National Commodity Futures Exam
The Series 3
exam is for anyone who is going to act
as an Associated Person, Commodity Trading Advisor, Commodity Pool Operator,
Introducing Broker, or Futures Commission Merchant.
Click here for a description of Series 3 exam study books, CD roms, and Blue
Book of Final Exams.
The NFA study outline for the Series 3 exam has eight categories, the first
seven representing "market knowledge" and the eighth representing "rules". When
you sit for the actual exam, however, the printout from the test center will
show ten categories.
Your test print out will show the first nine categories (or "Group One") of
the Series 3 exam, called Market Knowledge, with 85 test questions. The tenth
category ("or Group two"), called Rules and Regulations, has 35 test questions.
You must achieve a 70% on each group to pass the Series 3 exam. The FINRA(NASD) fee
for the exam is $115.00. Use application form U-10.
Some candidates, who host a branch office of a CTA, CPO, or IB, may have to
sit for the Series 30 Exam - Futures Branch Manager. A prerequisite is the
Series 3 exam or the Series 31 exam. A Series 3 registrant can supervise 3s and
31s; a Series 31 registrant can supervise only 31s.