Series 52 Exam Information

Series 52 Exam Overview & FAQs

The Series 52 Exam

Municipal securities representative (Series 52) – engages in fundamental municipal securities activities such as underwriting and trading.

Topics include: Municipal Securities, Economic Activity, Government Policy, Behavior of Interest Rates, Securities Laws and Regulations

Series 52 Exam Difficulty Level

Any professional exam in the Financial Services industry is not easy and includes many concepts that test takers must be able to show a satisfactory level of competency. Many people pass the first time, but others need a second attempt to complete the task. The study and exam tools available through Pass Perfect have been proven to be a highly effective method to prepare for the Series 52 exam.

After the Series 52

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.

Series 52 FAQ

What does a Series 52 license allow me to do?

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.

If I pass the Series 52 exam, are there any other requirements before I can sell municipal securities?

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.

What subjects does the Series 52 exam test?

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)

Are there any prerequisites for the Series 52?

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.

How long should I prepare for the Series 52 exam?

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

How should I prepare for the Series 52 exam?

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.

How many questions are on the Series 52 exam?

The exam consists of 55 multiple-choice questions.

How long is the Series 52 exam?

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

What score do I need to pass the Series 52 exam?

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).

How much does the Series 52 exam cost?

The cost of the exam is $260.

Do I need to be sponsored to take the Series 52?

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

If I stop working for my firm, how long will my Series 52 license remain active?

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.