Futures Managed Funds Exam (Series 31) Study Guide
What the Series 31 Is
The Futures Managed Funds Exam (Series 31) is a FINRA qualification exam. Passing it qualifies an individual to supervise or engage in the sale of managed futures funds and commodity pool interests, typically alongside registration with the National Futures Association (NFA).
Format at a Glance
- Questions: 45 scored questions.
- Time limit: 60 minutes (one hour).
- Passing score: 70%.
- Fee: $90.
Because you have 45 questions to answer in 60 minutes, you have roughly 80 seconds per question on average — a comfortable pace that leaves room to flag and revisit tougher items. To pass at 70%, you must answer at least 32 of the 45 scored questions correctly, meaning you can miss no more than 13.
The Math of Passing
The passing threshold is 70% of 45 scored questions. Seventy percent of 45 is 31.5, so you must clear 32 correct answers — there is no partial credit, and rounding works against you at the boundary.
Pacing Yourself
With 60 minutes for 45 questions, budgeting about 60–80 seconds per question keeps you on track while reserving a few minutes at the end for review. Since there is no penalty framework described for the passing threshold beyond percentage correct, never leave a question blank — an educated guess can only help your 70% target.
Cost of Retaking
Each attempt costs $90, so the financial incentive to pass on the first try is real. Treat practice exams as the primary tool for confirming you are consistently scoring above 70% before you register.
Build a Study Plan Around the Format
Because the exam is short — 45 questions in 60 minutes — accuracy and recall speed matter more than endurance. Structure your studying around timed practice sets of 45 questions so your pacing and your knowledge are tested together.
Set Your Passing Benchmark Above the Line
The official passing score is 70%. Aim to score consistently in the 80%+ range on practice exams so that exam-day nerves or a few unfamiliar items still leave you safely above 70%.
Budget for the Attempt
The registration fee is $90. Confirm you are hitting your practice benchmarks before scheduling, since every attempt carries that same $90 cost.
Exam-Day Checklist
- Plan for a 60-minute testing session.
- Know that you need 32 of 45 correct to reach the 70% passing mark.
- Arrive prepared to answer every question — with only 45 items, each one is worth roughly 2.2% of your score.
Frequently asked questions
How many questions are on the Series 31 exam and how long do I have?
The Series 31 (Futures Managed Funds Exam) has 45 scored questions, and you're given 60 minutes to complete it. That works out to roughly 80 seconds per question, so the pace is brisk but manageable if you know the material — you generally won't have time to agonize over each item, so aim to move steadily and flag tough questions for review at the end.
What score do I need to pass the Series 31?
You need to score 70% to pass the Series 31. With 45 scored questions, that means answering about 32 questions correctly (since 70% of 45 is 31.5, you'll need at least 32 right). There's no penalty for guessing on FINRA qualification exams, so answer every question even if you're unsure.
How much does the Series 31 exam cost?
The exam fee for the Series 31 is $90. This is the cost charged for the exam enrollment itself; if a sponsoring firm registers you, they may cover this fee on your behalf. Budget for it as a fixed cost of qualifying.
How should I pace myself during the 60-minute Series 31 exam?
With 45 questions in 60 minutes, you have about 80 seconds per question on average. A good strategy is to do a first pass answering everything you know quickly — many questions take far less than 80 seconds — which banks time for the harder items and a final review. Keep an eye on the clock roughly every 10–15 questions to make sure you're on track to reach a passing 70%.