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 in MSRB Rule G-3.

When the permanent Series 54 examination is available, which is planned for Fall 2019, individuals functioning in a municipal advisor principal capacity will have one year to take and pass the Series 54. During this one-year grace period, an individual functioning as a municipal advisor principal 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 Examination (Series 50).

Series 54 Pilot

Consistent with best practices for test development, the MSRB is administering a Series 54 pilot examination to validate the examination questions and determine a passing score. The enrollment period for the pilot examination has concluded and those individuals that enrolled will be scheduling appointments to take the pilot examination from March 2019 to July 2019. 

Following the end of the Series 54 pilot period, the MSRB will announce the passing score for the Series 54 and the date the permanent examination will be available. Individuals who take and pass the Series 54 pilot will be appropriately qualified as a municipal advisor principal once the permanent exam is available.

Series 54 Content Outline


A content outline is available for the Series 54 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, 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). The guide includes information about the voluntary Series 54 pilot, which will be offered from March–July 2019, and supplements information provided in the Series 54 content outline. The permanent Series 54 is expected to be available in Fall 2019. Read the guide..



Tips for Exam Day


To assist individuals preparing for the pilot 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 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

Series 54 Pilot Exam

Pilot Exam Enrollment Window

March 4, 2019 – March 15, 2019

Pilot Exam Period

March 2019 – July 2019


Pilot Exam Fees
$265, which includes the MSRB’s $150 examination fee and a $115 administrative fee assessed by FINRA 

Number of Questions

110 (100 multiple-choice questions scored and an additional 10 questions that are unscored pretest questions)

Test Time

180 minutes

Test Results

Exam results will be communicated to individuals by the end of Summer 2019