Municipal Securities Representative Exam (Series 52) Exam Guide
At a glance
- Questions
- 75
- Time limit
- 2h 30m
- Passing score
- 70%
- Exam fee
- $260
- Governing body
- MSRB
The Series 52 is the Municipal Securities Representative Qualification Examination, required for professionals who want to solicit, trade, or advise on municipal securities transactions. It is administered by FINRA on behalf of the MSRB, and candidates must also hold the Securities Industry Essentials (SIE) exam as a corequisite.
Overview
The exam is built around a three-part content outline that weights topics by how central they are to a municipal securities representative's day-to-day work.
- Municipal Securities — 60% of the exam
- Securities Laws and Regulations — 26% of the exam
- Economic Activity, Government Policy and the Behavior of Interest Rates — 14% of the exam
Municipal Securities dominates the outline, so most study time should go toward the mechanics, pricing, and regulation of municipal bonds and notes.
Cost and registration
The Series 52 exam fee is $260. Because FINRA periodically updates its fee schedule, candidates should confirm the current price directly with FINRA before registering.
Exam format
The exam includes 80 total questions, of which 75 are scored and 5 are unidentified, unscored pretest questions. Candidates are given 150 minutes (two and a half hours) to complete the exam, and the MSRB sets the passing grade at 70%.
Frequently asked questions
How many questions are on the Series 52 exam and how are they scored?
The Series 52 exam consists of 80 total questions, but only 75 of them count toward your score. The remaining 5 are unidentified pretest questions that do not affect your result.
What is the passing score for the Series 52?
You need a score of 70% to pass the Series 52 exam, a standard set by the MSRB.
How much does the Series 52 exam cost?
The Series 52 exam fee is $260. Check the current FINRA fee schedule before registering, since exam fees are periodically adjusted.
How long is the Series 52 exam?
Candidates get 150 minutes, or two and a half hours, to complete the Series 52 exam.
What topics does the Series 52 exam cover?
Municipal Securities is the dominant content area, making up 60% of the exam, followed by Securities Laws and Regulations at 26% and Economic Activity, Government Policy and the Behavior of Interest Rates at 14%.
Is there a prerequisite I need before taking the Series 52?
Yes, the Series 52 requires the Securities Industry Essentials (SIE) exam as a corequisite. Under MSRB Rule G-3(a)(i)(A), a municipal securities representative is defined as a natural person associated with a dealer.
Sources
- 1.Municipal Securities Representative Qualification Examination (Series 52) — Content Outline — MSRB (accessed Aug 9, 2026)
- 2.Series 52 | FINRA.org — MSRB (accessed Aug 9, 2026)
- 3.Series 52: Municipal Securities Representative Qualification Examination | MSRB — 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 Securities Representative Qualification Examination (Series 52) — Content OutlineMSRBmsrb.org
- Series 52: Municipal Securities Representative Qualification Examination | MSRBMSRBmsrb.org
- Series 52 | FINRA.orgMSRBfinra.org
Last verified against the official exam content outline: