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The Series 32 exam—the Limited Futures Examination-Regulations—is a National Futures Association (NFA) exam administered by FINRA. The exam consists of 35 scored questions. Candidates have 45 minutes to complete the exam. The passing score is 70%.
There is a two-step process that a candidate must complete to be able to take the Series 32 Exam. Step 1: The individual must apply with FINRA to take the NFA exam by completing and submitting an application form (Form U10, the Uniform Examination Request for non-FINRA candidates) online.
To become registered, securities professionals must pass qualifying exams administered by FINRA to demonstrate their competence in the particular securities activities in which they will work. An individual must pass the exams prior to engaging in those areas of the business.
Series 32 License Requirements: 1. Find a Sponsoring Firm . To take the Series 32 Exam, you must: — Be associated with and sponsored by a member firm — Be 18 years of age; 2. Study for Your Series 32 License
In order to register as an investment adviser a person must complete the Uniform Investment Adviser Law Examination (Series 65) or the General Securities Representative Examination (Series 7) and the Uniform Combined State Law Examination (Series 66).
The Series 32 is comprised of 35 questions, using both the multiple-choice and true or false formats. The exam must be completed in 45 minutes and the minimum required passing score is 70% (25 correct answers). Questions will be based entirely on the rules and regulations for commodity futures, and will be taken from the following topic areas:
Whether you are new to the industry or are seeking to broaden your career, you may be required to pass an exam. Reasons include: you are looking to become a securities industry professional and are required by a state regulator or by an approved regulatory authority to take an exam;
