Snapshot of Professional Qualification Examinations
Municipal Dealers: The MSRB Imposes qualification requirements on certain associated persons of dealers based on the scope of their municipal securities activities.
Municipal Securities Representative and Principal Examinations | Duration | Number of Scored Questions | Number of Unscored Questions | Cost |
| Series 51 - Municipal fund securities limited principal | 1 hour and 45 minutes | 60 | 5* | $255 |
| Series 52 - Municipal securities representative | 2 hours and 30 minutes | 75 | 5 | $260 |
| Series 53 - Municipal securities principal | 3 hours and 15 minutes | 100 | 10* | $265 |
*Effective as of 10/1/2024, pre-test questions will be added on the examination.
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For purposes of MSRB professional qualification standards, the MSRB also recognizes certain FINRA prerequisites and other qualification examinations for limited categories of municipal securities professionals.
FINRA Qualification Examinations | Municipal Securities Related Activities |
| SIE - Securities Industry Essentials | An examination for prospective securities industry professionals. Individuals are required to pass the SIE exam as a prerequisite to qualifying as a municipal securities representative by passing the Series 52 examination. |
| Series 6 - Limited representative investment company and variable contracts products | Engages in municipal securities activities limited to sales to and purchases from customers of municipal fund securities. |
| Series 7 - Municipal securities sales limited representative | Engages in municipal securities activities limited to sales to and purchases from customers of municipal securities. |
| Series 9/10 - Municipal securities sales supervisor | Engages in the supervision of municipal securities activities of the dealer and its associated persons limited to sales to and purchases from customers of municipal securities. |
| Series 24 - General securities principal | Engages in the supervision of transactions in municipal securities limited to, maintenance and preservation of books and records; reviewing and approving the opening of customer accounts; approval of advertising in writing prior to first use; overseeing the gathering of information on associated persons. |
Municipal Advisors: The MSRB imposes professional qualification requirements on certain associated persons of municipal advisors based on the scope of their municipal advisory activities.
Municipal Advisor Representative and Principal Examinations | Duration | Number of Scored Questions | Number of Unscored Questions | Cost |
| Series 50 - Municipal advisor representative | 3 hours | 100 | 10 | $265 |
| Series 54 - Municipal advisor principal | 3 hours | 100 | 10 | $265 |
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