National Commodities Futures Exam (Series 3): Full Comparison
If you're weighing the National Commodities Futures Exam (Series 3) against the Futures Managed Funds Exam (Series 31), it helps to understand that these two exams sit at very different points in a futures professional's career. The Series 3 is a comprehensive entry-level qualification for anyone who solicits or supervises futures and options-on-futures business, while the Series 31 is a narrower exam covering managed futures funds and commodity pool participations. In most cases, the Series 3 is a prerequisite pathway to — not a substitute for — the more specialized Series 31.
Frequently asked questions
Do I need to pass the Series 3 before taking the Series 31?
The Series 31 is a limited registration for managed futures funds, and it is commonly pursued by professionals who already work within the broader futures business that the Series 3 qualifies you for. Because the Series 3 covers the entire futures and options-on-futures landscape, it typically serves as the foundational exam, while the Series 31 addresses a specialized subset. Confirm the exact current requirement with FINRA or the NFA, as registration rules govern which exam your specific role demands.
How hard is the Series 3 compared to the Series 31?
The Series 3 is the broader and generally more demanding exam, with 120 questions to be completed in 150 minutes and a 70% pass mark on each part. The Series 31 is narrower in scope, concentrating only on managed futures funds and commodity pools, so it usually involves less material to master. That said, the specialized rules on the Series 31 still require focused study.
How much does the Series 3 exam cost?
The Series 3 exam fee is $140. The Series 31 fee is set separately, so verify it directly with the administering organization when you plan your registration budget.