How do I prepare for Series 3 exam?
It is recommended that you spend at least 60 to 70 hours preparing for the exam by reading the textbook, underlining key points and completing as many practice questions as possible. We recommend that students schedule the exam no more than one week after completing their Series 3 exam prep.
Is the Series 3 exam difficult?
Covering such complex topics as futures contracts, hedging, options, margin requirements, and myriad regulatory rules, the Series 3 is a challenging, two-part, 150-minute exam, requiring rigorous exam prep. Although an official Series 3 exam pass rate is not published, it’s widely accepted to be about 70%.
How long is the Series 3 exam?
two hours and 30 minutes
The Series 3 exam—the National Commodities Futures Examination—is a National Futures Association (NFA) exam administered by FINRA. The exam consists of 120 scored questions. Candidates have two hours and 30 minutes to complete the exam, which consists of two parts.
Is the Series 3 exam online?
Share the knowledge! For those planning to sit for the National Commodity Futures Exam, or Series 3, FINRA is now offering candidates the option to take the exam online via Prometric’s ProProctor platform.
How many times can you take the Series 3?
There is no limit on the number of times you may take the Series 3 or any of the proficiency exams. However, if you fail an exam you will be subject to a waiting period before you may take the exam again.
What happens if you fail Series 3?
If you fail the Series 3 three times, then you will be subject to a 180-day waiting period every time you take the after thereafter. Candidates who fail after that 180-day waiting period may want to take a second look at commodities futures trading and reconsider if it’s the right profession for them.
Does Series 3 expire?
Once you take and pass the Series 3 exam and/or Series 34, you have two years from the date you passed the exam to register. The exam will not expire unless you have a break in registration as an AP, floor broker or FCM, IB, CPO, CTA or LTM that is a Member of NFA for more than two years.
How much does the Series 3 exam cost?
The exam costs $130. Anyone who wants to sell commodity futures contracts must generally pass the Series 3 exam.
Do you need a sponsor for the series 3?
Unlike the Series 7 exam, candidates do not need to be sponsored by a firm in order to take the Series 3. Candidates must achieve a score of around 70% in each part to pass the exam.
