Municipal Fund Securities Limited Principal Exam (Series 51) Exam Guide
At a glance
- Questions
- 60
- Time limit
- 1h 45m
- Passing score
- 70%
- Exam fee
- $255
- Governing body
- MSRB
The Series 51 is the Municipal Fund Securities Limited Principal Exam, a FINRA qualification exam administered under MSRB rules for supervisors of municipal fund securities activity, such as 529 college savings plans and local government investment pools. It is taken by principals at firms that sell these products, not by entry-level representatives.
Overview
The Series 51 tests seven content areas defined by the MSRB content outline, each weighted by its share of the 60 scored questions:
- Product Knowledge — 27% of test questions
- Sales Supervision — 18% of test questions
- Fair Practice and Conflicts of Interest — 17% of test questions
- General Supervision — 17% of test questions
- Operations — 10% of test questions
- Underwriting and Disclosure Obligations — 6% of test questions
- Regulatory Structure — 5% of test questions
Cost and registration
The Series 51 exam costs $255. Because FINRA periodically adjusts exam fees, candidates should confirm the current fee on FINRA's official qualification exam page before registering.
Exam format
The exam consists of 60 scored questions plus 5 unscored pretest questions, for 65 questions total, and candidates are given 105 minutes to complete it. Each scored question is worth one point, and the passing score is 70%. To sit for the exam, a candidate must be associated with an MSRB-registered dealer and must have previously or concurrently qualified as a General Securities Principal (Series 24) or Investment Company/Variable Contracts Limited Principal (Series 26).
Frequently asked questions
How many questions are on the Series 51 exam and how long do I get?
The Series 51 exam consists of 60 scored questions plus 5 unscored pretest questions, 65 in total, and candidates are given 105 minutes to complete it.
What is the passing score for the Series 51 exam?
The passing score for the Series 51 exam is 70%. Each question is worth one point toward the 60 scored questions.
How much does the Series 51 exam cost?
The Series 51 exam costs $255. Fees are set by FINRA and can change, so it's worth confirming the current amount on FINRA's qualification exam page before you register.
What are the prerequisites for taking the Series 51 exam?
Candidates must have previously or concurrently qualified as a General Securities Principal (Series 24) or Investment Company/Variable Contracts Limited Principal (Series 26). The Series 51 is designed as an add-on principal qualification rather than a standalone entry-level exam.
Who is eligible to take the Series 51 exam?
Individuals must be associated with an MSRB-registered dealer to be eligible to sit for the Series 51 exam. This means the exam is generally taken by professionals already sponsored by a firm rather than by unaffiliated candidates.
What topics are covered on the Series 51 exam and how are they weighted?
The exam covers seven content areas defined by MSRB: Product Knowledge (27%), Sales Supervision (18%), Fair Practice and Conflicts of Interest (17%), General Supervision (17%), Underwriting and Disclosure Obligations (6%), Operations (10%), and Regulatory Structure (5%).
Sources
- 1.Municipal Fund Securities Limited Principal Qualification Examination (Series 51) — Content Outline — MSRB (accessed Aug 9, 2026)
- 2.Series 51 – Municipal Fund Securities Limited Principal Exam | FINRA.org — MSRB (accessed Aug 9, 2026)
- 3.Series 51: Municipal Fund Securities Limited Principal Qualification Examination — MSRB (accessed Aug 9, 2026)
- 4.FINRA Qualification Exams — FINRA
- 5.Enroll for a FINRA Exam — FINRA
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Municipal Fund Securities Limited Principal Qualification Examination (Series 51) — Content OutlineMSRBmsrb.org
- Series 51 – Municipal Fund Securities Limited Principal Exam | FINRA.orgMSRBfinra.org
- Series 51: Municipal Fund Securities Limited Principal Qualification ExaminationMSRBmsrb.org
Last verified against the official exam content outline: