DEFINITION of 'Series 34'
An exam required for individuals seeking to engage in off-exchange forex transactions with retail customers. The Series 34 exam is part of a regulatory forex registration process for most forex managers, dealers and intermediaries. In addition to taking the Series 34 exam, applicants are also required to satisfy the Series 3 exam or Series 32 proficiency requirement in order to be granted approval as a forex professional.
BREAKING DOWN 'Series 34'
The Series 34 exam tests applicants in five major areas: forex terminology, forex concepts, forex regulations, forex trading computations and the risks of forex trading.
The Series 34 exam consists of 40 questions, all of which are either true or false, or multiple choice. To pass the exam, the applicant must get at least 28 questions correct, for a passing score of 70%.