MSRB Municipal Advisor Principal Qualification Examination

Why do I have to take the Series 54?

Individuals who have already passed the Municipal Advisor Representative Qualification Examination (Series 50) and are currently acting as municipal advisor principals are required to pass the Series 54 examination. These individuals are entrusted with the responsibility of supervising municipal advisory activities of the firm and its associated persons.



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


When will the permanent Series 54 exam be available?

 Following the review of the pilot exam of 2019, the MSRB announced that the permanent Municipal Advisor Principal Qualifications Examination would be available from November 12th, 2019. 

If I passed the pilot exam, will I have to take the permanent exam as well?

No, a passing score on the pilot exam will qualify you as a Municipal Advisor Principal.

What happens if I don’t pass the Series 54 pilot exam?

If you fail the Series 54 pilot exam, you should have been advised of your result by the MSRB. If you did not pass the pilot exam, you can now register to take the Series 54 permanent exam.

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

The passing score set by the MSRB for the Series 54 examination is 70%. This score is equal to the number of questions answered correctly.

How many questions are on the exam?

The Series 54 exam is made up of 110 multiple-choice questions covering all three sections of the MSRB exam outline. Of these, 100 questions are scored, while 10 questions are unscored. The unscored questions will be randomly distributed throughout the exam and do not count for scoring purposes.


How much time do I have to complete the exam?

You will have three and one half hours to complete the test.  This time includes a 30-minute tutorial on exam administration.

What subjects does the Series 54 pilot exam test?

Topically, the Series 54 is divided into three parts:

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


How do I enroll to take the Series 54 exam?

Your municipal advisor firm must use FINRA’s Test Enrollment Services System (TESS) to enroll you in the Series 54 permanent exam. 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 schedule an appointment with a Prometric testing center to take the Series 54 exam?

An appointment can be made by contacting the Prometric testing center either using the online web registration page or by phone:

Prometric: www.prometric.com/finra or 800-578-6273 (toll free)

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 TESS 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)


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.

The MSRB has provided a one year grace period expiring on November 12th, 2020, for persons who are qualified under the Series 50 examination to continue functioning as a municipal advisor principal and actively engage in the management, direction, and supervision of municipal advisors and its associated persons. Such persons must qualify under the Series 54 examination to continue as a principal beyond the grace period.