How to Study for the Series 3 Exam

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It is necessary to pass the Series 3 Exam to work in the commodities and futures market. Passing this exam will allow you to be a commodity pool operator, commodity training adviser, an introducing broker or futures commission merchant. The National Futures Association requires you to pass the Series 3 Exam before beginning to work in this field.

Skill level:

Things you need

  • Series 3 Exam study materials

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  1. 1

    Study futures trading theory. This section makes up about 10 percent of the exam score and is made up of around 13 questions.

  2. 2

    Become well acquainted with margins, limits and settlements. This section of the exam will be about 12 percent or the exam score and includes approximately 15 questions.

  3. 3

    Learn about customer accounts. This includes orders and analysis of customer accounts.

  4. 4

    Study both basic and financial hedging fundamentals and principals. These two sections account for close to 20 percent of the exam score total.

  5. 5

    Understand spreads and options. The Spreads section of the exam is the smallest with around three questions. Expect at least six questions on options on the Series 3 Exam.

  6. 6

    Comprehend the fundamentals of both general and financial speculation. These sections combine for a total of 16 to 20 questions.

  7. 7

    Memorize regulations. The Regulations section of the Series 3 Exam is, by far, the largest section. Expect around 35 questions on industry regulations, accounting for 30 percent of the exam score.

Tips and warnings

  • Make a study schedule and stick to it. This will increase your chances of passing the Series 3 Exam the first time.
  • Take the test within 120 days of receiving your study materials. This is the recommended industry standard.
  • Make learning the regulations a priority. You must receive at least a 70 percent on this exam to pass and the Regulations section makes up close to half of this score.

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