Series 51

AAA

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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. 529 Plan

    A plan that allows for the prepayment of qualified higher education ...
  2. National Association Of Securities ...

    The NASD was a self-regulatory organization of the securities ...
  3. Series 26

    A securities license entitling the holder to register as a limited ...
  4. Registered Representative - RR

    A person who works for a brokerage company that is licensed by ...
  5. Current Liquidity

    The total amount of cash and unaffiliated holdings compared to ...
  6. Developed To Net Premiums Earned

    The ratio of developed premiums to net premiums earned over a ...
Related Articles
  1. Investing In Your Child's Education
    Insurance

    Investing In Your Child's Education

  2. Choosing The Right 529 Education Savings ...
    Savings

    Choosing The Right 529 Education Savings ...

  3. Clearing Up Tax Confusion For College ...
    Taxes

    Clearing Up Tax Confusion For College ...

  4. Pay For College Without Selling A Kidney
    Budgeting

    Pay For College Without Selling A Kidney

Hot Definitions
  1. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  2. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  3. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  4. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  5. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
  6. Parity Price

    When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price ...
Trading Center