Frequently Asked Questions

Series 54 - MSRB Municipal Advisor Principal Qualification Examination

  • About the Series 54

  • What does a Series 54 license allow me to do?

    A Series 54 license qualifies individuals to manage, direct, and supervise municipal advisory activities such as:

    • Providing advice about municipal financial products
    • Providing advice about the issuance of municipal securities
    • Soliciting municipal entities to invest in financial products
    • Soliciting municipal entities to issue municipal securities

  • Who needs to take the Series 54?

    Municipal Advisor Principals are required to pass the Series 54. These individuals are entrusted with the responsibility of supervising municipal advisory activities of the firm and its associated persons. The MSRB defines a Municipal Advisor Principal as an individual engaged in the management, direction or supervision of municipal advisory activities. These activities include advising a municipality regarding issuing municipal securities, such as the structure, timing, or terms of an issue. Soliciting municipal securities business from municipalities on behalf of a third party is also a form of municipal advising.

  • What subjects does the Series 54 exam test?

    The Series 54 tests your knowledge of three main topics:

    • Understanding the Municipal Advisor Regulatory Framework—25 questions (25%)
    • Supervising Municipal Advisory Activities—35 questions (35%)
    • Supervising Municipal Advisor Firm Operations—40 questions (40%)

  • Are there any prerequisites for the Series 54?

    An individual must already hold a Series 50 license as a prerequisite for sitting the Series 54 examination.

  • Preparing for the Series 54 Exam

  • How long should I prepare for the Series 54 exam?

    We recommend studying 40 hours over a 3-week period.

  • How should I prepare for the Series 54 exam?

    Solomon offers a complete Series 54 study program, which includes digital Study Guide, Exam Simulator, Video Lecture, and Audiobook. Visit the Solomon Series 54 page to learn more.

  • Taking the Series 54 Exam

  • How do I enroll to take the Series 54 exam?

    If you are associated with a municipal advisor firm that is not a FINRA member, you will need to use FINRA’s Test Enrollment Services System (TESS) to enroll to take the Series 54 exam.

    If you are associated with a municipal advisor firm that is also a FINRA member, you will need to have your firm enroll you to take the Series 54 exam by amending your Form U4. 

    Once your exam enrollment request has been processed by FINRA, you will receive an email notification, allowing you to schedule an appointment with a Prometric testing center. You must schedule a time to take the Series 54 exam within your 120–calendar day enrollment period. 

  • How do I sign up to take the Series 54 exam?

    After FINRA processes your exam enrollment, you'll be able to make an exam appointment with Prometric.

    If you choose to call a selected testing center to schedule the exam, the call center representative will need the following information:

    • Your name and unique ID number given to you upon completing the enrollment process
    • Your phone number
    • The name of the qualifying examination or its identifying series ID (i.e., Municipal Advisor Principal Qualification Examination or Series 54)

  • How much does the Series 54 exam cost?

    The Series 54 exam costs $265.

  • How many questions are on the Series 54 exam?

    The Series 54 exam is made up of 100 scored and 10 unscored multiple-choice questions covering the three sections of the MSRB exam outline. The unscored questions are being tried out by the exam committee and are randomly distributed throughout the exam.

  • How much time do I have to complete the Series 54 exam?

    You have three hours to complete the test. In addition, there is a 30-minute tutorial on exam administration at the beginning of the exam.

  • What score do I need to pass the Series 54 exam?

    You must score 70% or higher to pass.

  • Registration

  • If I stop working for my firm, how long will my Series 54 license remain active?

    You will have two years between jobs before the license expires.

    When you stop 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 54 license will remain active.