What More You Should Know About the Series 54?

The Series 54 outline is now available, based upon a quick review of the outline we are anticipating our course will be available in March.

  • Any person who supervises the activities of a municipal securities advisor will be required to pass both the Series 50 and Series 54 examinations

STC’s goal is to have a Standard and Premier product. Although we are not adding a Premier Plus course, onsite classes can be provided and if warranted we will have one or two regularly scheduled classes at an additional cost. Pricing has not been established as of yet. In addition to the information in our previous update:

The exam will have 110 questions (100 scored and 10 unscored or pretest questions), breakdown is below

  • Function 1: Understanding the Municipal Advisor Regulatory Framework (25 questions)
  • Function 2: Supervising Municipal Advisory Activities (35 questions)
  • Function 3: Supervising Municipal Advisor Firm Operations (40 questions)

Time permitted for the actual exam is three hours or 180 minutes (be careful, when reading the outline it states three and one-half hours which includes a 30 minute tutorial on how to use the system)

The passing score will not be published until after the completion of the pilot exam, similar to the Series 50 exam

The MSRBs’ timeline for the Pilot and Permanent exam is:

  • Enroll in the Pilot between February 4th and February 15th 2019 (only 12 days)
  • Schedule an take the exam between February and June 2019 (120 days)
  • The participants will be notified of the score results in the summer of 2019 and the date for the Permanent exam will announced
  • The Permanent exam is expected to be available in the fall of 2019

Any person who does not take or pass the Pilot exam will have one year from the date of implementation of the Permanent exam to pass the Series 54