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%.
What does Series 3 allow you to do?
The lesser-known Series 3 allows financial professionals to deal with alternative investments and futures contracts. The Series 3 can be a path to other careers: managing other brokers, setting up a brokerage firm, and/or managing client funds.
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.
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.
Can you take series 3 exam without a sponsor?
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.
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.
Do you need a sponsor for the series 3?
Do I need a license to trade futures?
Every commodity broker must be licensed and registered with the National Futures Association (NFA) as an “associated person.” To get that license, the applicant must pass a test called the Series 3 examination. An applicant also is required to fill out an 8-R form with the NFA.
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.
Can anyone take the Series 3 exam?
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. Anyone who wants to sell commodity futures contracts must generally pass the Series 3 exam.
How is the series 3 exam scored?
The Series 3 exam is unique in that it consists of two separate parts, one covering futures trading theory and the other covering market regulations. Each part is scored separately, requiring a 70% score to pass each section. You can pass one part with an 80% score but fail the other part with a 69% score, which means you fail the entire exam.
Is the series 3 required by the NFA?
Administered by the Financial Industry Regulatory Authority (FINRA), the exam is required by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). Unlike the Series 6 and 7 exams, sitting for the Series 3 exam does not require a securities firm’s sponsorship.
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