The Municipal Securities Rulemaking Board (MSRB) has released the content outline for the first qualifying examination for individuals who provide municipal advisory services to state and local governments. The outline includes the topics that will be covered on the exam, sample questions and a list of reference materials to assist municipal advisor professionals in preparing for the Municipal Advisor Representative Qualification Examination, which will first be administered as a pilot later this year. The content outline has been filed with the Securities and Exchange Commission for immediate effectiveness. Read the filing and regulatory notice.
To help municipal advisors prepare to take the exam, the MSRB has scheduled a webinar to review the content outline, provide more information about participating in the pilot and discuss the administration of the exam on June 11, 2015 at 3:00 p.m. ET. Register for the webinar.
The Series 50 examination will consist of 100 multiple-choice questions and candidates will be allowed 180 minutes to complete the examination.3 Consistent with other financial regulatory qualification examinations, candidates may receive (at the option of their firm) an informational breakdown of their performance on each section of the examination and their pass/fail status at the completion of the testing session. As provided for in MSRB Rule G-3(g) and consistent with other MSRB examinations, candidates that fail to pass the Series 50 examination are permitted to take the examination again after a period of 30 days has elapsed from the date of the prior examination. Any person, however, who fails to pass the Series 50 examination three or more times in succession will be prohibited from taking the examination again until six months has elapsed from the date the candidate last failed the examination.
Securities Training Corporation will offer training materials for this examination. Stay tuned for further details on our website: www.stcusa.com