The MSRB recently released a content outline for the new Series 50 Municipal Advisor Representative examination, which the SEC approved in principle earlier this year. See MSRB Reg. Notice 2015-06. The MSRB filed the Rule Proposal with the SEC on April 22 for immediate effectiveness. SR-MSRB-2015-04.

The Series 50 exam will require MA Representative candidates to complete 100 multiple-choice questions within 3 hours on a range of topics, including:

  1. SEC and MSRB Rules on municipal advisor activities;
  2. Municipal Finance generally;
  3. Credit analysis and due diligence of municipal issuers;
  4. Structuring, pricing and executing municipal debt products;
  5. Understanding municipal debt issuance requirements.

The MSRB allows a one-year grace period for newly-registered Municipal Advisors to pass the exam. The agency has not announced the effective date for the exam, but will give the industry a “head’s up” by announcing and conducting a pilot exam program first.

The Content Outline is here.