Series 52—MSRB Municipal Securities Representative Qualification Examination

What does a Series 52 license allow me to do?

Qualifies a financial professional to:

  • Sell municipal securities (e.g., municipal bonds, agency bonds, and Section 529 College Savings Plans).
  • Trade municipal securities
  • Underwrite municipal securities
  • Offer financial advice and consultant services to issuers of municipal securities
  • Conduct research and give investment advice on municipal securities
  • Communicate directly or indirectly with public investors about municipal securities

The Series 52 does not allow the financial professional to sell municipal bond funds, which are mutual funds that invest in municipal securities, unless the professional also has a Series 6 or Series 7.

A Series 52 by itself does not allow the financial representative to trade other types of securities, such as corporate stocks or bonds or U.S. government securities.

If I pass the exam, are there any other requirements before I can sell municipal securities?

Yes, an apprenticeship. If the person is new to the securities industry and has not previously registered, he or she must also participate in a 90-day apprenticeship. During the apprenticeship, the individual must not conduct any municipal securities business with the public. Prior experience of at least 90 days in the industry will meet the requirement.

How long should I prepare for this exam?

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

How many questions are on the exam?


What subjects does the Series 52 exam test?

Topically, the Series 52 is divided into four sections:

  • Section 1—Municipal Securities—66 questions (57%)
  • Section 2—U.S. Government, Federal Agency and Other Financial Instruments—5 questions (4%)
  • Section 3—Economic Activity, Government Policy and the Behavior of Interest Rates - 15 questions (13%)
  • Section 4—Federal Legal Concerns—29 questions (26%) 

How long is the exam?

3.5 Hours

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 6 Exam).

Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 52?


How much does the exam cost?

The cost of the exam is $280 at this writing.

If I stop working for my firm, how long will my Series 52 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 52 license will remain active. 

General exam questions? See our general FAQs.

For information about Solomon Exam Prep’s Series 52 exam study materials, please click here.

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