For those of us who took our Series 7 exam years ago, you may recall the endless options and municipal bond questions we got on the exam. Well, in November of 2011, FINRA re-formatted the exam and reduced the number of questions on these two topics roughly in half. The municipal bond topic now contain very few questions concerning the issuance or underwriting of these bonds. However, for whatever reason, the textbooks (ugh!) and practice questions still contains a lot of this, now, useless information. The only concepts pertaining to underwriting of municipal bonds that is still being tested are as follows:

Legal Opinion

Official Statement

Order Priority - Pre-sale orders, Group net orders, Designated orders, Member orders (P,G,D,M - Pretty Girls Drive Mercedes)

As always, I remind folks when taking a standardized, multiple choice exam - K.I.S.S. "Stay with what you know. You take the test, don't let the test take you" (For all of my past students - "watch out for creepy dudes in white vans")

Brian