Preparatory Course Series 50 USA American Broker Examination Advisor (FINRA)

Series 50 – Municipal Advisor Representative Exam


Series 50—Municipal Advisor Representative Examination
—is a Municipal Securities Rulemaking Board (MSRB) exam. The exam consists of 100 scored questions and an additional 10 unscored pretest questions. Candidates are given three hours to complete the exam. The passing score is 71%. There is no prerequisite for the Series 50 examination.

The information  for this course is based on the content from https://www.finra.org/registration-exams-ce/qualification-exams/series50 and http://www.msrb.org/layouts/Disclaimer.aspx?url=Regulated-Entities/Professional-Qualification.aspx

Understanding SEC and MSRB Rules Regarding Municipal Advisors

1
Assess application of SEC and MSRB rules to firm activities
2
Educate clients on implication of rules for issuers
3
Use various resources (web, books, internal policies, etc.) to gain understanding of regulatory framework and rules
4
Maintain records for compliance with SEC and MSRB rules

Understanding Municipal Finance

1
Identify market participants
2
Consider possible financing solutions for municipal issuers
3
Perform quantitative analysis
4
Monitor current interest rates and market conditions

Performing Issuer’s Credit Analysis and Due Diligence

1
Review relevant financial information
2
Components of financial statements
3
Performing due diligence to know your client
4
Distressed events

Structuring and Pricing and Executing Municipal Debt Products

1
Define characteristics of proposed transaction
2
Price negotiated bond transactions
3
Conduct competitive sales
4
Participate in disclosure preparation process

Understanding Requirements Related to the Issuance of Municipal Debt

1
Monitor for arbitrage rebate compliance (ARC)
2
Develop process for post-issuance compliance

Rules & Regulations

1
SEC rules
2
MSRB rules

Sample questions

1
Example
Any natural person associated with a municipal advisor who intends to engage in municipal advisory activities on behalf of the municipal advisor must pass the Series 50 exam to be qualified as a municipal advisor representative. In addition, any natural person associated with a municipal advisor who intends to engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor firm must also pass the Series 50 exam to be qualified as a municipal advisor principal.1 An individual who has passed another MSRB or MSRBrecognized qualification examination or has a professional designation is not exempt from the requirement to qualify as a municipal advisor representative or municipal advisor principal by passing the Series 50 exam.
Pursuant to MSRB Rule G-3, a person associated with a municipal advisor who engages in municipal advisory activities2 on the municipal advisor’s behalf, other than a person performing only clerical, administrative, support or similar functions, is a municipal advisor representative.
Pursuant to MSRB Rule G-3, a person associated with a municipal advisor who is directly engaged in the management, direction or supervision of the municipal advisory activities of the municipal advisor and that of its associated persons, is a municipal advisor principal.
No. If a municipal advisor hires an individual to engage in municipal advisory activities or supervise the municipal advisory activities of the municipal advisor and that of its associated persons, the individual will need to take and pass the Series 50 exam before engaging in or supervising municipal advisory activities on behalf of the firm.
The passing score for the Series 50 exam is 71%.
Individuals have 180 minutes to complete the Series 50 exam. Before the 180-minute exam begins, each individual is provided a short tutorial on the administration of the computerized exam.
Each individual will receive 100 unique computergenerated questions drawn from a large collection of test questions available for the Series 50 exam. The random selection of test questions is subject to restrictions to ensure that the content covered by the examination and the overall difficulty of the examination is the same for all candidates. In addition to the 100 questions, the exam includes 10 additional questions that are randomly distributed throughout the examination and do not count for scoring purposes. These 10 questions serve to pretest items to ensure that they meet acceptable measurement standards prior to use in future administrations of the Series 50 exam.
Once an individual has completed the Series 50 exam at the test center, the test results will be displayed on the computer screen indicating whether the individual has passed or failed the exam. In addition, the test center will provide each individual with a print-out of their exam result. Individuals should provide a copy of this notification to their firm’s compliance officer.
As provided for in MSRB Rule G-3 and consistent with other MSRB examinations, an individual who fails to pass the Series 50 exam is only permitted to retake the exam after a period of 30-calendar days has elapsed from the date of the failed examination. However, an individual does not have to wait 30-calendar days from the date of the failed examination to schedule the appointment to retake the exam. If an individual fails to pass the Series 50 exam three times in succession, the individual must wait until 180-calendar days (six months) have elapsed from the date the individual last failed the exam to retake the exam. Importantly, an individual who has not passed the Series 50 exam is not permitted to engage in municipal advisory activities.
Individuals who are not associated with a FINRA member will enroll to take the Series 50 exam by completing and submitting a Form U10 (Uniform Examination Request for Non-FINRA Candidate Form). The online form is available on FINRA’s website and can be accessed by clicking the “enroll” button.3 Individuals who are associated with a municipal advisor firm that is also a FINRA member firm will need to have their firm enroll them to take the Series 50 exam via the individual’s Form U4 (Uniform Application for Securities Industry Registration or Transfer Form) to request the Series 50 exam by checking the “S50” box found under Section 7 (Examination Requests) of the Form U4. Once the individual has successfully enrolled for the exam, whether via the Form U10 or Form U4, a 120-calendarday exam enrollment window will open, during which time the individual can schedule an appointment through a Prometric testing center to take the Series 50 exam. To schedule an appointment to take the Series 50 exam, an individual should first review the list of test centers to locate a convenient Prometric test center.
As provided in MSRB Rule G-3, the Series 50 qualification is valid for two years from the date a recipient is no longer associated with a municipal advisor firm. After the two-year period, an individual would need to re-qualify by passing the Series 50 exam in order to engage in municipal advisory activities or to supervise the municipal advisory activities of the municipal advisor firm and that of its associated persons. As a reminder, qualification as a municipal advisor representative is a prerequisite to qualification as a municipal advisor principal.



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Enrolled: 35 students
Duration: 100 hours
Lectures: 21
Video: 9 hours
Level: Advanced

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Monday 9:30 am - 6.00 pm
Tuesday 9:30 am - 6.00 pm
Wednesday 9:30 am - 6.00 pm
Thursday 9:30 am - 6.00 pm
Friday 9:30 am - 5.00 pm
Saturday Closed
Sunday Closed