Frequently Asked Questions
Series 51 - MSRB Municipal Fund Securities Limited Principal Qualification Exam
About the Series 51
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 are considered 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
- training of principals or representatives.
What subjects does the Series 51 exam test?
The Series 51 exam tests your knowledge of seven topic areas:
- Regulatory Structure – 3 questions (5%)
- Product Knowledge – 16 questions (27%)
- General Supervision – 10 questions (17%)
- Fair Practice and Conflicts of Interest – 10 questions (17%)
- Sales Supervision – 11 questions (18%)
- Underwriting and Disclosure Obligations – 4 questions (6%)
- Operations – 6 questions (10%)
See the MSRB Series 51 Exam Outline for more details.
- Are there any prerequisites for the Series 51?
Preparing for the Series 51 Exam
How long should I prepare for the Series 51 exam?
We recommend studying 60 hours over a four-week period.
How should I prepare for the Series 51 exam?
Solomon offers a complete Series 51 study program, which includes digital Study Guide, Exam Simulator, and Audiobook. Visit the Solomon Series 51 page to learn more.
Taking the Series 51 Exam
Do I need to be sponsored to take the Series 51?
Yes, you must be sponsored to take any MSRB exam.
How much does the Series 51 exam cost?
The cost of the exam is $255.
How many questions are on the Series 51 exam?
The Series 51 exam is made up of 60 multiple-choice questions.
How long is the Series 51 exam?
You have 1 hour and 30 minutes to complete the exam.
What score do I need to pass the Series 51 exam?
You must score a 70% or higher. Note that 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).
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.