The FINRA Series 53 MSRB Municipal Securities Principal Qualification Exam requires a high standard of knowledge and competency. "The Solomon Exam Prep Guide to the Series 53" will help you tackle the Series 53 exam by focusing on the most important and difficult concepts of the exam. "The Solomon Exam Prep Guide to the Series 53" includes practice questions and answers after each chapter, information about the exam, and helpful study tips.
The exam study guide is available as an online digital manual via your online student dashboard (requires Internet connection/not downloadable) or as a hard copy textbook (shipping & handling will apply).
Please note: the digital guide and hard copy guide contain the same content, however, this image is a PDF of the hard copy guide and the digital guide is not a PDF and it does not look exactly the same as this PDF of the hard copy. If you want this exact look, you must purchase the hard copy upgrade.
How long should I prepare for this exam?
We recommend studying 60 hours over a four-week period.
What does a Series 53 license allow me to do?
The municipal securities principal bears primary responsibility for overseeing the municipal securities activities of a securities firm or bank dealer. In this capacity, a municipal securities principal MANAGES, DIRECTS or SUPERVISES one or more of the following activities:
*This information came directly from the MSRB Rules and Interpretations: http://www.msrb.org/Rules-and-Interpretations/~/media/Files/Prof-Qualifications/Series53_outline2006.ashx
Is my firm required to have a principal with a Series 53?
MSRB Rule G-3 requires that all brokers and dealers that conduct municipals securities business have at least two municipal securities principals (individuals who have passed the Series 53 exam).
Exceptions to this rule include:
For those firms whose municipal securities activities are limited exclusively to municipal fund securities, a municipal fund securities limited principal (Series 51) may be counted toward the numerical requirement of two municipal securities principals.
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 53 Exam).
How many questions are on the exam?
How long is the exam?
What subjects does the Series 53 exam test?
The Series 53 is divided into six areas:
Federal Regulations 4%
General Supervision 21%
Sales Supervision 29%
Origination and Syndication 22%
Are there other FINRA exams I need to complete as a prerequisite to attempting the Series 53?
Yes, the Series 52. However, if you had taken and passed the Series 7 prior to November 7, 2011 you would qualify.
How much does the exam cost?
The cost of the exam is $265 at this writing.
If I stop working for my firm, how long will my Series 53 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 53 license will remain active.
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