Series 50 Highlights:
Number of Items: 100
Format: Multiple Choice
Duration: 3 hours
Passing Score: 71%
Corequisite: N/A
Cost: $265
About the Series 50 Examination
As of September 12, 2017, all municipal advisor professionals must take and pass the MSRB’s Municipal Advisor Representative Qualification Examination (Series 50) before engaging in municipal advisory activities on behalf of a municipal advisor firm. The passing score for the Series 50 examination is 71 percent. Instructions on how an individual enrolls to take the Series 50 examination are available here (see Question 10).
Background
As part of its expanded mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the MSRB implemented the first qualifying examination for municipal advisors. MSRB Rule G-3, effective April 27, 2015, created two classifications of municipal advisor professionals, representative and principal, with firms required to designate at least one principal to oversee the municipal advisory activities of the firm. Municipal advisor representatives are required to take and pass the Series 50 examination to demonstrate the baseline competency needed to be sufficiently qualified to perform municipal advisory activities.
Note: Investment Adviser (IA) firms and investment adviser representatives are regulated either by the SEC or state securities regulators depending on the firm’s assets under management – meaning, the MSRB does not have jurisdiction over, such firms or representatives.
Additional Information about the Series 50 Examination
To assist municipal advisor professionals in preparing for the Series 50 examination and to learn more about it, the MSRB provides a content outline that includes examination topics, sample questions and an FAQ document:
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