Series 51 – Municipal Fund Securities Limited Principal Exam

Effective October 1, 2024, the Series 51 exam consists of 60 scored questions and five unscored pretest questions. The additional questions are randomly distributed. Candidates are given one hour and 45 minutes to complete the exam. The passing score is 70%.

The Series 51 exam—the Municipal Fund Securities Limited Principal Qualification Examination (FP)—is a Municipal Securities Rulemaking Board (MSRB) exam.

For additional information on this exam, including the content outline, please visit MSRB Professional Qualification.

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