Series 50 Pilot Exam – Register Soon

The MSRB has announced that the Series 50 pilot exam will be available to test-takers from January 15, 2016, to February 15, 2016. Registration for the exam begins on September 21, 2015, and closes January 14, 2016. Continue reading

The MSRB has announced that the Series 50 pilot exam will be available to test-takers from January 15, 2016, to February 15, 2016.  Registration for the exam begins on September 21, 2015, and closes January 14, 2016.

The pilot exam is a precursor to the Series 50 permanent exam, which will be the qualifying exam for municipal advisors. Those who pass the Series 50 pilot exam will not be required to take the permanent exam.

The fee to take the exam is $265. Municipal advisor professionals can be enrolled by submitting Form U10 on the FINRA website. Test-takers will receive their results in the mail 2-3 months after taking the exam. The MSRB does not currently have a projected passing score for the pilot exam, but Gail Marshall, MSRB Associate General Counsel – Enforcement Coordination, says that the passing score for the Series 50 permanent exam “will be determined using the American Psychological Association’s Standards for Education and Psychological testing” and that the process will be supervised by an expert psychometrician.

The pilot exam will contain 120 multiple choice questions, and will begin with a thirty minute tutorial that explains how to take the computerized test. Test-takers will have four hours to take the Series 50 pilot. Although the Series 50 content outline will continue to change as rules are updated, according to the MSRB, there are no expectations that the content outline will change between the pilot exam and the permanent exam.


Series 50 study materials now available: https://solomonexamprep.com/series50

Bank Loan Disclosures on EMMA

EMMA, the Electronic Municipal Market Access website, now allows issuers to voluntarily share bank loan disclosure information online. Continue reading

EMMA, the Electronic Municipal Market Access website, now allows issuers to voluntarily share bank loan disclosure information online.

EMMA was created by the MSRB to give investors online access to official statements for municipal bonds, as well as other disclosure documents.  By adding the ability for issuers to share bank loan disclosure information, the MSRB is helping to provide investors with more transparency and more information with which to approach the municipal market.

The information can be posted on the issuer’s customized homepage. Getting it displayed is a two-step process. First, the issuer must submit the bank loan disclosure via the EMMA Dataport Submission Portal.  Once the information is submitted, it can be published on the Customized Issuer Homepage by using the Issuer Dashboard.

Investors will find bank loan disclosures and other documentation under the Continuing Disclosure tab on the issuer’s customized homepage.

EMMA is covered on the Series 7, 50, 51, 52, and 53 exams.  For more information about EMMA and the services it provides, please visit: http://emma.msrb.org/aboutemma/overview.aspx

Series 50 Pilot Exam

The Municipal Advisor Representative Qualification Exam (Series 50) is designed to test the minimum standards required of municipal advisor representatives and municipal advisor principals, two new classifications created when the MSRB revised Rule G-3 to meet the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Continue reading

The Municipal Advisor Representative Qualification Exam (Series 50) is designed to test the minimum standards required of municipal advisor representatives and municipal advisor principals, two new classifications created when the MSRB revised Rule G-3 to meet the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The exam covers basic knowledge of the internal workings and regulations of the municipal advisory system.  The MSRB intends to develop an additional exam for municipal advisor principals, but as of this writing no further information about the principal-level examination has been released.

The Series 50 will initially be rolled out as a pilot exam, and it will be available to anyone who works in a municipal advisory capacity.  The pilot exam is designed to help the MSRB evaluate its bank of test questions and determine an appropriate passing score.

There are a few good reasons to volunteer to take the pilot exam.  If you pass the pilot exam, you are not required to take the permanent exam.  While there is a fee for the pilot exam, if you do not pass, then your fee for the permanent exam will be waived the first time you take it.

Additionally, if you fail the permanent exam, you must wait thirty days before taking it again, and after your third attempt you must wait 180 days before another attempt.  However, the pilot exam will not count against these attempts.

And last but not least, a failure on the Series 50 pilot exam will not go on your CRD record.

Test takers will be allotted half an hour for an exam tutorial and four hours for the exam itself.  The exam will contain 100-125 questions, which will be drawn at random from the Series 50 question database.  You will be notified of your results about three months after taking the exam.

To register for the test, visit Pearson VUE at www.pearsonvue.com/finra or Prometric at www.prometric.com/finra.


Series 50 study materials now available: https://solomonexamprep.com/series50

MSRB Announces Creation of Professional Qualification Standards for Municipal Advisors

To qualify as a municipal advisor representative or municipal advisor principal, individuals will be required to pass a new Series 50 exam, which will begin being tried-out in the fall of 2015 to establish the passing score. Continue reading

Exam AlertAs required by the Dodd-Frank Act, effective April 27, 2015, the MSRB will amend its rules in order to create professional qualification standards for municipal advisors. The new rules will create a representative and a principal classification. To qualify as a municipal advisor representative or municipal advisor principal, individuals will be required to pass a new Series 50 exam, which will begin being tried-out in the fall of 2015 to establish the passing score. After the permanent test is in place, individuals acting as municipal advisors will have one year to pass the test.  Municipal advisors who would like to be part of the pilot group may sign up here: https://public.govdelivery.com/accounts/VAORGMSRB/subscriber/new?topic_id=VAORGMSRB_286.

The amended rules will also eliminate the existing requirement for a 90-day apprenticeship period.

This information came from http://www.msrb.org/News-and-Events/Press-Releases/2015/MSRB-Creates-Professional-Qualification-Standards-for-Municipal-Advisors.aspx