Series 51

What is the Series ’51’

Series 51 is an exam required for individuals who want to sell municipal Fund securities or supervise such people. It is administered by the financial industry regulatory authority (finra) and under the control of the Municipal Council of securities Rulemaking (MSRB). The series 51 is a limited principal exam for managers of broker-dealers that have already received either a series 24 or series 26 license. The exam covers the management of registered representatives that sell municipal Fund securities to customers, specifically section 529 plans for College education and local government investment funds (LGIPs).

The Breaking Down Of The Series ’51’

Series 51 was designed for those participants who do not otherwise deal in municipal securities and not Series 53 Supervisory purposes. Exam topics enables you to test the examinee knowledge of insurance, sales office, supervision, market terminology and Fair practice rules. Although many 529 plans include equity options Fund, they are also regulated by the MSRB under the arm.

The full name of the exam series 51 municipal Fund securities Principal Qualification exam. It is designed to qualify MSRB for municipal Fund securities of the participants by testing the candidates knowledge and ability to apply the rules of the MSRB, interpretation rules and Federal law. Series 51 exam takers should be informed (or both) qualified as a General securities principal or investment company/variable contracts principal companies.

Series 51 Activities

Limited basic in this context has a duty to manage, direct and control the following activities:

  • Underwriting of municipal Fund securities
  • Trade municipal Fund securities
  • Selling municipal Fund securities to customers
  • Communication with customers about any of the above activities
  • Reporting on the above activities
  • Processing, clearing, and (in the case of securities firms) safekeeping of municipal Fund securities
  • Training managers or representatives of

Series 51 Test Details

The series 51 exam consists of 60 multiple choice questions; a score of 70% or higher is required for passing. Each question is worth one point. Examinees have 90 minutes to complete the exam, during which no reference materials are not allowed. Test preparation companies assume that studying for 51 series will take at least 20 hours. The test, which costs $255, organized as follows:

  • Regulatory structure: 5%
  • product knowledge: 27%
  • General supervision: 17%
  • Fair practice and conflicts of interests: 17%
  • Control of sales: 18%
  • Underwriting and liabilities of disclosure: 6%
  • Operations: 10%

For more information, see the msbr Series for 51 to provide the content.

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