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Series 52

Series 52

The Series 52 exam — Municipal securities representative – engages in fundamental municipal securities activities such as underwriting and trading. 

Visit FINRA for more info

75 Questions

Multiple Choice

2h 30m

Duration

70%

Min Passing Score

60% - 70%

Average Passing Rate

Requisites

Corequisites

  • SIE

Topics

  • Municipal Securities
  • Economic Activity
  • Government Policy
  • Behavior of Interest Rates
  • Securities Laws and Regulations

Retake Wait Periods

After the first or second time a candidate fails the Series 52 exam, there is a mandatory 30 day waiting period before they can take the exam again. After the third (and subsequent) fails, the waiting period increases to 6 months. The $260 exam fee applies each time they take the exam.

What’s Next

Passing the Series 52 exam qualifies you as a Municipal Securities Representative, enabling you to pursue roles centered around municipal securities, such as local government bonds. The Series 53 exam qualifies you as a Municipal Securities Principal, overseeing and managing municipal securities activities.

Prep Package

Be confident, fully prepared, and ready to pass.

The Series 52 exam requires a solid understanding of a broad range of concepts and the ability to apply them in various scenarios. You need a comprehensive prep course that will make you feel confident, fully prepared, and ready to pass.

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Course access is for 7 months from the date of purchase

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Course Material

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We have created the ultimate resource to help ensure you pass — the first time. Developed by experts in FINRA licensing, our coursework incorporates everything you need to know to successfully take this important step in advancing your career.

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Check Your Understanding, Chapter Exams, Mid-Term Exams, and Fixed Final Exams.

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FAQs

Passing the Series 52 exam qualifies you as a Municipal Securities Representative, enabling you to pursue roles centered around municipal securities, such as local government bonds. To expand your expertise, consider additional FINRA exams. The Series 53 exam qualifies you as a Municipal Securities Principal, overseeing and managing municipal securities activities. For a broader scope in the securities industry, the Series 24 exam certifies you as a General Securities Principal, supervising a wider range of transactions beyond municipal securities. For complex securities or investment banking, the Series 79 exam is a suitable next step. Alternatively, the Series 57 exam is ideal for those interested in securities trading.

You will have two years between jobs before the license expires. When you cease working for a firm, your employer will file a Form U5 to terminate your registration. Your next employer will file a Form U4, which will re-register you. As long as you do not exceed two years between employers, your Series 52 license will remain active.

Yes, you must be sponsored by a firm in order to take any MSRB exam.

The cost of the exam is $260.

A 70% or higher is required for passing. Note that your score will be rounded down to the lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 52 Exam).

You have two hours and 30 minutes to complete the exam.

The exam consists of 55 multiple-choice questions.

Pass Perfect offers a complete Series 52 study program, which includes an online course, print or ebook, and unlimited online exams throughout the course, including unlimited final exams.

We recommend studying 60 hours over a three-week period.

The Securities Industry Essentials (SIE) Exam is a co-requisite exam. This means that you can take the SIE and the Series 52 in any order.

The Series 52 exam tests your knowledge of three main topics:

Municipal Securities—60% (45 questions)

Economic Activity, Government Policy, and the Behavior of Interest Rates—14% (10 questions)

Securities Laws and Regulations—26% (20 questions)

You will also be required to take the Securities Industry Essentials (SIE) exam, unless you have passed certain other licensing exams prior to October 1st, 2018.

The Series 52 qualifies a financial professional to:

- Sell municipal securities (e.g., municipal bonds, agencybonds, and Section 529 College Savings Plans)

- Trade municipal securities

- Underwrite municipal securities

- Offer financial advice and consultant services to issuers of municipal securities

- Conduct research and give investment advice on municipal securities

- Communicate directly or indirectly with public investors about municipal securities

The Series 52 does not allow the financial professional to sell municipal bond funds, which are mutual funds that invest in municipal securities, unless the professional also has a Series 6 or Series 7.A Series 52 by itself does not allow the financial representative to trade other types of securities, such as corporate stocks or bonds or U.S. government securities.