Series 51

What Is the Series 51 Exam?

The Series 51 is a financial exam for experts wishing to sell municipal fund securities or regulate the sale of such securities.

The exam's full name is the Municipal Fund Securities Limited Principal Qualification Examination, and it is jointly supervised by two financial regulators: the Financial Industry Regulatory Authority (FINRA), and the Municipal Securities Rulemaking Board (MSRB).

How the Series 51 Exam Works

The purpose of the Series 51 exam is to decide if the candidate meets the MSRB's qualifications for experts participated in the sale or oversight of municipal fund securities. In practice, this includes testing candidates on their insight into the MSRB's rules and regulations, as well as understanding how those rules have been deciphered in specific genuine circumstances. To take the exam, candidates must have first passed the Series 24 or Series 26 exams.

The Series 51 was laid out for principals who don't in any case deal in municipal securities and don't have the Series 53 supervisory assignment. Exam subjects will test the taker's information on underwriting, sales office supervision, market phrasing, and ethical rules. Whenever they have finished the Series 51 exam and met every one of extra requirements, candidates will be authorized to endorse, trade, and sell municipal securities. Different obligations, for example, actually speaking with clients about expected trades, keeping up with careful records of past transactions, and training different experts, are additionally covered in the Series 51 exam.

The Series 51 exam puts special accentuation on tax-exempt investment vehicles, for example, the Section 529 plan. These investment vehicles, prominently alluded to as "qualified tuition plans," are a famous method for putting something aside for future tuition and other instructive expenses. Albeit numerous 529 plans incorporate equity securities, these plans are by and by regulated by the MSRB and are remembered for the Series 51 educational program.

The Series 51 exam comprises of 60 different decision questions, where each right response is worth one point. Since there is no penalty for speculating, candidates are urged to finish up all responses in the test. To breeze through the assessment, candidates must accomplish a score of 70% or higher.

Normally, candidates must commit around 20 hours of concentrating on to finish the Series 51 exam. The test itself endures an hour and a half, during which no reference materials are permitted. In spite of the fact that its inquiries center predominantly around the information on specific financial products, other conspicuous subjects remember the supervisory obligations of experts for the field, principles for exploring irreconcilable circumstances, and the industry's regulatory structure.

Features

• It is centered around the sale of municipal fund securities.
• Series 51 is a financial exam administered by FINRA and the MSRB.
• The Series 51 exam regularly requires an hour and a half to complete, with fruitful candidates requiring around 20 hours to prepare, on average.