Series 3 exam guide: the NFA futures exam explained
Last checked October 17, 2026 · Sources: FINRA Series 3 page; NFA study outlines for futures industry exams. The fee is as reported by prep providers; confirm it with NFA when you enroll.
The Series 3 exam, the National Commodity Futures Examination, is a National Futures Association (NFA) exam administered by FINRA. It has 120 scored questions in 2 hours 30 minutes, split into two parts, and you must score 70% on each part to pass. It’s the standard exam for people who will sell commodity futures and options on futures, a market regulated by the CFTC and NFA rather than the SEC.
The two parts of the Series 3
NFA says candidates must score 70% on both parts of the exam, market knowledge and regulations, to pass. That means a strong score on one part can’t make up for a weak one on the other. Market knowledge covers futures and options on futures, hedging, speculation, margins and orders; regulations covers CFTC and NFA rules. NFA’s study outline lists the full topics.
How the Series 3 differs from FINRA exams
| Series 3 (NFA) | SIE and Series 7 (FINRA) | |
|---|---|---|
| Written by | NFA, administered by FINRA | FINRA |
| Products | Commodity futures and options on futures | Securities |
| Passing | 70% on each of two parts | 70 (SIE); 72% reported (Series 7) |
| Online testing | Test center required; online only by exception | Online through Prometric ProProctor |
| Third-failure wait | 180 days (NFA) | 180 days now, 60 days from January 19, 2027 (FINRA) |
From FINRA’s and NFA’s pages, checked October 17, 2026.
FINRA’s 2027 cut to retake waiting periods applies to FINRA exams; for the Series 3, follow NFA’s rules. NFA says candidates who fail the third time within two years must wait at least 180 days before a fourth attempt.
Where you take it
FINRA says NFA exams must be taken in a test center. Online testing is considered only for people who live more than 150 miles from a testing center, or who are immunocompromised or have health conditions that put them at higher risk. NFA suggests allowing two to three weeks’ lead time to get your preferred date. See our exam day guide for ID and check-in rules at Prometric centers.
Results
NFA says that if you fail, you’ll see your overall percentage score and the percentage you answered correctly in each section. If you pass, neither appears. This matches how FINRA reports its own exams; see our exam results guide.
Passing isn’t registration
NFA notes that passing a futures exam doesn’t by itself let you act as a commodity broker. You must file an online registration application with NFA and submit the required fees, fingerprint cards and other filings.
Common questions about the Series 3
How many questions are on the Series 3?
120 scored questions in 2 hours 30 minutes, according to FINRA.
What is the Series 3 passing score?
70% on each of its two parts, market knowledge and regulations, according to NFA.
Can I take the Series 3 online?
Usually not. FINRA says NFA exams must be taken in a test center, with online testing considered only by exception.
How much does the Series 3 cost?
Prep providers report $140. Confirm the current fee with NFA when you enroll.
Is the Series 3 the same as the Series 7?
No. The Series 3 covers futures and options on futures; the Series 7 covers securities. They’re separate registrations.
See also our securities licensing guide and Series 7 guide. MockTestPrep is independent and is not affiliated with NFA or FINRA.