Series 3

Series 3 (National Commodities Futures Examination)

Key points
* The Series 3 is the exam required by the National Futures Association (NFA) for most professionals who sell commodity futures and options on futures in the U.S.
* It is administered by FINRA on behalf of the NFA.
* Passing the Series 3 allows registration with the NFA as an associated person of futures industry firms (e.g., FCM, IB, CPO, CTA).
* The exam is 120 multiple‑choice questions, split into two parts, with 2 hours 30 minutes total testing time. The exam fee is $130.

What the Series 3 qualifies you to do
* Register with the NFA to sell commodity futures contracts and options on commodity futures.
* Meet proficiency requirements for positions such as futures commission merchant (FCM) representatives, introducing broker (IB) representatives, commodity pool operators (CPOs), commodity trading advisors (CTAs), retail foreign exchange dealers (RFEDs), and associated persons (APs) of these entities.

Exam content and format
* Topics: futures and options markets, hedging, margin requirements, market mechanics, and relevant regulations and business conduct rules.
* Format: 120 multiple‑choice questions in two parts.
* Time: 2 hours 30 minutes total.
* Passing standard: roughly 70% on each part (no single official publicized pass rate).
* Cost: $130.

Eligibility and registration
* Candidates typically register and schedule the exam through FINRA. FINRA notifies the NFA of successful results in most cases.
* A sponsoring firm is not required to take the Series 3.
* Many NFA registrations require candidates to have passed the Series 3 within two years before applying, unless an exception applies (for example, current floor broker registration or continuous registration without a gap exceeding two years since a prior Series 3 pass).

Passing, retakes, and administrative notes
* If you fail, you may retake the exam; retake policies or waiting periods can apply—check current FINRA/NFA guidance for details.
* In some cases, the NFA may request documentation proving you passed the exam.

Alternatives and related exams
* Depending on role and business activity, other exams or registrations may be appropriate:
* Series 31 — Futures Managed Funds Examination
* Series 32 — Limited Futures Examination (Regulations)
* Series 30 — NFA Branch Manager Examination
* Series 34 — Retail Off‑Exchange Forex Examination
* The Series 3 is not a formal prerequisite for these exams; eligibility depends on the specific registration sought.

Preparation tips
* Study core topics: futures and options mechanics, hedging strategies, margin calculations, and relevant regulatory rules.
* Use official outline and practice questions from FINRA/NFA or reputable prep providers.
* Time your practice under exam conditions to build speed and accuracy.

Next steps
* Review NFA proficiency requirements for the registration you seek.
* Register and schedule the exam through FINRA and confirm required documentation for NFA registration after passing.