About the Series 50 Examination
As of September 12, 2017, all municipal advisor professionals must take and pass the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50) before engaging in municipal advisory activities on behalf of a municipal advisor firm. The passing score for the Series 50 exam is 71 percent. Instructions on how an individual enrolls to take the Series 50 exam are available here (see Question 10).
Additional Information about the Series 50 Examination
- Content outline for the Series 50 exam
- Sample test questions for the Series 50 exam
- Read answers to frequently asked questions about the exam.
- View a list of Series 50-qualified municipal advisor representatives and their associated municipal advisor firms.
As part of its expanded mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the MSRB implemented the first qualifying examination for municipal advisors. MSRB Rule G-3, effective April 27, 2015, created 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 baseline competency 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 and sample questions. 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.