Series 51 case studies
Series 51 · Put your knowledge to work in context.
The Series 51 - formally the Municipal Fund Securities Limited Principal Qualification Examination (FP) - is a Municipal Securities Rulemaking Board (MSRB) exam delivered through FINRA's qualification exam program. It is the limited-principal-level qualification tied to municipal fund securities activity, and FINRA's page points candidates to the MSRB's Professional Qualification page for the content outline, because the MSRB publishes the detailed topic breakdown rather than FINRA. The Series 51 case studies are 5 cases and about 4,657 words.
1Breakpoints, Two Beneficiaries, and a Four-Year Horizon
Dana, 62, wants to open 529 accounts for two grandchildren - Ella, 4, and Marcus, 14 - and has 280,000 to commit as a lump sum. The advisor-sold plan she was shown publishes these terms: Class A shares carry a 3.50% front-end sales charge, reduced to 3.00% at 100,000, 2.50% at 250,000 and 2.00% at 500,000, plus a 0.25% annual distribution fee.
936 words, about 5 min2Seven Months of 529 Rollovers at One Branch
During a branch inspection you pull seven months of activity for rep Kline: 31 new 529 accounts, 18 funded by rollovers out of other firms' plans, 11 of them out of a single in-state plan into your firm's out-of-state advisor-sold plan. Median account size is 22,000, and each rollover generated a new sales charge.
927 words, about 5 min3A 529 Marketing Package With a Friday Deadline
A state 529 plan's program manager asks your firm to distribute a one-page flyer and three LinkedIn posts for its advisor-sold Class A shares. The flyer headline reads: '9.2% average annual return over the last decade - the smart way to guarantee four years of in-state tuition.' It includes a bar chart comparing the plan's age-based portfolio with 'the average savings account,' a client quote - 'I put in $10,000 and now my son's college is fully paid for' - the line 'Ask us how to get a state tax deduction,' and no disclosures.
956 words, about 5 min4A $600 Contribution, a $200 Million Refunding, and Bad Confirmations
Your firm is a selling-group member for the state's 529 plan and also underwrites the state's general obligation bonds. In June, a municipal finance associate on the GO bond team - a municipal finance professional - personally contributes 600 to the state treasurer's re-election campaign.
912 words, about 5 min5One Rollover Down, Three Moves to Go
Priya, 41, owns a 529 account for her son, Rohan, with a 120,000 balance. In January she completed a 529-to-529 rollover of the entire balance from Plan A to Plan B, same beneficiary.
926 words, about 5 min