Series 52

What Is Series 52?

The Series 52 is a professional license and certification that qualifies a financial professional to transact municipal securities. It is known as the Municipal Securities Representative Qualification Examination.

The exam comprises of 75 scored questions. Applicants are given two hours and 30 minutes to complete the exam. The passing score is 70%.

Series 52 Explained

The Series 52 exam is developed and offered by the Municipal Securities Rulemaking Board (MSRB). The Series 52 qualifies a financial professional to turn into a licensed municipal securities representative. Individuals who get this certification can sell municipal securities, for example, municipal bonds. They can likewise perform underwriting analysis for municipal securities. The Series 52 certification is comprehensively used across the financial industry and is supported by the Financial Industry Regulatory Authority (FINRA).

Municipal Securities Rulemaking Board

The Municipal Securities Rulemaking Board is an agency that sets standards for the municipal securities industry. It deals with the professional qualifications for municipal securities principals, representatives, advisor principals, and advisor representatives. Qualifications for municipal securities professionals are illustrated in MSRB Rule G-3. Notwithstanding the Series 52 exam, MSRB additionally deals with the accompanying exams:

• Series 50 — Municipal Advisor Representative Examination
• Series 51 — Municipal Fund Securities Limited Principal Qualification Examination
• Series 53 — Municipal Securities Principal Qualification Examination

Series 52 Exam

The Series 52 exam comprises of 75 numerous decision questions. It must be completed in 210 minutes or less. A score of 70% or better is required for passing. The cost of the test is $260.

The accompanying material is covered on the exam:

Part 1: Municipal Securities

• Types of municipal securities
• Characteristics of municipal securities
• The market for municipal securities
• Investigating municipal credit
• Mathematical estimations and techniques

Part 2: U.S. Government, Federal Agency and Other Financial Instruments

• Types
• Characteristics of different U.S. government, federal agency and other financial instruments
• The market for U.S. government, federal agency and other financial instruments — impact and relationship to other fixed income markets
• Credit highlights

Part 3: Economic Activity, Government Policy and the Behavior of Interest Rates

• Monetary policy
• Fiscal policy
• Factors influencing interest rates

Part 4: Securities Laws and Regulations

• Regulation of municipal market professionals
• Securities Investor Protection Act of 1970
• MSRB rules

Extra Information

• Items in an ordinary notice of bond deal
• Layout of a common official assertion

Municipal Securities Representatives

Municipal securities representatives that have finished the Series 52 exam and got their Municipal Securities Representative Certification can transact or guarantee municipal securities for a supporting organization. A municipal securities representative must work for a supporting company. As a municipal securities representative, professionals can transact and endorse municipal securities, give professional financial counsel or meeting concerning municipals issuance, and generally give communication to pubic investors on municipal securities.

Features

• The exam is known as the Municipal Securities Representative Qualification Examination (MR), and was developed by the Municipal Securities Rulemaking Board (MSRB) and administered by FINRA.
• The Series 52 is a licensing exam required to transact in municipal securities, for example, muni bonds.
• The 150-minute, 75 different decision question exam covers points going from municipal bond nuts and bolts to monetary and macroeconomic policy.