Series 51

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.

RELATED TERMS
  1. Series 53

    An exam offered by the Financial Industry Regulatory Authority ...
  2. Series 66

    An exam administered by the Financial Industry Regulatory Authority ...
  3. Series 42

    An exam offered by the Financial Industry Regulatory Authority ...
  4. Series 27

    A securities license entitling the holder to become a chief financial ...
  5. Series 4

    A securities license entitling the holder to supervise options ...
  6. Series 23

    An exam offered by the Financial Industry Regulatory Authority ...
Related Articles
  1. Term

    What is the Series 66?

    The Series 66 exam is one of two tests required to register as both a securities agent and an investment advisor.
  2. Professionals

    Introduction To The Series 65 Exam

    The Series 65 is required in many states in order to be a fee-based advisor. Find out what it is and whether you need it.
  3. Professionals

    Series 6 Exam Prep: What Is A Security?

    Before you take the series 6, you need to understand what a security is as defined by the exam.
  4. Professionals

    Understanding Series 6

    Upon successful completion of the Series 6, an individual will have the qualifications needed to sell open end mutual funds and variable annuities
  5. Professionals

    Series 65 Exam Prep: The Investment Advisor

    Before you take the series 65, you need to understand who is an investment advisor as defined by the exam.
  6. Professionals

    Who Needs to Take the Series 65?

    Most states require individuals to pass the Series 65 exam in order to act as investment advisors.
  7. FA

    The Basics of The Series 79 Exam

    Passing the Series 79 exam is usually necessary for anyone who wants to work in investment banking.
  8. Insurance

    Tips For Passing The Series 6 Exam

    Find out what you can do during the test to make sure you get a passing score.
  9. Professionals

    Should You Add A Securities License To Your Qualifications?

    Clients love planners who sell securities, but a securities license takes a lot of work. Learn if the stress and study are worth it.
  10. Professionals

    Series 24 Exam Prep: Stock Exchanges

    Before you take the series 24, you need to understand exchanges, listing requirements and much more.
RELATED FAQS
  1. If I have passed the Series 7 exam, do I need to write the 6 and 63 exams as well?

    Not always. According to the Financial Industry Regulatory Authority (FINRA), (formerly National Association of Securities ... Read Answer >>
  2. What does passing the Series 6 enable me to do?

    Learn more about the Series 6, what the examination and license are and what the license enables an individual to buy, sell ... Read Answer >>
  3. Is a financial advisor required to have a degree?

    Discover the minimum educational requirements and financial licenses needed to become a financial advisor in the modern corporate ... Read Answer >>
  4. Do I need to be sponsored or employed by a member firm in order to write the Series ...

    You do not need to be sponsored by a member firm in order to write the Series 66 exam. However, it is important to remember ... Read Answer >>
  5. Are series 63 exams given outside of the United States?

    Learn more about the series 63 exam, and find out about testing locations and citizenship requirements. Discover which materials ... Read Answer >>
  6. Where do I get a certificate or other evidence of passing the Series 63 exam?

    Learn more about the use of Series 63 exam results and how passing information is provided to regulators and employers. Find ... Read Answer >>
Hot Definitions
  1. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  2. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  3. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  4. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  5. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  6. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
Trading Center