Series 3 Exam - National Commodity Futures Examination
The Series 3 exam is required of individuals who conduct business with the public on the U.S. futures exchanges and:
· offer or solicit business in futures or options on futures at a futures commission merchant (FCM) or introducing broker (IB) or who supervise any such person.
· are associated with a commodity trading advisor (CTA) who solicits discretionary accounts or who supervises persons so engaged.
· are associated with a commodity pool operator (CPO) who solicits funds for participation in a commodity pool or who supervises such persons.
Exam Overview
· Questions: 120
· Format: True/False and Multiple Choice
· Time: 2 hours 30 minutes
· Parts: Market Knowledge (85 questions) and Rules/Regulations (35 questions)
· Passing Score: at least 70% correct on both parts
· Cost: $105
· Prerequisite licenses: None
· Major Topics: Futures Trading Theory; Margins, Limits, Settlements; Orders, Accounts, Analysis; Basic Hedging; Financial Hedging; Spreads; General Speculation; Financial Speculation; Options; Regulations
Recommendations on Studying
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In addition to paying for study guides, there are a number of free resources available to exam takers including the following: []