Series 52

DEFINITION of 'Series 52'

An exam offered by the Financial Industry Regulatory Authority (FINRA) and overseen by the Municipal Securities Rulemaking Board (MSRB). The Series 52 qualifies a financial professional to become a licensed municipal securities representative. People who obtain this certification can sell municipal securities such as municipal bonds, agency bonds and Section 529 plans for college education.

The test consists of 115 questions, and must be completed within three and a half hours. A score of 70% or better is required for passing.


Question topics include how to analyze municipal securities and credit, the types of markets and channels they are traded in, presentation materials for new issues, and U.S. monetary and interest rate policies.

The test is similar in scope to the Series 53 exam for principals, but does not include topics relating to managing sales staff and certain regulatory practices. Even though many Section 529 plans are invested into equity-based securities and funds, the sales of 529 plans by broker/dealers are under the supervision of the MSRB.