Series 53

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The Municipal Securities Principal Qualification Examination, or Series 53, tests a candidate’s knowledge of the rules and statutory provisions applicable to municipal securities broker-dealers and to the supervision of the activities of municipal securities representatives.

The Series 53 is a 3-hour, 100 multiple-choice question exam categorized as follows:

Category	Questions	% of Exam
Federal Regulations	5	5%
General Supervision	24	24%
Sales Supervision	22	22%
Origination and Syndication	23	23%
Trading	8	8%
Operations	18	18%

To pass the Series 53, a 70% is required (70 out of 100 questions must be answered correctly).

Series 53 Exam Fee: $80
(Effective January 1, 2005)