Municipal Advisor Principal Exam (Series 54) Exam Guide
At a glance
- Questions
- 100
- Time limit
- 3h
- Passing score
- 70%
- Exam fee
- $265
- Governing body
- MSRB
The Series 54, or Municipal Advisor Principal Exam, qualifies municipal advisor professionals to supervise municipal advisory activities at their firm. It is a Municipal Securities Rulemaking Board (MSRB) exam and is paired with a corequisite, the Series 50, which candidates must also pass to become fully qualified as a municipal advisor principal.
Overview
The Series 54 content outline organizes exam questions into three functional areas, each weighted differently on the exam:
- Understanding the Municipal Advisor Regulatory Framework — 25% of exam questions
- Supervising Municipal Advisory Activities — 35% of exam questions
- Supervising Municipal Advisor Firm Operations — 40% of exam questions
Cost and registration
The Series 54 exam fee is $265. Confirm current pricing on the official MSRB fee schedule before registering, since fees are subject to change.
Exam format
The Series 54 consists of 100 scored multiple-choice questions plus 10 additional unscored pretest questions, for 110 total items, each with four answer choices. Candidates get three hours to complete the exam, preceded by a 30-minute tutorial that doesn't count against the time limit. The passing score set by the MSRB is 70%.
Frequently asked questions
How much does the Series 54 exam cost?
The Series 54 exam fee is $265. Check the MSRB fee schedule directly before registering, since fees can be updated.
What is the passing score for the Series 54 exam?
The MSRB sets the passing score for the Series 54 at 70%.
Do I need to pass another exam before taking the Series 54?
Yes. The Series 54 has a corequisite: candidates must also pass the Series 50, Municipal Advisor Representative Qualification Examination, to become fully qualified as a municipal advisor principal.
How many questions are on the Series 54 and how much time do I get?
The exam has 100 scored multiple-choice questions plus 10 additional unscored pretest questions, for 110 items total, and candidates get three hours to complete it. A 30-minute tutorial on exam administration is provided beforehand and doesn't count against your time.
What happens if I fail the Series 54 exam?
You can retake the exam after a standard wait of 30 days. But if you fail three or more times in succession within a two-year period, MSRB rules bar you from retaking the exam again until 180 calendar days have elapsed from your last attempt.
Who administers and governs the Series 54 exam?
The Series 54 is a Municipal Securities Rulemaking Board (MSRB) exam, though it is delivered through FINRA's testing infrastructure alongside other securities-industry qualification exams.
Sources
- 1.Series 54 - Municipal Advisor Principal Examination | FINRA.org — MSRB (accessed Aug 9, 2026)
- 2.Series 54 – Municipal Advisor Principal Qualification Examination | MSRB — MSRB (accessed Aug 9, 2026)
- 3.MSRB Rule G-3: Professional Qualification Requirements — MSRB (accessed Aug 9, 2026)
- 4.Municipal Advisor Principal Qualification Examination (Series 54) — Content Outline (MSRB, 2021) — MSRB (accessed Aug 9, 2026)
- 5.Understanding the Municipal Advisor Principal Qualification Examination (Series 54) — MSRB, July 2021 — MSRB (accessed Aug 9, 2026)
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Municipal Advisor Principal Qualification Examination (Series 54) — Content Outline (MSRB, 2021)MSRBmsrb.org
- Series 54 - Municipal Advisor Principal Examination | FINRA.orgMSRBfinra.org
- Series 54 – Municipal Advisor Principal Qualification Examination | MSRBMSRBmsrb.org
- Understanding the Municipal Advisor Principal Qualification Examination (Series 54) — MSRB, July 2021MSRBmsrb.org
- MSRB Rule G-3: Professional Qualification RequirementsMSRBmsrb.org
Last verified against the official exam content outline: