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The Series 52 Exam is also commonly referenced as the Municipal Securities Representative Qualification Exam. Individuals who successfully complete their Series 52 examination become qualified to sell and analyze municipal securities for companies and clients. However, passing the exam can be challenging for even the most knowledgeable test-takers. The test has 115 multiple-choice questions, at least 70% of which must be answered correctly within a 210-minute time limit.
There are four distinct sections of the Series 52 exam. The first section covers municipal securities. The next section covers U.S. government, federal agencies and other financial instruments. The third section tests candidates' knowledge on government policy and the behavior of interest rates. Finally, the exam concludes by asking test-takers to answer questions about securities laws and regulations.