The MSRB recently announced registration requirements for municipal advisory firms and their principals and representatives. Individuals subject to this requirement must take and pass the Series 50 exam no later than September 12, 2017. The Series 50 exam is available at testing centers beginning Sept. 12, 2016.
This exam requirement applies to all individuals and their supervisors (principals) who offer municipal advice for a fee, and extends to firms other than broker dealers (non-dealer firms) who provide advisory services.
For the next year, all persons currently providing advice may continue to do so, but must pass the test no later than September 12, 2017. After this date, the individuals subject to these exam requirements may not engage in municipal advisory activities or supervise them until they have passed the Series 50.
- The Series 50 exam has 100 questions, and must be completed in 3 hours.
- The passing score for the Series 50 is 71%.
- The exam fee is $265.
The Series 50 exam covers five functions which are listed below, along with the number of exam questions on that function.
|Function||Number of Questions|
|Understanding SEC and MSRB Rules Regarding Municipal Advisors||12|
|Understanding Municipal Finance||35|
|Performing Issuer’s Credit Analysis and Due Diligence||12|
|Structuring, Pricing and Executing Municipal Debt Products||31|
|Understanding Requirements Related to the Issuance of Municipal Debt||10|
The support we provide begins from the minute you order materials and extends until you or your colleagues pass the exam. Contact us to learn more about our materials and the training support we can provide. We are here to help, and look forward to assisting you in meeting this new Series 50 exam requirement. Contact us now for more information!If you are subject to these requirements, or are responsible for registering persons that are, you can trust Knopman Marks to make the process as painless as possible! Knopman Marks just celebrated its 25th anniversary as a premier provider of financial industry qualification examination training. We have established a strong reputation of delivering superb prep classes and top quality study materials. Our pass rates average in the high 90’s for many of the programs we deliver, and we are the chosen provider for many of Wall Street’s largest firms.