The Series 50 – Municipal Advisor Certification Exam covers a wide range of topics related to municipal finance, including the roles and responsibilities of a municipal advisor, regulatory frameworks governing municipal securities, understanding client needs, principles of municipal bond structuring, pricing, and execution, as well as general securities knowledge, all with a focus on the ethical conduct required in the municipal advisory business; essentially, it tests the competency needed to provide sound advice to municipal entities regarding the issuance of debt securities.
Key topics covered on the Series 50 exam include:
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Municipal Finance Basics:
- Types of municipal securities (general obligation bonds, revenue bonds, etc.)
- Credit analysis of municipal issuers
- Municipal market structures and participants
- Types of municipal securities (general obligation bonds, revenue bonds, etc.)
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Municipal Advisor Responsibilities:
- Client suitability analysis
- Conflicts of interest management
- Disclosure requirements
- Ethical considerations
- Client suitability analysis
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Regulatory Framework:
- MSRB rules and regulations
- Securities Exchange Act of 1934 (Section 15B)
- SEC rules applicable to municipal advisors
- MSRB rules and regulations
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Municipal Bond Underwriting:
- Competitive vs. negotiated underwriting
- Underwriting process and key players
- Pricing and structuring of municipal bonds
- Competitive vs. negotiated underwriting
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Financial Analysis:
- Financial statement analysis for municipal issuers
- Feasibility studies for revenue bonds
- Economic forecasting relevant to municipal projects
- Financial statement analysis for municipal issuers
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