Series 54 Examination

The Municipal Securities Rulemaking Board (MSRB) has developed the Municipal Advisor Principal Qualification Examination (Series 54) for municipal advisor principals—those individuals directly engaged in the management, direction or supervision of the municipal advisory activities of a municipal advisor firm and its associated persons—to meet professional qualification standards under MSRB Rule G-3.

The Series 54 examination was made available on November 12, 2019. The MSRB is providing a one-year grace period, sunsetting on November 12, 2020, for individuals to take and pass the professional qualification examination. During this one-year grace period, an individual functioning in a municipal advisor principal capacity is permitted to continue to engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons so long as such person is qualified with the Municipal Advisor Representative Qualification Examination (Series 50).

Series 54 Content Outline


A content outline is available for the Series 54 examination that details key concepts and rules to be tested on the examination and the percentage of the examination devoted to each topic area. Additionally, to familiarize individuals with the format of the Series 54 examination, the content outline includes sample questions similar to the type of questions that may be found on the examination.

Read the content outline.



Understanding the Series 54


This guide is intended to assist individuals preparing to take the Municipal Advisor Principal Qualification Examination (Series 54) by highlighting the structure of the examination and providing links to the rules and regulations covered in the content outline via a knowledge resource directory. 

Read the guide.

Tips for Exam Day


To assist individuals preparing for the Series 54 examination, the MSRB released Tips for Exam Day, outlining important items to remember and addressing some frequently asked questions.

Read Tips for Exam Day.



Examination Fees

The total cost to take the Series 54 examination is $265, which includes the MSRB’s $150 examination fee and a $115 administrative fee assessed by FINRA for administering the delivery of the examination.

Read more about the examination fees.

Additional Information about the Series 54 Examination