Series 51 Securities Exam – Securities License Exam Preparation

The Series 51 Securities Exam is a limited principal exam required by the MSRB for any person who manages representatives who handle Section 529 college savings plans. 529 Plans are deemed municipal securities and, therefore, are under the jurisdiction of the MSRB.

The Series 51 exam was developed for broker-dealers who do not deal in traditional municipal

securities and thus do not have the Series 53 licensed principal. These broker-dealers are FINRA members that either have the Series 24 or Series 26 licensed principals. These individuals can “tack on” a limited municipal principal license to supervise the sale of 529 plans by becoming Series 51 principals.

Candidates may also sit for the Series 53 exam.

Prerequisite the Series 24 or the Series 26 | $255 test fee (Form U-4) | 1.5 hour time limit

Test Topics & Approximate Test Questions

Test Topics Approximate Test Questions
Municipal Fund Securities 15
Sales Supervision 15
Underwriting and Disclosure Rules 15
Fair Practice Rules 15
***Total Questions*** ***60***

Series 51 Exam Municipal Fund Securities Limited Principal Exam Study Materials

DATABANK and Study Book for Series 51

DATABANK and Study Book for Series 51


Series 51 Exam Study Book + DATABANK of Final Exams

Exam Study Book

The Series 51 exam consists of 60 questions to be completed in 90 minutes. The PassPerfect Series 51 course is divided into the following chapters:

  • Municipal Fund Securities
  • Sales Supervision
  • Underwriting and Disclosure Obligations
  • Fair Practice Rules

Following the text are 6 simulated Series 51 Finals with complete explanations. (Over 150 pages, with over 400 simulated examination questions)

DATABANK of Final Exams

Designed to complement our Printed Materials, Series 51 DATABANK Practice Exams software is a convenient and effective method of testing a student’s overall comprehension of the material. Using DATABANK Practice Exams software prepares your for the actual test by presenting practice questions of similar complexity to that of the real exam.

  • The program consists of 6 Final Exams drawn from the major topics found on the actual exam.
  • Each question has a detailed explanation that not only explains which answer is correct, but also explains why the other answers are wrong for the more complex concepts.
  • No two tests in DATABANK Practice Exams are the same — the depth of the question pool ensures that each question you sees is unique.
  • All of the tests are weighted in the same manner as the material in the actual exam.

System Requirements:

Requires internet access and will work on most computers, tablets, and smart phones, including Apple devices.

Supported browsers on Windows or Mac OS:

  • Internet Explorer (Version 6 or Better) or
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  • Safari or
  • Firefox (Version 3.6 or Better)
NOTE: All FINRA exam are continually being updated. You should take your exam within 120 days of ordering your study materials!
NOTE: Under the terms of our End User Licensing Agreement (“EULA”) each DATABANK Practice Exams product can be used only by one person. Once your order is processed by our staff you will be emailed access instructions to the DATABANK.