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Series 50 and Series 54: The Path to Becoming a Municipal Advisor
- John Elliott
- Mar 20
- 3 min read
March 20, 2025 | John Elliott, Vice President & Chief Compliance Officer
Understanding the Series 50 and Series 54 Examinations
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.
Series 50: Municipal Advisor Representatives
The Series 50 exam, administered by the Financial Industry Regulatory Authority (FINRA), tests would-be municipal advisors (“MAs”) on their knowledge of federal securities laws, municipal finance, and regulatory practices. All MAs must pass this qualifying exam before engaging in municipal advisory activity; without it, they are not permitted by the MSRB’s regulations to provide clients with advice on structure, timing, and other important elements of a tax-exempt bond transaction. Passing Series 50 ensures that MAs are equipped to handle the complex financial needs of borrowers in the tax-exempt space. It covers numerous relevant topics, such as municipal market rules, disclosure requirements, and municipal advisors’ fiduciary responsibilities, among other subjects.
Series 54: Municipal Advisor Principals
For Municipal Advisor Principals, the qualifying Series 54 exam focuses more on compliance and the regulatory environment surrounding municipal advisors. As Principals have supervisory responsibilities, ensuring that the practices and procedures of their firms comply with MSRB regulations and the Securities and Exchange Commission (“SEC”) are crucial elements of their role. To take Series 54, the aspiring Principal would have to first pass Series 50.
MSRB Database of Registered Municipal Advisors
To ensure that they are engaging fully qualified Municipal Advisors for capital planning and debt transactions, borrowers can access the MSRB’s database of registered Municipal Advisor firms as well as their database of Series 50-qualified Municipal Advisor Representatives and Series 54-qualified Municipal Advisor Principals.
Meet the Author:
John Elliott | jelliot@blueroseadvisors.com | 312-332-1336
Mr. Elliott serves as Vice President and Chief Compliance Officer at Blue Rose. He provides analytical and research support and project management for Blue Rose’s P3, strategic consulting, and debt advisory practice. Mr. Elliott joined Blue Rose’s California office in 2021.
Prior to Blue Rose, Mr. Elliott worked as a research associate for a non-profit think tank in Washington, DC and as a compliance consultant for federal contractors.
About Blue Rose Capital Advisors:
Blue Rose Capital Advisors is an independent financial advisory firm that serves the higher education, healthcare, non-profit, government, and corporate sectors. Blue Rose provides debt, derivatives, reinvestment, strategic and financial consulting services, and other specialized services to help clients achieve their goals. Blue Rose is registered as a Municipal Advisor with the Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB).
Blue Rose brings expert guidance and transparency to the often complex and opaque sectors of the capital markets. We embrace a client-first approach and work tirelessly to strengthen their debt transactions, governance, and balance sheets. With our wealth of real-time data, sophisticated modeling capability, and deep industry relationships, we can deliver solutions to almost any financing challenge.
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