Frequently Asked Questions
Series 52—MSRB Municipal Securities Representative Qualification Examination
About the Series 52
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What does a Series 52 license allow me to do?
The Series 52 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.
- Sell municipal securities (e.g., municipal bonds, agency
bonds, and Section 529 College Savings Plans)
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What subjects does the Series 52 exam test?
The Series 52 exam tests your knowledge of three main topics:
- Municipal Securities—60% (45 questions)
- Economic Activity, Government Policy, and the Behavior of Interest Rates—14% (10 questions)
- Securities Laws and Regulations—26% (20 questions)
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If I pass the Series 52 exam, are there any other requirements before I can sell municipal securities?
You will also be required to take the Securities Industry Essentials (SIE) exam, unless you have passed certain other licensing exams prior to October 1st, 2018.
If you need to take the SIE exam, check out Solomon Exam Prep SIE study materials.
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Are there any prerequisites for the Series 52?
The Securities Industry Essentials (SIE) Exam is a co-requisite exam. This means that you can take the SIE and the Series 52 in any order.
If you need to take the SIE exam, check out Solomon Exam Prep SIE study materials.
Preparing for the Series 52
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How long should I prepare for the Series 52 exam?
We recommend studying 60 hours over a three-week period.
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How should I prepare for the Series 52 exam?
Solomon offers a complete Series 52 study program, which includes digital Study Guide and Exam Simulator. Visit the Solomon Series 52 page to learn more.
Taking the Series 52
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Do I need to be sponsored to take the Series 52?
Yes, you must be sponsored by a firm in order to take any MSRB exam.
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How much does the Series 52 exam cost?
The cost of the exam is $260.
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How many questions are on the Series 52 exam?
There are 75 scored questions and 5 unscored multiple-choice questions, for a total of 80 questions. The 5 unscored questions are being tried out by the exam committee and are randomly distributed.
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How long is the Series 52 exam?
You have two hours and 30 minutes to complete the exam.
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What score do I need to pass the Series 52 exam?
A 70% or higher is required for passing. 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 52 Exam).
Registration
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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.