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