Effective Tuesday October 1, 2024, the Series 51 examination will consist of an additional 5 unidentified pretest questions for a total of 65 questions on the examination. The additional questions will be randomly distributed and will not contribute towards the candidate's final score. An additional 15 minutes will be added to the current testing time; candidates will be allowed 1 hour and 45 minutes to complete the examination.
Series 51 Highlights
Number of Items: 60
Format: Multiple Choice
Duration: 1 hour and 45 minutes
Passing Score: 70%
Corequisite(s): Securities Industry Essentials (SIE) Qualification Examination and Series 24 – General Securities Principal Qualification Examination or Series 26 – Investment Company and Variable Contracts Principal Qualification Examination
Cost: $255
About the Series 51 Examination
The Municipal Fund Securities Limited Principal Qualification Examination (Series 51) is designed to determine whether an individual meets the MSRB’s qualification standards to perform the duties of a municipal fund securities limited principal. The examination measures a candidate’s knowledge of MSRB rules, rule interpretations and federal statutory provisions applicable to the activities listed below. It also measures the candidate’s ability to apply these rules and interpretations to given fact situations in the context of municipal fund securities activities.
Eligibility
Individuals must be associated with an MSRB registered dealer to be eligible to take the Series 51 examination. For more information on qualification requirements, refer to MSRB Rule G-3. In addition to passing this examination, a candidate must also have previously or concurrently qualified as a General Securities Principal (Series 24) or Investment Company/Variable Contracts (Series 26) Limited Principal. Please see FINRA’s website on qualifications for more information on the prerequisites for the Series 24 and Series 26.
Permitted Activities
Pursuant to MSRB Rule G-3 (b)(iv), the municipal fund securities limited principal has primary responsibility for the management, supervision and oversight of the purchase and/or sale of municipal fund securities, which include the following securities products:
- 529 savings plans
- ABLE (Achieving a Better Life Experience)
- LGIP (Local Government Investment Pool)
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