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The National Futures Association (NFA) and the various domestic commodity
futures exchanges require this exam for anyone who is going to act as an
Associated Person ("AP"), Commodity Trading Advisor ("CTA"), Commodity Pool
Operator ("CPO"), Introducing Broker ("I/B"), or Futures Commission Merchant ("FCM").
This is a "stronger" registration than the
#31 exam because the #31 only allows
you to sell "managed products", i.e., funds managed by a CTA or CPO or commodity
limited partnerships. (Note: If you sell commodity limited partnerships you need
the 3 or 31 plus the 22 or 7 exams.)
The exam has ten categories but is graded in two groups: Market Knowledge and
Rules/Regulations. "Market Knowledge" has 85 questions and represents the first
nine categories; Rules and Regulations is category ten and has 35 questions. You
must achieve a 70% on each group to pass the exam.
This study program is the only study program that is divided into the same
ten sections as on the exam -- and it allows you to know the proper "weighting"
on the test!
Of the 120 total questions on the Series #3, about 40 questions are math;
hedging, spreads, options, and general speculation are usually emphasized. Rules
are regulations are formatted generally as "A", "B", "C", "D", with a few true
and false.
The exam is administered by FINRA(NASD) through Pearson VUE testing centers
(generally) Monday through Friday on computer terminals. You receive your
passing score as soon as you complete your exam.
120 Questions / 2.5 Hours - No prerequisite $75 test fee (Form U-10)
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