Series 3 License Practice Test

The exam contains 120 scored questions plus 5 unscored trial questions, making 125 total. The trial questions test new content but do not affect your final score. You must answer all questions presented.

The exam presents moderate difficulty for most students. Complex hedging strategies and mathematical calculations challenge many test takers. Topics like futures spreads, margin requirements, and option strategies require significant study and practice to master.

The exam includes 85 questions on market knowledge covering futures trading, hedging, and technical analysis. The remaining 35 questions test regulations and compliance under CFTC and NFA rules. Both sections require detailed understanding of commodity markets.

You register online through FINRA by completing Form U10. After FINRA approves your application, you receive access to schedule your exam. You have 120 days from approval to take the test at an authorized Prometric testing center.

You can work as an associated person for futures commission merchants, introducing brokers, commodity trading advisors, or commodity pool operators. The license permits you to sell commodity futures contracts and options on futures to clients.

If you pass but do not maintain continuous registration for more than two years, you must retake the exam. You have two years after passing to complete your NFA registration. Continuous registration prevents the need to retest.

Futures spreads and complex hedging concepts challenge most students. Mathematical problems involving margin calculations, profit and loss scenarios, and basis calculations also present difficulty. Options strategies and delta hedges require extensive practice to understand fully.