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Proficiency Examinations FAQs

  1. Can I take the proficiency examinations without a sponsor?
  2. Who needs to take the Series 3?
  3. What are the proficiency requirements for individuals conducting forex business?
  4. Does NFA provide training classes for the Series 3 or Series 34 exams?
  5. How do I sign up to take the Series 3 or another futures proficiency examination?
  6. Who do I call to schedule my exam appointment?
  7. How many times can I take (or re-take) the Series 3 or other proficiency exams?
  8. If I fail the Series 3 or another proficiency exam, is there a waiting period before I can take the exam again?
  9. When does my Series 3 or Series 34 license/exam expire?
  10. Can an applicant for registration file an application without proof of having passed a proficiency examination?
  11. How do I get a 402 Waiver from the Series 3?
  12. Will I have to take the Series 30 exam?

1. Can I take the proficiency examinations without a sponsor?

Yes.

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Can I take the proficiency examinations without a sponsor?

2. Who needs to take the Series 3?

Any individual who is applying as an Associated Person or Sole Proprietor/NFA Member must provide evidence of passing the Series 3 exam within the past two years.

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Who needs to take the Series 3?

3. What are the proficiency requirements for individuals conducting forex business?

Any person who is applying as an Associated Person or Sole Proprietor/NFA Member of a forex firm must pass both the Series 3 (futures) and Series 34 (forex) exams.

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What are the proficiency requirements for individuals conducting forex business?

4. Does NFA provide training classes for the Series 3 or Series 34 exams?

No. However, NFA's Study Outline for Futures Industry Examinations provides information on the material that is covered on each of the exams. Training classes are available from entities that are not affiliated with NFA, and you can locate them by searching the Internet.

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Does NFA provide training classes for the Series 3 or Series 34 exams?

5. How do I sign up to take the Series 3 or another futures proficiency examination?

To sign up for any of the futures industry exams, the applicant must submit a Form U10 and applicable fee to the Financial Industry Regulatory Authority (FINRA). The applicant must submit the application online and pay the exam fee by credit card or electronic (ACH) payment. 

To access the online Form U10, visit FINRA's website.

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How do I sign up to take the Series 3 or another futures proficiency examination?

6. Who do I call to schedule my exam appointment?

To schedule your proficiency examination, contact Thompson-Prometric or Pearson VUE. Locations for these exam vendors can be found by visiting FINRA's website.

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Who do I call to schedule my exam appointment?

7. 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.

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How many times can I take (or re-take) the Series 3 or other proficiency exams?

8. If I fail the Series 3 or another proficiency exam, is there a waiting period before I can take the exam again?

Yes, effective November 2, 2009 individuals will be subject to the following waiting periods between exams if they have failed  the Series 3, Series 30, Series 31, Series 32 or Series 34 within the past two years:

  • A minimum of 30 days after failing the first exam before the second taking of the exam can be scheduled:
  • A minimum of 30 days after failing the second exam before the third taking of the exam can be scheduled:
  • A minimum of 180 days after failing the exam for the third time before the fourth taking of the exam (and each subsequent taking) can be scheduled.

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If I fail the Series 3 or another proficiency exam, is there a waiting period before I can take the exam again?

9. When does my Series 3 or Series 34 license/exam 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 lapse unless you have a break in registration as an AP, Floor Broker or Principal for more than two years.

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When does my Series 3 or Series 34 license/exam expire?

10. Can an applicant for registration file an application without proof of having passed a proficiency examination?

Yes, but registration will not be granted until NFA receives evidence from FINRA that the applicant has passed an appropriate proficiency examination. Under the temporary licensing rules, a temporary license that was granted pending receipt of the proficiency examination results will be withdrawn if the results are not received within 20 days of the filing of the application.

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Can an applicant for registration file an application without proof of having passed a proficiency examination?

11. How do I get a 402 Waiver from the Series 3?

NFA Registration Rule 402 provides for a waiver "under circumstances approved by the Board of Directors." Currently, the only waivers involve CPOs or CTAs that deal primarily in securities. For more information, review the NFA Interpretive Notice (for CPOs) or the NFA Intepretive Notice (for CTAs).

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How do I get a 402 Waiver from the Series 3?

12. Will I have to take the Series 30 exam?

If you are (or will be) a branch manager, you must pass an appropriate examination. If you are sponsored by a firm that is dually registered as a broker-dealer, NFA will accept the Series 8, 9, 10 or 24. Otherwise, you must pass the Series 30 exam. Designated security futures principals for notice-registered broker-dealers must also pass the Series 30 exam. 

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Will I have to take the Series 30 exam?
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