Study Outline for Futures Industry Exams

** Candidates will also receive (5) additional experimental questions that DO NOT count toward their grades.

Please plan to arrive 30 minutes before your scheduled appointment to allow time for check-in procedures. You may be allowed to start your exam early if a seat is available. 

You will not be allowed to test if you arrive later than 30 minutes after your appointment start time and a seat is unavailable to accommodate your full testing time. If you are not permitted to test due to your late arrival, FINRA will charge your firm a late cancellation fee. If you are not sponsored by a firm, you will be required to pay for a new test enrollment in order to schedule a new appointment.

To gain admission to the center, you will be required to provide a valid form of government-issued identification with your picture and signature. Acceptable forms of identification include a valid driver’s license, passport or military ID. If you do not have the required ID, you must cancel your appointment until you acquire it. You will also be required to provide your signature upon arrival at the exam center, agree to the rules of conduct and provide a finger imprint(s). Calculators may not be brought into the exam center. However, the exam center will provide you with a calculator upon request.

Note: Expired candidate IDs will not be accepted under any circumstances.

Exam sessions are closed-book. You are not permitted to bring personal possessions such as books, briefcases, purses, electronic devices or notes into the testing/training room. You may take only authorized material issued by center staff into the testing/training room. The center staff is not responsible for articles you take to the session. Center staff will provide scratch paper for your use during the session. All materials, including used and unused scratch paper, must be returned to the center staff at the end of the session.

Severe penalties will be imposed on anyone who cheats on a FINRA-administered exam.

Either at the end of the allowed exam time or when you voluntarily stop the exam, the test system will determine your score and display the exam results. Your score will determine if you passed the exam. If you fail the exam, the overall percentage score and the percent of questions answered correctly in each section will appear. If you pass the exam, the overall percentage score and percent of questions answered correctly will not appear. You will receive a printout of the exam results. The exam center will send the exam results to FINRA. The minimum passing score for the futures exams is 70 percent. On the National Commodity Futures Examination – Series 3, the candidate must receive a score of 70 percent on both parts of the exam (market knowledge and regulations) in order to pass. It is your responsibility to keep a record of your exam results.

Click here to access Frequently Asked Questions regarding testing.

To sign up for any of the futures industry exams, you must enroll online and pay the applicable fee to the Financial Industry Regulatory Authority (FINRA). Applications are only available for online submission. This online process provides convenient credit card and electronic (ACH) payment options. Fees are not refundable. Please note that a sponsor is not required for any of the futures industry exams. A candidate without a sponsor should indicate his/her own name, address and phone number in the section of the online application that asks for the firm’s name, address and phone number. To access the online application, click here.

Candidates that do not pass the exam will be subject to waiting periods before they are allowed to sign up to retake the exam.

General Information

After the online application and fee has been submitted to FINRA and the candidate has received confirmation from FINRA, he or she may schedule an appointment to take the exam. The candidate will have 120 days to schedule and take the exam.

To schedule an individual appointment, call Prometric at 800-578-6273. You may also schedule an appointment and see testing center locations by clicking here.

Please keep in mind the following tips when scheduling an exam:

• If you are calling to schedule an appointment, call after 10:00 a.m. ET to avoid any early morning activity that normally takes place at the centers.
• Plan ahead to secure a preferred testing date; allow two to three weeks' lead time when scheduling an exam.
• Provide the name exactly as it appears on the online application as the registration validation process matches the first initial of the first name.
• Provide a back-up telephone number in addition to a primary number. Exam staff will attempt to contact you if it is necessary to cancel or reschedule the exam session or if the enrollment cannot be validated. This number may also be used to notify you of any emergency closings due to weather or a system outage.
• Note your appointment tracking number. This number will be helpful if your appointment needs to be rescheduled or cancelled.
• Make appointments through the local exam center when scheduling an appointment less than four calendar days from the current date.

Rescheduling for Candidates That Do Not Pass the Exam

If you do not pass the exam, you will need to file another online application online and fee with FINRA and then re-register to take the exam. Another exam cannot be scheduled until re-registration has taken place.

Candidates will be subject to the following waiting periods between exams if they have failed the Series 3, Series 30, Series 31, Series 32 or Series 34 within the past two years:

• A minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled;
• A minimum of 30 days after failing the second exam before the third taking of the exam can be scheduled; and
• A minimum of 180 days after failing the exam for the third time before the fourth taking of the exam (and each subsequent taking) can be scheduled.

Questions Regarding Exam Issues

FINRA’s Industry Professionals Support Center (240) 386-4040 is available Monday through Friday from 8:00 a.m. to 8:00 p.m., Eastern Time, to assist candidates with questions pertaining to enrollment, exam delivery policy and procedure, and extensions to your validation window. Questions may also be addressed by sending an email to CandidateServices@finra.org.

