Frequently Asked Questions
Series 50 - Municipal Advisor Representative Qualification Exam
About the Series 50
What does a Series 50 license allow me to do?
As a licensed municipal advisor, you may provide advice about municipal financial products to, or on behalf of, municipal entities. That means you will be able to help municipalities through the process of issuing securities and advise them on how to invest their proceeds.
What subjects does the Series 50 exam test?
The Series 50 exam tests your knowledge of five functions:
- Understanding SEC and MSRB Rules Regarding Municipal Advisors
- Understanding Municipal Finance
- Performing Issuer’s Credit Analysis and Due Diligence
- Structuring, Pricing and Executing Municipal Debt Products
- Understanding Requirements Related to the Issuance of Municipal Debt
Are there any prerequisites for the Series 50 exam?
No, there are no prerequisites, but you must be associated with a municipal advisor to take the exam.
Preparing for the Series 50 Exam
How long should I prepare for the Series 50 exam?
We recommend studying 60 hours over a four-week period.
How should I prepare for the Series 50 exam?
Solomon offers a complete Series 50 study program, which includes digital Study Guide, Exam Simulator, Audiobook, and Video Lecture. Visit the Solomon Series 50 page to learn more.
Taking the Series 50 Exam
How do I enroll to take the Series 50 exam?
Broker-dealer municipal advisors can open an exam window for an associated person through Form U4. Once the exam window has been opened, the test can be scheduled through Prometric.
How much does the Series 50 exam cost?
The cost of the exam is $265.
How many questions are on the Series 50 exam?
There are 100 scored questions and 10 unscored questions on the exam, for a total of 110 questions.
How long is the Series 50 exam?
Candidates receive a short tutorial providing details of the exam administration before starting the test. Including the 30 minutes allowed for the tutorial, you have three hours and 30 minutes to finish the exam.
What score do I need to pass the Series 50 exam?
The passing score for the Series 50 exam is 71%.
If I stop working for my firm, how long will my Series 50 license remain active?
You will have two years between jobs before the license expires.
When you stop working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 50 license will remain active.
General exam questions? See our general FAQs.
To be notified of upcoming Series 50 study materials, e-mail firstname.lastname@example.org or sign- up for Series 50 Alerts here.