Municipal Securities Principal Exam (Series 53) Exam Guide
At a glance
- Questions
- 100
- Time limit
- 3h 15m
- Passing score
- 70%
- Exam fee
- $265
- Governing body
- MSRB
The Series 53, formally the Municipal Securities Principal Qualification Examination, qualifies securities industry professionals to supervise municipal securities activities at a firm. It's typically taken by individuals moving into a principal or supervisory role over municipal underwriting, sales, or trading desks, and it's administered under rules set by the MSRB.
Overview
The exam is built from six weighted content areas defined in the official MSRB content outline:
- Sales Supervision — 25% of the exam
- General Supervision — 23%
- Origination and Syndication — 23%
- Operations — 15%
- Trading — 10%
- Federal Regulations — 4%
Sales Supervision, General Supervision, and Origination and Syndication together make up more than 70% of the exam, so candidates typically concentrate their study time there.
Cost and registration
The Series 53 exam fee is $265. Confirm the current fee and any updates before registering by checking the official FINRA or MSRB fee schedule, since exam fees can change.
Exam format
The Series 53 consists of 100 scored questions plus 10 unscored, unidentified pretest questions, for 110 total questions on the exam. Candidates are given 195 minutes (three hours and 15 minutes) to complete the test, and a score of 70% is required to pass.
Frequently asked questions
How many questions are on the Series 53 exam and how long is it?
The Series 53 has 100 scored questions plus 10 unscored pretest questions, for 110 total, and candidates get 195 minutes (three hours and 15 minutes) to complete it.
What is the passing score for the Series 53 exam?
You need a score of 70% to pass the Series 53 Municipal Securities Principal Qualification Examination.
How much does the Series 53 exam cost?
The Series 53 exam fee is $265, payable when you register for the test.
Who is eligible to take the Series 53 exam?
You must be associated with an MSRB-registered dealer to sit for the Series 53, and it carries corequisite requirements of the SIE exam and the Series 52 Municipal Securities Representative exam. Check the current MSRB registration rules for full details on how these requirements apply to your role.
What happens if I fail the Series 53 exam?
After a first or second failed attempt, FINRA requires a 15-calendar-day wait before you can retake the exam; after three or more failures within a two-year period, that waiting period extends to 60 calendar days.
Which regulator administers the Series 53 exam?
The Series 53 is an MSRB-developed exam administered through FINRA's testing infrastructure, since municipal securities principals fall under MSRB rulemaking jurisdiction.
Sources
- 1.Series 53: Municipal Securities Principal Qualification Examination | MSRB — MSRB (accessed Aug 9, 2026)
- 2.Series 53 – Municipal Securities Principal Exam | FINRA.org — MSRB (accessed Aug 9, 2026)
- 3.1210. Registration Requirements | FINRA.org — 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 Principal Qualification Examination (Series 53) — Content OutlineMSRBmsrb.org
- Series 53: Municipal Securities Principal Qualification Examination | MSRBMSRBmsrb.org
- Series 53 – Municipal Securities Principal Exam | FINRA.orgMSRBfinra.org
- 1210. Registration Requirements | FINRA.orgMSRBfinra.org
Last verified against the official exam content outline: