Series 3 - National Commodities Futures Examination

• About the Series 3

• What does the Series 3 qualify me to do?

  A Series 3 license qualifies individuals to solicit customers, customer orders or customer funds on behalf of a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity trading advisor or commodity pool operator. It also qualifies individuals to manage other individuals who sell commodities or futures contracts.
  

• Do I need to be sponsored to take the Series 3 exam?

  No. If you’re not employed by a firm, you can still register to take the exam by paying the fee and opening an exam enrollment window via FINRA’s Test Enrollment Services System.
  

• Preparing for the Series 3 Exam

• How long should I prepare for the Series 3 exam?

  We recommend studying 60-80 hours over a four-week period.
  

• Does the Series 3 have any prerequisites?

  No.

• Taking the Series 3 Exam

• How do I sign up to take the Series 3 exam?

  To take the Series 3, you must enroll online and pay the exam fee to FINRA, which administers the exam. You do not need to be sponsored by a firm to take the exam. The Series 3 exam can be taken at a Prometric testing center or online via ProProctor, a remote testing application.
  

• How much does the Series 3 exam cost?

  The cost of the exam is $130 at this writing.
  

• How many questions are on the Series 3 exam?

  The exam includes 120 multiple-choice and true/false questions plus five unscored questions for a total of 125. The five unscored questions are randomly distributed, so test-takers do not know which questions are not scored. The unscored questions are being tried out by the exam committee.
  

• How long is the Series 3 exam?

  You have 2 hours and 30 minutes to complete the exam. You are allowed to take restroom breaks during the exam. However, the clock will continue counting down. See the FINRA website for more details on what to expect when taking your exam.
  

• What score do I need to pass the Series 3 exam?

  A score of 70% on each of the two parts is required for passing.

  Note: Your score will be rounded down to the next lowest whole number (e.g. 69.9% would be a final score of 69%--not a passing score for the Series 3 Exam).

• Registration

• How do I register as a commodities broker with the Series 3?

  Once you pass the Series 3 exam, you must then file a Form 8-R application with the NFA to become registered. This involves submitting a fingerprint card and answering a lengthy set of questions about your education, employment, and disciplinary history.

  
  

• If I stop working for my firm, how long will my Series 3 license remain active?

  Registration will remain in effect only until the registrant leaves the firm.
  

General exam questions? See our general FAQs.

For information about Solomon Series 3 exam study materials, please click here.