The Municipal Securities Rulemaking Board requires that any person who wants to rise to the level of a managerial position in a firm that trades bonds and other debt instruments must first pass an FINRA exam showing that they've got the knowledge and subject mastery required for such an important position. One option, depending on your circumstances, is the Series 51 exam, also known as the FINRA Municipal Securities Limited Principal Exam. You're qualified to take the Series 51 test if you've passed the General Securities Principal Exam (Series 24), or if you've passed the Investment Company/Variable Contracts Limited Principal Exam (Series 26). Because these tests cover some of the same principles you'll need as a municipal securities limited principal, if you've passed either or both of these tests you may sit for the Series 51 exam, which is a shortened version of the qualification exam to enter the field.

Because the Series 51 is administered by the FINRA, you can take the exam at any of the hundreds of authorized FINRA testing centers throughout the nation. Most testing centers offer it on any day of the week except Sunday, and the cost is $75. The Series 51 exam consists of 60 multiple choice questions, and you'll have two hours to complete the exam. A passing score is 70% correct answers or higher. You are not allowed to bring your own scratch paper or calculator; should you need either one, the testing center will provide them. Material you'll be tested on includes knowledge of bond markets and the language used in bond trading, the laws and bodies which govern municipal securities trading, principles and requirements of underwriting, the legal requirements and allowed sales practices your employees are required to meet and allowed to engage in, open and honest business practices and ethics, etc. The Series 51 exam is a challenging, difficult test. You'll need to study hard and prepare diligently for the test to ensure that you pass it.

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