Series 54 case studies
Series 54 · Put your knowledge to work in context.
The Series 54 - Municipal Fund Securities Principal Qualification Examination is a principal-level qualification for professionals who supervise a firm's municipal fund securities business. It is aimed at individuals moving into a supervisory or principal role over activities involving municipal fund securities rather than at entry-level representatives, and it assumes familiarity with how these products are sold, marketed, and serviced. The Series 54 case studies are 5 cases and about 3,842 words.
1The C-Share Request: Share-Class Cost, Compensation, and Supervision on a 529 Desk
Priya, a Series 54 representative, meets Daniel, 52, who wants to open a 529 account for his 6-year-old grandson with 150,000 from a life insurance payout. He plans to begin withdrawals in about 12 years.
734 words, about 4 min2Bond Proceeds, a 45-Day Payment, and a $500 Contribution
The treasurer of the Town of Fairview wants to invest 12 million of proceeds from a wastewater revenue bond issued five months ago. Of that, 3 million is earmarked for a debt service payment due in 45 days.
747 words, about 4 min3Funding an ABLE Account: Rollovers, Ownership, and Qualified Expenses
In 2024, the Nguyens want to open an ABLE account for their daughter Maya, 19, whose qualifying condition (blindness) was diagnosed at age 12. They want to move 20,000 from a 529 plan they opened for Maya four years ago and add 10,000 in cash this year.
758 words, about 4 min4The Representative's Personal LinkedIn Post
She has 340 LinkedIn followers, about 90 of them clients, and she administers a public Facebook group with 2,000 members about college saving where she also answers plan questions. The firm's written supervisory procedures require a principal to approve all retail communications about municipal fund securities before use.
795 words, about 4 min5Forty-Seven Accounts with Blank Broker-of-Record Fields
An operations associate at a firm that sells 529 and ABLE interests finds 47 accounts opened between March and June under the same representative's code with the "broker of record" field left blank, which may mean the plan manager never credited the firm. Two of those accounts have received $12,000 in contributions.
808 words, about 4 min