According to Jeremy Solomon, president of Solomon Exam Prep, the Series 54 is a new qualifying exam for individuals who supervise or manage the municipal advisory activities of a municipal advisor firm and its associated persons. Individuals interested in taking the Series 54 pilot exam must have passed the Series 50 Municipal Advisor exam.
According to the MSRB, the permanent Series 54 exam will be available in late 2019, at which time individuals functioning in a municipal advisor principal capacity will have one year to take and pass the permanent Series 54. Anyone who passes the pilot Series 54 will qualify as a municipal advisor principal and will not have to take the permanent Series 54.
The Solomon Exam Prep Guide to the Series 54 covers the three functions on the exam:
- Understanding the Municipal Advisor Regulatory Framework
- Supervising Municipal Advisory Activities
- Supervising Municipal Advisor Firm Operations
Enrollment is between March 4-15, 2019 via FINRA’s Test Enrollment Services System.
Anyone who misses the enrollment period might be “left behind” and not be able to join in this historic municipal securities exam pilot mission!