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The Series 3 exam—the National Commodities Futures Examination—is a National Futures Association (NFA) exam administered by FINRA. The exam consists of 120 scored questions. Candidates have two hours and 30 minutes to complete the exam, which consists of two parts.
Why Do I Need to Pass the Series 3 Exam? The Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA) require any person doing futures business with the public to register with and be licensed by the NFA. You must pass the Series 3 to be qualified to register with the NFA
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;
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.
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.
Kaplan Financial Education is proud to bring you our Best Practices Guide, created to help you pass your Series 3 securities licensing exam. We have prepared this important information to help you get a head start on your objective—becoming a Commodity Futures Associate. This license is required to act as a commodity futures professional.
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 NFA exam by completing and submitting an application form (Form U10, the Uniform Examination Request for non-FINRA candidates) online.
