Series 51 - MSRB Municipal Fund Securities Limited Principal Qualification Exam

What does a Series 51 license allow me to do?

The municipal fund securities limited principal was created by the MSRB to license individuals who have primary responsibility for overseeing the municipal fund securities activities of a broker, dealer or municipal securities dealer.  The Series 51 is shorter than the Series 53 (60 questions vs 100) and focused on 529 college savings plans. These plans on deemed to be municipal securities because they are offered by states. A Series 51 municipal fund securities limited principal MANAGES, DIRECTS or SUPERVISES one or more of the following activities:  

• underwriting of municipal fund securities;  

• trading of municipal fund securities;  

• selling municipal fund securities to customers;  

• rendering of financial advisory or consultant services to issuers of municipal fund securities;  

• communications with customers about any of the above activities;  

• maintaining records on the above activities;  

• processing, clearing, and (in the case of securities firms) safekeeping of municipal fund securities; and  

• training of principals or representatives.  


How long should I prepare for the Series 51 exam?

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

How many questions are on the exam?


What score do I need to pass the exam?

70% (Please Note: Your score will be rounded down to the lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 51 Exam).

How long is the exam?

1.5 hours.

What subjects does the Series 51 exam test?

·  Regulatory Structure 5%

·  Product Knowledge 27%

·  General Supervision 17%

·  Fair Practice and Conflicts of Interest 17%

·  Sales Supervision 18%

·  Underwriting and Disclosure Obligations 6%

·  Operations 10%

Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 51?

A candidate must also have previously or concurrently qualified as a general securities principal (Series 24) or investment company/variable contracts limited principal (Series 26).

How much does the exam cost?

The cost of the exam is $255 at this writing.

If I stop working for my firm, how long will my Series 51 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 51 license will remain active. 

General exam questions? See our general FAQs.

For information about Solomon Exam Prep’s Series 51 exam study materials, please click here.