Series 3 - National Commodities Futures
Getting Started - Requirements
Preliminary Requirements
If you have a mailing address, two forms of ID and $115, you can take the Series 3 exam. You do not need a brokerage firm to sponsor you, like you might if you decided to take a test to qualify for some other financial services job. You don't even need a high school diploma.
The standards for taking the exam, then, are almost non-existent. Don't assume for a moment, though, that this is an exam for people who couldn't qualify for some other, more prestigious exam.
The Series 3 may be narrower in scope and shorter in testing time than the more widely recognized Series 7 exam – the one that stockbrokers and bond traders take – but that doesn't make it any easier.
You are about to commit a significant amount of time, energy and brain power. You should know what you're about to undertake before proceeding any further
Exam Contents
The exam is broken down into eight topics:
The test preparers further break down hedging into two sub-topics:
If you have a mailing address, two forms of ID and $115, you can take the Series 3 exam. You do not need a brokerage firm to sponsor you, like you might if you decided to take a test to qualify for some other financial services job. You don't even need a high school diploma.
The standards for taking the exam, then, are almost non-existent. Don't assume for a moment, though, that this is an exam for people who couldn't qualify for some other, more prestigious exam.
The Series 3 may be narrower in scope and shorter in testing time than the more widely recognized Series 7 exam – the one that stockbrokers and bond traders take – but that doesn't make it any easier.
You are about to commit a significant amount of time, energy and brain power. You should know what you're about to undertake before proceeding any further
Exam Contents
The exam is broken down into eight topics:
- Futures theory and terminology;
- Market operations;
- Orders and price analysis;
- Hedging;
- Spreading;
- Speculating in futures;
- Option hedging, speculating and spreading; and
- Regulation.
The test preparers further break down hedging into two sub-topics:
- Basic hedging, basis calculation and hedging commodity futures; and
- Hedging financial and monetary futures.
- Speculating in commodity futures and
- Speculating in financial and monetary futures.
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