Series 54 - Municipal Advisor Principal Exam

Series 54—Municipal Advisor Principal Examination—is a Municipal Securities Rulemaking Board (MSRB) exam.

The MSRB will administer a Series 54 pilot exam to validate the exam questions and determine a passing score. The Series 54 pilot will be available from March 2019 – July 2019. Individuals interested in taking the pilot can enroll from March 4, 2019 – March 15, 2019, and subsequently schedule a test date within a 120‑calendar day period. 

The exam consists of 100 scored questions and an additional 10 unscored pretest questions. Candidates are given three hours to complete the exam.

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

Using Reference Materials


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.