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Series 54

Series 54

The Series 54 exam — Municipal Advisor Principal Qualification Examination – assesses candidates to be appropriately qualified to engage in the management, direction, or supervision of the municipal advisory activities of the municipal advisor firm and that of its associated persons. 

Visit FINRA for more info

100 Questions

Multiple Choice

2h 30m

Duration

70%

Min Passing Score

50% - 60%

Average Passing Rate

Requisites

Prerequisites

  • Series 50

Topics

  • Understanding the Municipal Advisor Regulatory Framework
  • Supervising Municipal Advisory Activities
  • Supervising Firm Operations

Retake Wait Periods

After the first or second time a candidate fails the Series 54 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 $265 exam fee applies each time they take the exam.

What’s Next

Upon successfully passing the Series 54 exam, you are licensed as a Municipal Advisor Principal, granting you supervisory roles within the realm of municipal advisory activities.

Prep Package

Be confident, fully prepared, and ready to pass.

The Series 54 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.

Pass Plus Pro

Want to supplement your studies? Get a few helpful extras, like on-demand instructional videos.

$

549

Course access is for 7 months from the date of purchase

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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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FAQs

Upon successfully passing the Series 54 exam, you are licensed as a Municipal Advisor Principal, granting you supervisory roles within the realm of municipal advisory activities. If you wish to expand your knowledge and career opportunities, additional FINRA certifications could be beneficial. For instance, the Series 24 exam qualifies you as a General Securities Principal, allowing you to supervise a wider range of securities transactions, beyond just municipal advisory activities. If you’re looking to broaden your skills in the area of complex securities or have an interest in the field of investment banking, you might want to consider the Series 79 exam. On the other hand, if securities trading is where your interests lie, the Series 57 exam would be a suitable choice. 

You will have two years between jobs before the license expires.When you stop 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 54 license will remain active.

The Series 54 exam costs $265.

After FINRA processes your exam enrollment, you’ll be able to make an exam appointment with Prometric.

If you choose to call a selected testing center to schedule the exam, the call center representative will need the following information:

  • Your name and unique ID number given to you upon completing the enrollment process
  • Your phone number
  • The name of the qualifying examination or its identifying series ID (i.e., Municipal Advisor Principal Qualification Examination or Series 54)

If you are associated with a municipal advisor firm that is not a FINRA member, you will need to use FINRA’s Test Enrollment Services System (TESS) to enroll to take the Series 54 exam.

If you are associated with a municipal advisor firm that is also a FINRA member, you will need to have your firm enroll you to take the Series 54 exam by amending your Form U4. 

Once your exam enrollment request has been processed by FINRA, you will receive an email notification, allowing you to schedule an appointment with a Prometric testing center. You must schedule a time to take the Series 54 exam within your 120–calendar day enrollment period. 

You have three hours to complete the test. In addition, there is a 30-minute tutorial on exam administration at the beginning of the exam.

The Series 54 exam consists of 100 multiple-choice questions.

You must score 70% or higher to pass.

Pass Perfect offers a complete Series 54 study program, which includes an online course, print or ebook, and unlimited online exams throughout the course, including unlimited final exams.

We recommend studying 40 hours over a 3-week period.

An individual must already hold a Series 50 license as a prerequisite for sitting the Series 54 examination.

The Series 54 tests your knowledge of three main topics:

Understanding the Municipal Advisor Regulatory Framework—25 questions (25%)

Supervising Municipal Advisory Activities—35 questions (35%)

Supervising Municipal Advisor Firm Operations—40 questions (40%)

A Series 54 license qualifies individuals to manage, direct, and supervise municipal advisory activities such as:

  • Providing advice about municipal financial products
  • Providing advice about the issuance of municipal securities
  • Soliciting municipal entities to invest in financial products
  • Soliciting municipal entities to issue municipal securities

Municipal Advisor Principals are required to pass the Series 54. These individuals are entrusted with the responsibility of supervising municipal advisory activities of the firm and its associated persons. The MSRB defines a Municipal Advisor Principal as an individual engaged in the management, direction or supervision of municipal advisory activities. These activities include advising a municipality regarding issuing municipal securities, such as the structure, timing, or terms of an issue. Soliciting municipal securities business from municipalities on behalf of a third party is also a form of municipal advising.