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The Series 53 is the Municipal Securities Principal Qualification Examination, an exam developed and maintained by the Municipal Securities Rulemaking Board and administered by the Financial Industry Regulatory Authority. Passing it qualifies you to supervise all aspects of a firm's municipal securities business, including underwriting, trading, sales, financial advisory services, and customer communications. The Municipal Securities Rulemaking Board, not the Financial Industry Regulatory Authority, sets the rules and content, making this exam unique among principal-level licenses.
Think of the Series 53 as the full authority badge for running the municipal securities desk at a broker-dealer or bank dealer.
You need the Series 53 if you are responsible for managing, directing, or supervising any of the following at a securities firm or bank dealer: underwriting or trading of municipal bonds, sales of municipal securities to customers, financial advisory or consultant services to municipal issuers, processing and safekeeping of municipal securities, or training of municipal securities principals or representatives.
This is a broad mandate. The Series 53 covers the entire operational scope of municipal securities activity, not just sales supervision.
As of October 1, 2024, the Series 53 examination consists of 100 scored questions and 15 unscored pretest questions, for a total of 110 questions. Candidates have three hours and 15 minutes to complete the exam. The passing score is 70%. The exam fee is $265.
The exam covers six primary content areas, including knowledge of Municipal Securities Rulemaking Board rules and rule interpretations, federal statutory provisions applicable to municipal securities activities, supervisory responsibilities, recordkeeping, trade reporting, customer protection requirements, and underwriting procedures.
To take the Series 53, you must already hold both the Securities Industry Essentials exam and the Municipal Securities Representative Qualification Examination, called the Series 52. Both are corequisites. You also must be associated with and sponsored by a Financial Industry Regulatory Authority member firm that is registered with the Municipal Securities Rulemaking Board.
If you obtained your Series 7 registration before November 7, 2011, you may be eligible to take the Series 53 using the Series 7 as your corequisite rather than the Series 52. Registrants after that date must pass the Series 52 first.
The Series 53 is the full Municipal Securities Principal license. The Series 51, called the Municipal Securities Limited Principal Examination, covers only municipal fund securities activities, such as 529 college savings plans and local government investment pools. If you supervise activities beyond municipal fund securities, including bond underwriting, trading, or direct debt issuance advisory work, the Series 53 is the correct license.
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