Series 50 and Series 54: The Path to Becoming a Municipal Advisor
John Elliott
March 20, 2025
Borrowers will often see mention of the Series 50 and Series 54 examinations. These qualifying exams are important for ensuring borrowers are getting top-tier advice from independent, qualified municipal advisors. To become a “Municipal Advisor Representative” per Rule G-3 of the Municipal Securities Rulemaking Board (“MSRB”), an individual must take the Series 50 qualification examination. “Municipal Advisor Principals” must pass the Series 54 examination. An entity engaging in municipal advisory activities without a registered Municipal Advisor Representative violates MSRB rules and other federal securities laws