MSRB Announces Results of Series 54 Exam for Municipal Advisor Principals

Solomon Exam Prep congratulates the 810 individuals who have passed the Series 54 exam and are now qualified to work as municipal advisor principals. Continue reading

On December 16, 2021, the Municipal Securities Rulemaking Board (MSRB) announced that 810 individuals at 474 municipal advisor firms have passed the Series 54 exam and are now appropriately qualified as municipal advisor principals. Individuals who manage, direct, or supervise a firm’s municipal advisory activities must pass The Series 54, or Municipal Advisor Principal Qualification Examination.

Initially, the MSRB gave municipal advisors a one-year period within which to pass the exam. Due to COVID-19, the deadline was extended twice, and November 30th, 2021, was the final deadline.

Solomon Exam Prep has helped many of those 810 individuals prepare for the Series 54 exam. Solomon offers several study materials for the Series 54, which can be purchased individually or in four package options. Visit the Solomon Series 54 product page to learn more.

The Solomon material was invaluable in helping me pass this exam [Series 54]. The organization of the content, the tests, the video and lecture material, were all exactly on point. Thank you!
Mark Melio
Melio & Company, LLC, Northfield, IL

Before taking the Series 54 exam, individuals must have already passed the Municipal Advisor Representative Qualification Exam, also known as the Series 50. The Series 50 is required of anyone working as a municipal advisor. Passing the Series 50 qualifies individuals to provide advice about municipal financial products to, or on behalf of, municipal entities.

According to the MSRB, 2,953 people have passed the Series 50 exam and are currently associated with a municipal advisor firm.

Solomon Exam Prep has helped 1732 students prepare for the Series 50 exam. Solomon offers materials for self-study, plus live web classes for the Series 50. The Series 50 live web class is five days of intensive instruction with a Solomon professor, focused on the major content areas of the exam. For more information about Solomon Series 50 study products and live classes, visit the product page here.

I prepared for the Series 50 (Municipal Advisor) exam using your materials and was extremely satisfied. Having the materials in multiple written and audio formats provided a lot of flexibility in where and when I could study. The scope of the Series 50 exam is so broad that even very experienced individuals would benefit by this type of preparatory course. I highly recommend this product.
Derek Morse
Morse Associates Consulting, LLC, Reno, NV

Update: Series 54 Deadline Extended to November 30

Principals at municipal advisor firms must pass the Series 54 exam by November 30, 2021, to continue acting as principals. Continue reading

As we covered in a previous blog post on the Solomon Industry News Blog, the Municipal Securities Rulemaking Board (MSRB) had announced plans to push back the deadline for municipal advisor principals to take the new Series 54 exam. However, the MSRB did not say how much of an extension they intended to give.

Now we know. On September 2, the MSRB filed a request with the SEC to extend the Series 54 deadline from November 12 to November 30.

The SEC must still approve the extension before it becomes official.

UPDATE – September 30, 2021: The MSRB issued a notice stating that November 30, 2021, is the deadline for passing the Series 54 exam.

Read the full MSRB notice here.

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November 12 deadline for MSRB Series 54 Municipal Advisor Principal Exam

Principals at municipal advisor firms must pass the Series 54 exam by November 12, 2021, to continue acting as principals. Continue reading

When the Municipal Securities Rulemaking Board (MSRB) created an exam specifically for principals at municipal advisor (MA) firms, the plan was for all MA principals to take it within a year.

The exam, known as the Series 54, was first made available on November 12, 2019. The MSRB required that all MA principals who wanted to continue acting as principals would have to pass the Series 54 by November 12, 2020.

But like many plans in 2020, the MSRB’s plan for the Series 54 was disrupted by Covid-19. With FINRA testing centers shut down for months, and uncertainty regarding when testing would resume, the MSRB added a one-year grace period to its original deadline. MA principals would now have until November 12, 2021, to pass the Series 54 exam.

The regulator recently reminded MA firms that “those who engage in the management, direction or supervision of…municipal advisory activities” will need to pass the Series 54 on or before November 12.

UPDATE: On August 11, the MSRB announced that it would seek SEC approval for an additional extension. The MSRB did not say how long the planned extension would be, but the regulator plans to announce this by September 10. The MSRB also announced an “interim accommodation” allowing those who need to take the Series 54 exam online to do so. Details about how to apply for this accommodation will be posted on MSRB.org no later than August 20.

UPDATE: On September 2, the MSRB announced that it has filed a request with the SEC to extend the Series 54 deadline from November 12 to November 30, 2021. View the blog post about this announcement here.   

What is a Municipal Advisor?

A municipal advisor, or MA, differs from a municipal securities dealer in that an MA does not underwrite and sell municipal securities. Instead, an MA gives advice about structuring an issue of municipal securities, selecting an underwriter, investing the proceeds, and related matters. Unlike a municipal securities dealer, an MA is the municipality’s fiduciary, which means that the MA must put the municipality’s interests before its own. MAs became regulated in a manner like municipal securities dealers as one of the reforms resulting from the 2008 financial crisis.

When MAs first came under the MSRB’s jurisdiction, the MSRB only had one qualification exam for MA personnel: the Series 50, which is taken by representatives and principals alike. During the grace period, principals who have only passed the 50 have been allowed to continue as principals. After the deadline, MA principals will need to have passed both the Series 50 and the Series 54.

Solomon Exam Prep has helped hundreds pass the Series 50 and Series 54 exams.

Solomon offers an innovative suite of exam prep products for the Series 54 to help you pass this difficult test, plus a step-by-step study schedule to tell you how to do it. Choose from an easy-to-understand Study Guide, an Exam Simulator with hundreds of relevant practice questions and detailed rationales, and a Video Lecture to help you learn and highlight the most critical information for the exam.

Solomon recommends at least 40 hours of studying to give yourself the best chance at passing this challenging principal exam.

Do yourself a favor and start studying well before the deadline, and let Solomon help you on your road to success! Explore Solomon’s Series 54 study materials by clicking the link below.

Solomon’s Industry News: June 2016 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – June 2016.

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Solomon’s Industry News: May 2016 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – May 2016.

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Solomon’s Industry News: April 2016 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – April 2016.

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Solomon’s Industry News: March 2016 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – March 2016.

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Solomon’s Industry News: February 2016 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – February 2016.

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Solomon’s Industry News: January 2016 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – January 2016.

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Solomon’s Industry News: December 2015 Edition

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Continue reading

Solomon Exam Prep is happy to release this month’s edition of “Solomon’s Industry News.” Every month we will send out industry updates from the past month, so you can stay current and up-to-date on everything that is happening here at Solomon Exam Prep and in the industry.

Check out this month’s edition here: Solomon’s Industry News – December 2015.

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