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Series 52 License Overview

October 14, 2020

The Series 52 exam is a Municipal Securities Rulemaking Board (MSRB) qualification exam taken by those in the Financial Services industry who want to engage in the municipal securities business. Are you looking to become a Municipal Securities Representative? Continue reading to learn what to expect and how to prepare for the Series 52 exam.



ExamFX helps financial professionals pass their qualification exams with our extensive Securities training programs designed to meet individual learning preferences. If you need to pass the Series 52 exam and want to learn more about our various package offerings, visit us here.

What is the MSRB?

The MSRB is a self-regulatory organization that establishes rules for municipal securities dealers and municipal advisors. The MSRB is responsible for developing and maintaining the Series 52 exam.

What is the Series 52 exam?

The Series 52 exam, administered by the Financial Industry Regulatory Authority (FINRA), is designed to assess the candidates’ knowledge and competency to engage as a Municipal Securities Representative.


A Municipal Securities Representative is defined as a person associated with a broker, dealer or municipal securities dealer whose activities include one or more of the following:

  • Underwriting, trading or sales of municipal securities
  • Financial advisory or consultant services for issuers in connection with the issuance of municipal securities
  • Research or investment advice with respect to municipal securities
  • Any other activities which involve communication, directly or indirectly, with public investors in municipal securities

The Series 52 exam content outline focuses on the following main areas: municipal securities, the municipal market, economic activity, government policy, factors affecting interest rates, and applicable federal securities laws and regulations.

What is the passing score on the Series 52 exam? 

The passing score is 70%. You must answer at least 53 of the 75 scored questions correctly in order to pass.

What is the duration of the Series 52 exam?  

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

What exam topics are covered during the exam?  

The Series 52 exam tests candidates’ knowledge in three topics: 

  1. Municipal Securities – 45 questions (60%) 
  2. Economic Activity, Government Policy and the Behavior of Interest Rates – 10-11 questions (14%)  
  3. Securities Laws and Regulations – 19-20 questions (26%) 

What are the requirements to take the Series 52exam?  

To be eligible to take the Series 52 exam a candidate must be sponsored by a FINRA member firm. Your FINRA member firm must open a Uniform Application for Securities Industry Registration, or Form U4. Once your Form U4 is open, you have a 120-day window to schedule and take the Series 52 exam.  


Are there any co-requisites to the Series 52 registration?


The Securities Industry Essentials (SIE) exam is a co-requisite to the Municipal Securities Representative registration. You must pass both the SIE exam and the Series 52 exam before you can obtain your Series 52 registration. 

How much does the Series 52 exam cost?  

The price of the exam is $260, which is paid directly to the Prometric testing center.   


How do you schedule a Series 52 exam? 

The Series 52 exam can be scheduled through Prometric, which provides testing locations across the country. Once you are ready to take the exam, go to the Prometric website to view Series 52 exam dates and testing location closest to you or call their Contact Center at 800.578.6273. 


What is the best way to prepare for the Series 52 exam?  

The best way to prepare for the Series 52 exam is to study with an online training provider that offers highly rated Securities courses. Investopedia* recently rated several ExamFX securities courses as Best Overall, Best Value, and Most Comprehensive.


The ExamFX Series 52 training program is available in a Self-Study package, which includes an interactive learning platform and three tiers of practice exams ensuring candidate success.  


Ready to begin your Series 52 exam prep? Contact us today to with any questions. 



*Investopedia is a financial and investor education resource website.