Snapshot of Professional Qualification Examinations
FINRA administers the MSRB’s professional qualification examinations. After reviewing the information below on MSRB professional qualifications, go to How to Enroll for and Schedule an Examination.
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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