Scheduling Multiple or Group Appointments

A multiple appointment is when five or more candidates are being scheduled for multiple exams for various dates and testing center locations. Multiple appointments are handled directly by the exam vendor. Please contact Prometric Testing Centers at 800-578-6273 to schedule multiple appointments.

A group appointment is when five or more candidates are being scheduled to take the exact same exam at the same time at the same testing center location. Procedures for scheduling a group appointment can be found by clicking here.

Scheduling an exam in a location outside of the United States

FINRA administers exams abroad in selected foreign cities. For more information on foreign exam locations, phone numbers for scheduling appointments at a foreign location or foreign test center policies and procedures, click here.

Limited English Proficiency (LEP)

Candidates with LEP are persons who (1) do not speak English as their primary language and (2) have limited ability to read, speak, write and understand the English language.

FINRA requires the firm or the candidate (if there is not a sponsoring firm) to submit to FINRA a request for additional time prior to the LEP candidate scheduling an examination. A LEP Request Form that the candidate is LEP-eligible must be completed. Also, the firm or candidate will attest to the accuracy of the information on the form and acknowledge that any misrepresentation of the candidate’s LEP-eligibility may result in a disciplinary proceeding. FINRA will notify its test delivery vendor that a candidate is eligible to receive additional time to complete the examination.

Testing center personnel are not authorized to grant additional time to candidates based on LEP.

For exams up to 2 hours, an extra 30 minutes will be added to the session. For exams longer than 2 hours, an extra 60 minutes will be added to the session.

Procedures for requesting additional time for your exam session can be found by clicking here.

Special Accommodations

FINRA, in compliance with the provisions of the American with Disabilities Act (ADA), provides testing modifications and aids to candidates with disabilities and/or learning impairments that substantially limit a major life activity (e.g., learning, speaking, hearing, vision). FINRA makes arrangements to offer examinations/sessions in a place and manner appropriate to persons with disabilities according to the ADA.

Procedures and forms for requesting special accommodations for taking an exam can be found here. 

Note: Candidates with transitory or temporary conditions that are not “impairments or disabilities” (e.g., pregnancy, sprains, fractures) are not eligible for special testing accommodations under the ADA. Those in need of accommodations should contact FINRA for information about a possible special testing arrangement that can be handled on a case-by-case basis.

Exam Cancellation Policy

FINRA assesses a fee for individuals who cancel or reschedule a qualification examination within three to ten business days of a scheduled appointment date.

To avoid cancellation or rescheduling fees, individuals seeking to alter their scheduled appointment must do so a minimum of 10 business days in advance. Appointments cancelled or rescheduled within 10 business days will result in the assessment of one of the following fees:

• Three to Ten Business Day Cancellation/Rescheduling Fee: Individuals who cancel or reschedule an appointment within three to ten business days of a scheduled appointment will be assessed a cancellation/rescheduling fee as outlined in the three to ten Business Day Cancellation/Reschedule Fee Table. At the time of rescheduling, these fees will be collected by the testing vendor with whom the individual has scheduled the appointment.
• Late Cancellation/Rescheduling Fee (Within 2 business days of appointment): Individuals who cancel or reschedule an appointment within 2 business days of a scheduled appointment, or who fail to show up for a scheduled exam or Regulatory Element session, will incur a fee equal to the fee of the examination or session being cancelled or rescheduled. FINRA will charge this fee to the individual’s firm. Similarly, if an individual arrives so late that the examination or session cannot begin without disturbing the location schedule for that date, FINRA will charge the individual’s firm a cancellation/reschedule fee. Non-Member candidates who wish to cancel or reschedule an appointment within two business days, or who fail to show up for a scheduled exam or session, are required to open a new enrollment window (and pay the associated exam or session fee) prior to scheduling a new appointment.

The cancellation or reschedule will be considered timely if effected according to the following schedule:

Three to Ten Business Day Cancellation/Reschedule Fee Table

In addition to the official rulebooks of the exchanges, literature on trading futures, options on futures and individual markets is helpful in preparing for the examination. Please contact individual exchanges in order to obtain pricing lists, publication catalogs and order forms. Various departments within each exchange may be of assistance: Public Relations, Marketing, Literature, Member Services and Education.

• CME Group
• ICE Futures U.S.
• Minneapolis Grain Exchange
• CBOE Futures Exchange

NFA

NFA Rulebook

The NFA Rulebook contains NFA’s Articles of Incorporation, Bylaws, Compliance Rules, Code of Arbitration, Member Arbitration Rules, Financial Requirements, Registration Rules, and various interpretations of NFA rules and bylaws.

Regulatory Guides

NFA publishes several regulatory guides to help its Members meet their regulatory obligations. These include:

• NFA Regulatory Requirements for FCMs, IBs, CPOs and CTAs
• A Guide to Communications with the Public and Promotional Material for FCMs, FDMs, IBs, CPOs and CTAs
• Disclosure Documents: A Guide for CPOs
• Disclosure Documents: A Guide for CTAs
• Self-Examination Questionnaire: For FCMs, FDMs, IBs, CPOs and CTAs

The Commodity Futures Trading Commission

The rules and regulations of the CFTC are encompassed in the Commodity Exchange Act as amended and regulations thereunder. Updated periodically. Current editions may be viewed here.

