Series 50 - Municipal Advisor Representative Qualification Exam

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.   

How do I enroll in 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 Pearson VUE or Prometric. 

How long should I prepare for this exam?

We recommend studying 60 hours over a four-week period.

How many questions are on the exam?

There are 100 scored questions and 10 unscored questions on the exam.

What subjects does the Series 50 exam test?

The Series 50 is divided into 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 

How long is the exam?

Candidates receive a short tutorial providing details of the examination administration prior to initiating the test. Including the 30 minutes permitted for the tutorial, candidates are allowed three and one-half hours to finish the Series 50 examination. 

What score do I need to pass the exam?

The passing score for the Series 50 exam is 71%.

Are there other exams I need to complete as a prerequisite to attempting the Series 50?


How much does the exam cost?


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 cease 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.

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