Series 3

The exam consists of 120 scored multiple-choice questions, and candidates have two hours and 30 minutes to complete them. The questions are delivered in two parts, and each part is scored separately. That works out to roughly 75 seconds per item, so calculation-heavy questions need to be handled briskly rather than re-derived several times.

A candidate must score 70% on each part in order to pass the exam. Because the two parts are scored separately, a strong result on one does not offset a weak result on the other. Treat every topic area as required rather than concentrating only on the subjects you find most interesting or most familiar.

The exam costs $140. That covers the exam itself; scheduling and cancellation rules are separate, and FINRA notes that rescheduling fees may apply if you move an appointment. Budget separately for study materials and for travel if the nearest test center is not local to you.

NFA exams are required to be taken in a test center. Online testing will be considered for individuals who live more than 150 miles from a testing center, or who are immunocompromised or have underlying health conditions that put them at increased risk for severe illness. Everyone else should plan on an in-person appointment.

Under current rules, you wait 30 days after a first or second unsuccessful attempt and 180 days after a third. FINRA has announced that effective January 19, 2027, those waiting periods drop to 15 days and 60 days respectively. Candidates with retakes already booked beyond that date should check whether rescheduling earlier makes sense.

Both, in different roles. It is a National Futures Association exam administered by FINRA, which means the NFA sets the proficiency requirement and publishes the content outline, while FINRA handles enrollment, scheduling and delivery of the test. Go to the NFA proficiency exam page for the detailed topic breakdown rather than relying on summaries.

No. The exam's corequisite is listed as none, so no companion paper has to be passed alongside it. Registration and eligibility are handled separately from the exam content, so confirm your own enrollment path with your sponsoring firm before you schedule a seat.

Start with trading theory, terminology and contract specifications, because almost every later question is written in that vocabulary. Move next to hedging and speculation, where basis and margin arithmetic get tested. Then take options on futures, which build on both. Finish with customer accounts, margin mechanics and the rules, which are commonly postponed and commonly cost points.

Usually uneven coverage rather than lack of effort. Since each part must clear 70%, someone strong on hedging but shaky on margin, account documentation or regulation can fail while feeling ready. The second cause is arithmetic error under time pressure - hedge outcomes, margin calls and option payoffs. Practice those with a clock running.