What Is Series 52?

What Is Series 52?

3 Min.

Passing the Series 52 exam is a requirement for anyone who wants to deal in municipal securities, such as municipal bonds. The exam is officially called the Municipal Securities Representative Qualification Examination (MR), and it was created by the Municipal Securities Rulemaking Board (MSRB) and is administered by FINRA. The exam consists of 75 multiple-choice questions to be answered in 150 minutes. It covers a wide range of topics, from the basics of municipal bonds to macroeconomic and monetary policies.


The Series 52 license, officially designated as the Municipal Securities Representative Qualification Examination, grants financial experts the authority to engage in transactions involving municipal securities. With a total of 75 questions, the examination challenges candidates' knowledge and proficiency in the field. A time limit of two hours and 30 minutes is imposed for the test-takers. To pass, a score of 70% or higher is required.

What Is Series 52?

Municipal Securities Rulemaking Board presents the Series 52 exam, your key to becoming a licensed municipal securities representative. Earning this certification empowers professionals to trade municipal securities, including municipal bonds, and conduct vital underwriting analysis. Acknowledged by the Financial Industry Regulatory Authority (FINRA), the Series 52 holds wide-reaching significance within the financial sector.

MSRB: Setting Municipal Securities Standards

The Municipal Securities Rulemaking Board establishes industry standards and oversees qualifications for municipal securities professionals. These qualifications, as per MSRB Rule G-3, cover municipal securities principals, representatives, advisor principals, and advisor representatives. In addition to the Series 52 exam, MSRB administers several other crucial examinations:

  • Series 50: Municipal Advisor Representative Examination
  • Series 51: Municipal Fund Securities Limited Principal Qualification Examination
  • Series 53: Municipal Securities Principal Qualification Examination

Series 52 Examination Overview

The Series 52 exam comprises 75 multiple-choice questions, requiring completion within 210 minutes. A passing score of 70% or higher is mandatory, with a test fee of $260.

Topics Covered:

Section 1: Municipal Securities

  • Municipal security types
  • Characteristics of municipal securities
  • Municipal securities market
  • Municipal credit analysis
  • Mathematical calculations and methods

Section 2: U.S. Government, Federal Agency, and Other Financial Instruments

  • Types of financial instruments
  • Characteristics of U.S. government, federal agency, and financial instruments
  • Their market and its relationship to fixed-income markets
  • Credit features

Section 3: Economic Activity, Government Policy, and Interest Rates

  • Monetary policy
  • Fiscal policy
  • Factors impacting interest rates

Section 4: Securities Laws and Regulations

  • Regulation of municipal market professionals
  • Securities Investor Protection Act of 1970
  • MSRB rules

Additional Information:

  • Contents of a typical bond sale notice
  • Outline of a typical official statement

Certified Municipal Securities Representatives

Individuals who successfully complete the Series 52 exam and earn their Municipal Securities Representative Certification gain the ability to conduct transactions and underwriting for municipal securities on behalf of a sponsoring organization. These representatives must be employed by a sponsoring firm. With this certification, professionals can engage in municipal securities transactions and underwriting, offer financial advisory services related to municipal issuances, and communicate with the public regarding municipal securities.


The Series 52, officially named the Municipal Securities Representative Qualification Examination (MR), is a mandatory licensing exam for individuals seeking to engage in transactions involving municipal securities, including municipal bonds. Developed by the Municipal Securities Rulemaking Board (MSRB) and administered by FINRA, this 150-minute exam consists of 75 multiple-choice questions, spanning topics from the fundamentals of municipal bonds to macroeconomic and monetary policy.

Series 52
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