Proficiency Examinations FAQs
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.
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.
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.
To sign up for any of the futures industry exams, the applicant must submit an online application and applicable fee to the Financial Industry Regulatory Authority (FINRA). The applicant must pay the exam fee by credit card or electronic (ACH) payment.
To access the online application, visit FINRA's website.
To schedule your proficiency examination, contact Thompson-Prometric or Pearson VUE. Locations for these exam vendors can be found by visiting FINRA's website.
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.
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.
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.
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licensing rules, a temporary license that was granted pending receipt of the proficiency examination results will be withdrawn if the results are not received within 20 days of the filing of the application.
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 Interpretive Notice (for CTAs).
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.