Series 51 - Municipal Fund Securities Limited Principal Exam

The Series 51 exam—the Municipal Fund Securities Limited Principal Qualification Examination (FP)—is a Municipal Securities Rulemaking Board (MSRB) exam.

The exam consists of 60 scored questions. Candidates are given one hour and 30 minutes to complete the exam. The passing score is 70 percent.

For additional information on this exam, including the content outline, please visit MSRB Professional Qualification.

Using Reference Material

The test administrator will provide whiteboard/dry erase marker and basic electronic calculators to the candidates, which must be returned to the test center administrator at the end of the testing session. Some test questions involve calculations. Only the provided calculators may be used during the examination.

The examination may contain questions that require the use of exhibits (e.g., charts, graphs, tables). If so, the questions will indicate when to refer to an exhibit.

Candidates are not permitted to bring any reference materials to testing sessions. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA administered examinations.

To learn more about logistics and protocols for your exam day, please see On The Day of Your Exam.