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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.