The revisions feature a rebalancing of topics in the Municipal Fund Securities Limited Principal Qualifications Examination (Series 51). While no content will change, the weightings of subjects in the exam will better reflect developments in the market, the board said in a release.
While the MSRB doesn’t reveal details about the questions of its exams for obvious reasons, the release said the changes will cover categories such as product knowledge, sales supervision, and operations.
The revised Series 51 examination program will be implemented on November 1. The new version remains a 60-question test to be completed in 90 minutes, the MSRB said. Candidates for the Series 51 must also have passed the General Securities Principal Examination (Series 24) or the Investment Company Products/Variable Contracts Limited Principal Examination (Series 26), or they must take and pass either of these examinations concurrently with the Series 51 Examination in order to become a municipal fund securities limited principal.
More information from the MSRB is available here.