When published as promulgated, U.S. Public Laws, federal regulations and decisions of administrative and executive agencies and courts of the United States are in the public domain. However, their arrangement and compilation, and historical, statutory, and other notes and references, along with all other material in this publication, are subject to the copyright notice.

All Rights Reserved.

Registration Rule 401 requires each individual who is applying for NFA membership as a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), commodity pool operator (CPO), or commodity trading advisor (CTA), or as an associated person (AP) of these entities, to satisfy proficiency requirements. In most cases, an individual seeking NFA membership or registration as an AP is required to pass the National Commodity Futures Examination (NCFE or Series 3) unless:

• ­the individual passed the Series 3 with two years of the date the application is filed;
• the individual is currently registered as a floor broker; or
• the individual passed the Series 3 more than two years preceding the application and since that date has not had a continuous registration gap for more than two years as an AP or FB or FCM, IB, CPO, or CTA that is a Member of NFA.

Major Subject Areas of the Examination

The following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list of the actual test questions.

Part 1 – Futures Trading Theory and Basic Functions Terminology

Futures Margins, Options Premiums, Price Limits, Futures Settlements, Delivery, Exercise, and Assignment

Types of Orders, Customer Accounts, Price Analysis

Basic Hedging, Basis Calculations, Hedging Futures

Spreading

Speculating in Futures

Option Hedging, Speculating, Spreading

Regulations

An individual who is a Branch Office Manager and an AP must pass the Series 30 within the two years preceding their application unless:

• they have passed the Series 30 examination within two years of the date the application is filed;
• they are currently approved as a Branch Office Manager;
• they were approved as a Branch Office Manager and since the last date the applicant was withdrawn as a Branch Office Manager, there has not been a period of two consecutive years during which they were not either temporary licensed as an AP or registered as an AP or FB;
• their sponsor is a registered broker-dealer that provides proof that they are qualified to act as a branch office manager or designated supervisor under the rules of FINRA; or
• their sponsor is an approved swap firm and its sole activities are soliciting and accepting orders for swaps subject to the jurisdiction of the CFTC and they have taken and passed NFA's Swaps Proficiency Requirements.

Major Subject Areas of the Examination

The following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list of the actual test questions.

An individual may use the Series 31 if:

• the individual is registered with FINRA as a General Securities Representative with a FINRA member firm;
• that FINRA member firm is also an NFA Member FCM or IB or an applicant for NFA membership as an FCM or IB and is sponsoring the individual for AP registration; and
• the individual is going to limit futures activities on behalf of that NFA/FINRA sponsor to soliciting funds, securities or property for participation in a commodity pool, soliciting discretionary accounts to be managed by CTAs or supervising persons who perform these same limited activities.

Major Subject Areas of the Examination

The following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list of the actual test questions.

An individual may use the Series 32 if, within the two years prior to filing the application, they have been registered or licensed to solicit customer business in futures in a jurisdiction outside of the United States (currently UK and Canada only). In the UK, an individual would need to be listed on the Financial Services Register as [FCA CF] Client dealing within two years prior to filing the application and also submit one of the following Certificates in Derivatives: Derivatives - Level 3 or Financial Derivatives - Level 3. If an individual has been continuously approved (no gap of more than (2) years in registration) as CF30 (previously CF21 and now [FCA CF] Client dealing) since December 1, 2001, that individual would not be required to submit proof of having obtained a Certificate in Derivatives. In Canada, an individual would need to submit proof of their registration or license to NFA along with documentation relating to the applicant's market knowledge such as completion of the appropriate qualifications testing.  Any questions regarding eligibility should be directed to NFA prior to taking the Series 32. 

Major Subject Areas of the Examination

The following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list of the actual test questions.

An individual seeking approval as a forex firm or forex individual must pass the Series 34 examination before engaging in off-exchange retail forex unless:

• the applicant has satisfied the Series 3 or Series 32 proficiency requirement (as described above) and;
  • NFA has received satisfactory evidence that the applicant has passed the Series 34 within two years of the date the application is filed or
  • since the date the applicant last passed the Series 34 there has been no period of two consecutive years during which the applicant has not been either registered as an AP or FB or FCM, RFED, IB, CPO, CTA or LTM that is a Member of NFA; or
• the applicant was registered as an AP, FB or an approved sole proprietor on May 22, 2008, and there has been no period of two consecutive years since that date during which the applicant has not been either registered as an AP or FB, or FCM, RFED, IB, CTA, CPO or LTM that is a Member of NFA.

Major Subject Areas of the Examination

The following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list of the actual test questions.