WASHINGTON — A working group of independent financial advisors is close to finalizing a preliminary outline of topics for the first-ever municipal advisor exam, which will be administered by the Municipal Securities Rulemaking Board, sources said.

The exam itself will not be ready before the fall of 2012, but the working group — comprised of roughly a dozen independent advisors and MSRB staff — will convene for a two-day meeting in Alexandria, Va. later this week, the third in a planned series of four such sessions, sources said.

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