DEFINITION of 'Series 51'

An exam offered by the Financial Industry Regulatory Authority (FINRA) and overseen by the Municipal Securities Rulemaking Board (MSRB). The Series 51 is a limited principal exam for managers of broker/dealers who have already earned the Series 24 or Series 26 license. The exam covers the management of registered representatives who market municipal fund securities to clients, specifically Section 529 plans for college education.

The test consists of 60 questions; a score of 70% or better is required for passing.

BREAKING DOWN 'Series 51'

Even though many 529 plans contain equity-based fund options, they are still regulated under the arm of the MSRB. The Series 51 was established for principals who do not otherwise deal in municipal securities, and do not have the Series 53 designation. Exam topics will test the taker's knowledge of underwriting, sales office supervision, market terminology and fair practice rules.

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