About the Series 3
Who needs the Series 3
The National Commodities Futures Exam, commonly called the Series 3 exam, was created by
the National Futures Association (NFA), the self-regulatory organization for the U.S. futures
industry. The NFA test is administered by the FINRA via PROCTOR®, a computer system
specifically designed for the administration and delivery of computer-based testing and
training and given through local centers worldwide.
The Series 3 exam is required of individuals who conduct business with the public on the U.S. futures exchanges and:
- offer or solicit business in futures or options on futures at a futures commission merchant
(FCM) or introducing broker (IB) or who supervise any such person.
- are associated with a commodity trading advisor (CTA) who solicits discretionary accounts or who supervises persons so engaged.
- are associated with a commodity pool operator (CPO) who solicits funds for participation in a commodity pool or who supervises such persons.
In effect, the Series 3 Exam is required for anyone who is a salesperson of an FCM,
IB, CTA or CPO, or anyone who supervises salespersons individuals or firms. The requirement
also applies to any person in the supervisory chain-of-command, and not only to persons who
directly supervise the solicitations of orders, customers or funds.
Foreign entities that transact business with U.S. customers in the capacity of an FCM,
IB, CTA or CPO are generally required to register with the NFA in the appropriate category.
Foreign entities must meet the same filing requirements as domestic applicants.
For more information about who needs to take the exam and other requirements for Series 3 registration visit the National Futures Association's web site and review the section titled Proficiency Requirements
Series 3 Study Materials
The Institute offers self-study textbooks plus Series 3 PassMaster, a computer-based
tutorial and test simulator. Click for information
on IFM's Series 3 exam-prep packages. The
Institute also offer a two-day Futures and Options/Series 3 Course to help participants
prepare for the exam. Click for course details.
As a general guideline, we suggest that you invest a minimum of 35 to 40 hours preparing for the Series 3 exam; however, many candidates should expect to invest 100 hours or more. Study times will vary and depend on several factors including previous knowledge, ability to assimilate concepts and calculations, learning style and personal motivation.
Series 3 Registration Process
The NFA Series 3 Exam is administered by FINRA. There is a two-step process that a
candidate must complete to be able to take the Series 3 Exam.
Step 1: The individual must apply with FINRA to take the exam by completing and
submitting an application form and payment, or by submitting the application online.
The testing application form can be downloaded from the FINRA's web site at
www.finra.org.
Effective January 2, 2009, the fee for an individual to take the Series 3 National Commodity Futures Examination will be $105.
A candidate DOES NOT need to be sponsored by a firm to apply or sit for the NFA Series
3 Exam. (Note this is not the case for other FINRA administered exams.)
Step 2: Once the U10 registration has been approved and processed by FINRA, a
Notice of Enrollment will be emailed to the candidate. FINRA will assign a 120-day
window during which the exam can be scheduled and taken. The candidate may then contact
their local test center to schedule an appointment to sit for the exam. Due to the
many sessions administered at testing centers, the candidate should schedule test-taking as
far in advance as possible to secure an appointment on the desired date.
Testing Locations
The exam is delivered via a computer system specifically designed for the administration and delivery of computer-based testing and training. Exams are given at conveniently located test centers worldwide and an appointment to take your exam can be scheduled online or by calling your local center. For a list of test centers in your area (U.S. and International) go to the FINRA Web page.
FINRA Authorized Testing Locations
You may schedule an appointment at either a Pearson VUE or Thomson Prometric Testing Center:
- Pearson VUE at 866.396.6273 or go online for scheduling.
- Thomson Prometric at 800.578.6273 or go online for scheduling.
For questions regarding the application forms, exam enrollment, policy and procedures, please contact the FINRA Call Center at 301.590.6500 or visit www.finra.org.
Exam Locations
For a list of test centers in your area (U.S. and Non U.S.)
click here. You will be redirected to the FINRA Web site, administrator of NFA exams for the futures industry.
Special arrangements can be made to administer FINRA sessions to candidates with physical or learning disabilities. For more information please read the section titled, FINRA Special Arrangements Procedures, on the FINRA web site.
Firm registration staff and individual candidates also can schedule an appointment in a foreign location by calling the toll-free number in the country in which they reside. A list of these locations can be found at the FINRA web site. If English is your second language, you may request additional time for your session when scheduling your appointment. For more information please read the section titled, English As A Second Language (ESL), on the FINRA web site.
Series 3 Exam Structure
The Series 3 exam encompasses 120 True/False and multiple-choice questions; 85 questions cover
industry and technical information (market knowledge) and 35 cover regulations and compliance
(regulatory requirements). The two sections (market knowledge and regulatory requirements) are
scored separately, with a 70 percent minimum score on each required to pass the exam.
Please expect to spend approximately 3 hours at the Center as it will take time to sign in, go
through the pre-test directions screens and answer any sample questions that you are given that
affect neither your score nor count towards your test time. The Series 3 Exam contains
five (5) additional experimental questions that do not count towards your grade. Extra time
is built into the exam to accommodate these five (5) questions. You will have 2 hours and
30 minutes to complete the actual test and required 120 questions.
Need
more information about the Series 3 Exam and IFM study options?
Please contact Trish Foshee at the IFM by telephone at 202.223.1528 or by e-mail at
tfoshee@theIFM.org.
To order click here.
