In preparation for the development of a permanent qualification exam for municipal advisors, more than 1,600 municipal advisor professionals representing over 350 firms took the pilot Municipal Advisor Representative Qualification Examination (Series 50) In January and February 2016. These volunteer test-takers will help determine the passing score and validate the question bank for the permanent Series 50 exam, which the MSRB expects to launch in the fall of 2016. The MSRB’s Series 50 exam is the first qualifying examination for municipal advisors.