Series 54 study support for the Municipal Advisor Principal path, including regulatory framework, supervision, firm operations, study planning, and exact practice.
Use this guide root when you are preparing for the Municipal Advisor Principal Exam. Series 54 is the municipal advisor principal route. It is not the municipal securities dealer principal route and not the representative-level Series 50 route.
The current outline is concentrated in three functions: understanding the municipal advisor regulatory framework, supervising municipal advisory activities, and supervising municipal advisor firm operations. Treat the exam as a principal-level municipal advisory controls paper.
Where Series 54 fits
If your role sounds most like…
Better route
municipal advisor representative
Series 50
municipal advisor principal
Series 54
municipal securities representative
Series 52
municipal securities dealer principal
Series 53
municipal fund securities limited principal
Series 51
What this guide is for
Use this guide to understand municipal advisor principal supervision before using exact practice. The strongest candidates separate advisory fiduciary and supervisory obligations from dealer-side municipal securities principal work.
Learn how Series 54 tests supervision of municipal advisory engagements, standards of conduct, engagement scope, suitability/KYC, recommendations, issuer disclosures, underwriting prohibitions, principal transactions, conflicts, inadvertent advice, and other advisor duties.
Learn how Series 54 tests books and records, registration updates, Form MA and MA-I, brochure notices, gifts and gratuities, political contributions, supervisory systems, advertising, fees, qualifications, and continuing education.