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MSRB Modifies the Series 52 Qualification Exam

Woman preparing for a Series 52 securities licensing exam online

Posted by: William James, Senior Content Specialist
Updated: October 2, 2018

The Municipal Securities Rulemaking Board (MSRB) filed a proposal with the SEC to modify the Series 52 exam into a specialized knowledge examination, while at the same time recognizing a passing score on FINRA’s Securities Industry Essentials (SIE) Examination as a prerequisite. This change was implemented on October 1, 2018.

Summary: General Knowledge Content Redundancy Removed

The Series 52 exam once had general knowledge content that is now tested by the SIE exam. The MSRB accepts FINRA’s new SIE exam and has restructured the Series 52 exam to eliminate duplicate testing of general securities knowledge. The exam is now a more tailored, specialized knowledge exam.

MSRB, Series 6, and Series 7

The MSRB continues to recognize, even revised, the General Securities Representative Qualification Examination (Series 7) for qualification as a “municipal securities sales limited representative,” and the Investment Company and Variable Contracts Products Representative Examination (Series 6) for qualification as an “investment company/variable contracts limited representative to further regulatory consistency.”

There is no impact to the Series 53 exam.

A Candidate's Complete Guide to the New SIE Exam Free eBook - Kaplan Financial EducationA Candidate's Complete Guide to the New SIE Exam

After identifying nine series exams with common content (6, 7, 22, 57, 79, 82, 86/87, 99), FINRA has decided to restructure their licensing process next year. The common content will be tested in the new Securities Industry Essentials (SIE) exam. Download this free guide to learn more about how the new securities licensing process will work, the rationale for the change, proposed SIE exam content, and how it could change hiring and recruiting practices.

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