The Series 3 (National Commodity Futures Examination) is required by the National Futures Association (NFA) for people who sell commodity futures and options on futures, including futures commission merchant reps, introducing brokers, CTAs and CPOs. FINRA administers the exam.
Practice hedging, margin and regulation on the free Series 3 practice test.
Key takeaways
- 120 multiple-choice questions in 2.5 hours.
- Two sections, market knowledge and regulations; you need 70% on each.
- No firm sponsorship or other exam is required to sit for it.
- Securities licenses like the Series 7 don’t cover futures.
USA Series 3 Exam: Quick Facts
- Required by
- NFA (administered by FINRA)
- Questions
- 120
- Time
- 2.5 hours
- Passing
- 70% on each section
Series 3 Exam Topics
- Futures and options contracts and pricing
- Hedging and speculation, basis and spreads
- Margin, settlement and delivery
- NFA and CFTC regulations, registration and customer protection
Free practice test
Ready to test yourself?
Choose your test length, practice with instant feedback or take it exam-style, and get your score with an explanation for every answer.
Go to the USA Series 3 Exam practice test →USA Series 3 Exam FAQs
Do I need a sponsor for the Series 3?
No, but you need to register with the NFA through a firm to act as an associated person.
Full answer →Official sources
Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.