualified as a municipal advisor principal once the permanent exam is available.

Volunteer for the Pilot

Individuals who are currently functioning in a municipal advisor principal capacity and are interested in taking the Series 54 pilot are encouraged to fill out a questionnaire to receive information and updates on enrollment in the pilot.

The MSRB will host a webinar on January 24, 2019, at 3:00 p.m. EST to provide more information about the administration of the Series 54 examination and how to participate in the pilot. Register for the webinar.

Additional Information about the Series 54 Examination


Series 54 Content Outline

Prepare for the Series 54 exam by reviewing content areas covered, sample questions and suggested reference material.