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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%. Note: NFA exams are required to be taken in a test center.
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.
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.
All individuals who solicit retail forex business or who supervise that activity must have taken and passed two exams—the National Commodity Futures Examination (Series 3) and the Retail Off-Exchange Forex Examination (Series 34), which is an exam focusing exclusively on forex-related questions.
FINRA offers online delivery of select qualification exams. Available exams include the Securities Industry Essentials (SIE), Series 6 and Series 7; and the National Futures Association (NFA) Series 3, Series 30, Series 31, Series 32 and Series 34.
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:
