What is the FINRA Series 3?
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What is the FINRA Series 3?
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.
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. (There is no official pass rate, but the widely accepted pass rate is around 70%.)
What is a Series 3 certificate?
The Series 3 is a securities license entitling the holder to sell commodities futures contracts and options on commodities futures contracts. Passing the Series 3 test allows anyone in the U.S. the right to offer alternative investments in commodities and futures securities.
Why do I need a Series 3 license?
A Series 3 designation allows a financial professional to sell both commodity futures contracts and options on commodity futures contracts. Candidates who pass the exam are then able to register with the NFA within two years of passing the exam.
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%.
Can I take the Series 3 exam online?
FINRA offers online delivery of select qualification exams. Available exams include the Securities Industry Essentials (SIE), Series 6 and Series 7; and the National Futures Association (NFA) Series 3, Series 30, Series 31, Series 32 and Series 34.
Is the series 3 hard to pass?
How difficult is Series 3 exam?
How long is a Series 3 license good for?
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 long should I study for Series 3?
60 to 80 hours
Depending on your learning style and study habits, Series 3 course providers recommend you commit to 60 to 80 hours of study. People familiar with the industry or good test-takers might get away with as few as 40 hours. But, no one should underestimate the difficulty of the Series 3 exam.
Is the series 3 difficult?
Unlike the Series 6 and 7 exams, sitting for the Series 3 exam does not require a securities firm’s sponsorship. 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.
How do I schedule a series 3 exam?
- Welcome Candidates!
- Scheduling Your Exam:
- Important: If you are scheduling with pre-approved FINRA accommodations, please contact Prometric’s Testing Accommodations Team toll-free at (800) 967-1139 to schedule your appointments.
- Online Test Delivery Resources and System Requirements.
How hard is it to get a Series 3 license?
How hard is Series 3 exam?
What can I do with my Series 3?
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.
What does the Series 3 allow?
How many times can you take series 3?
How many times can I take (or re-take) the Series 3 or other proficiency exams? 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.
