Series 3 Exam

This exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the NFA. The National Futures Association (NFA) requires an individual to successfully complete the Series 3 in order to become qualified to sell commodities futures contracts amd options on commodities futures contracts.

Series 3 Online Study Guide

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Exam Details

Time Limit: 2 hours and 30 minutes
Cost: $115 US as of April 2012. Note that this is the examination enrollment fee ONLY--other fees may also apply. Please visit the FINRA Registration/Exam Fee Schedule for more information.
Number of Questions: 120, plus 5 "pre-test" questions
Passing Score: 70% on both parts of the exam
Format: Multiple Choice
Prerequisites: N/A
Exam Date(s): Any weekday
Exam Locations: Find your U.S. or international exam center here
Offical Exam Website: http://www.nfa.futures.org


Exam Topic Weights

The Series 3 exam is broken into two parts:
  • 85 questions on market knowledge
  • 35 questions on regulations

For an in-depth breakdown of the topics tested, refer to the PDF study outline provided by the National Futures Association here.



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