Revised Test Specifications and Study Outline for the Series 52 Examination
On June 9, 1999, the Board filed with the Securities and Exchange Commission a proposed rule change to revise the test specifications and the study outline for the Board’s Municipal Securities Representative Qualification Examination (Test Series 52). The Board requested that the Commission delay the effectiveness of the revised test specifications and study outline until August 1, 1999. The examination will remain a three-hour 100 question examination administered by NASD Regulation, Inc. using the PROCTOR system.
The study outline was revised to delete topics that are no longer relevant and to add or revise topics that reflect additions to or changes in practices, products and Board rules since the outline was last revised. The revised outline also provides for the inclusion of new Board rules as they are promulgated. You may view the revised study outline here.
Test specifications for an examination indicate the number of questions assigned to a specific topic area. The test specifications for the Series 52 examination have been revised to provide for greater emphasis under the topic areas of Economic Activity, Government Policy and the Factors Affecting Interest Rates and Federal Legal Considerations. The revised test specifications are as follows:
| Part One: Municipal Securities | 55% |
| Part Two: U.S. Government, Federal Agency and Other Financial Instruments | 7% |
| Part Three: Economic Activity, Government Policy and the Factors Affecting Interest Rates | 13% |
| Part Four: Federal Legal Considerations | 25% |
June 9, 1999
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