Series 54 Examination
About the Series 54 Examination
As of November 30, 2021, all municipal advisor professionals acting in the capacity of a municipal advisor principal must take and pass the MSRB's Municipal Advisor Principal Qualification Examination (Series 54) to be appropriately qualified to engage in the management, direction, or supervision of the municipal advisory activities of the municipal advisor firm and that of its associated persons. The passing score for the Series 54 exam is 70 percent. Instructions on how an individual enrolls to take the Series 54 exam are available here (see Question 12).
Background
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. As of April 27, 2015, MSRB Rule G-3, 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. At that time, all municipal advisor principals were required to take and pass the Series 50 exam to be sufficiently qualified to perform oversight of municipal advisory activities, pending development by the MSRB of a qualification examination for municipal advisor principals. The requirement that municipal advisor principals also have passed the Series 54 exam, in addition to the Series 50 exam, became effective as of November 30, 2021.
Frequently Asked Questions
 | This resource helps answer frequently asked questions about the Municipal Advisor Principal Qualification Examination (Series 54). Read the FAQs. |
Understanding the Series 54
 | This guide is intended to assist individuals preparing to take the Municipal Advisor Principal Qualification Examination (Series 54) by highlighting the structure of the examination and providing links to the rules and regulations covered in the content outline via a knowledge resource directory. Read the guide. |
Series 54 Content Outline
 | A content outline is available for the Series 54 examination 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 examination, the content outline includes sample questions similar to the type of questions that may be found on the examination. |
Tips for Exam Day
 | To assist individuals preparing for the Series 54 examination, the MSRB released Tips for Exam Day, outlining important items to remember and addressing some frequently asked questions. Read Tips for Exam Day. |
Examination Fees
The total cost to take the Series 54 examination is $265, which includes the MSRB’s $150 examination fee and a $115 administrative fee assessed by FINRA for administering the delivery of the examination.
Additional Information about the Series 54 Examination
- MSRB Notice 2021-11: MSRB Provides Further Extension of Time to Take the Series 54 Qualification Examination
- MSRB Notice 2021-10: MSRB Provides Interim Accommodation for the Municipal Advisor Principal Qualification Examination (Series 54 Exam)
- MSRB Notice 2019-19: MSRB Revises Content Outline for the Municipal Advisor Principal Qualification Examination
- MSRB Notice 2019-18: MSRB to Launch Permanent Series 54 Examination November 12, 2019
- MSRB Notice 2018-33: MSRB Files Content Outline for the Municipal Advisor Principal Qualification Examination (Series 54)
- MSRB Notice 2018-30: SEC Approves Amendments to MSRB Rule G-3 to Establish a Municipal Advisor Principal Qualification Examination
