Who needs the Series 31
The Futures Managed Fund Examination (Series 31) is available to those individuals who have successfully completed the FINRA's General Securities Representative Examination (Series 7). Individuals may qualify for the Series 31 if (1) they are registered with the FINRA as a General Securities Representative with their sponsor and (2) they are going to limit their futures activities of behalf of their sponsor to soliciting funds, securities or property for participation in a commodity pool, soliciting discretionary accounts to be managed by CTAs or supervising persons who perform these same limited activities.
Series 31 Study Materials
The Institute publishes the Study Manual for the National Futures Association Series 31 Examination book.
Cost: $39, plus $15 shipping each (in the U.S.) or actual postage (International). International postage rate will be confirmed prior to billing.
Series 31 Registration Process
The NFA Series 31 Exam is administered by FINRA. There is a two-step process that a candidate must complete to be able to take the Series 3 Exam.
Step 1: The individual must apply with FINRA to take the NFA exam by completing and submitting an application form (Form U10, the Uniform Examination Request for non-FINRA candidates) online. The U10 form is designed for use by individuals not employed or associated with FINRA member firms who, as part of a registration process, have been specifically required by another regulatory authority to qualify by examination. Examination scheduling for a person associated with FINRA member firms must be made by the firm on a Form U4.) The testing application form is located on the FINRA's web site at www.finra.org. The fee for an individual to take the Series 31 exam is $80. The online process on the FINRA website provides convenient credit card and electronic (ACH) payment options. Please note, new users to the FINRA site will need to click the "Register Now" hyperlink located in the upper right hand side of the login screen to receive a User ID and Password.
A candidate DOES NOT need to be sponsored by a firm to apply or sit for the NFA Series 31 Exam. (Note this is not the case for other FINRA administered exams.)
Step 2: Once the U10 registration has been approved and processed by FINRA, a Notice of Enrollment will be emailed to the candidate. FINRA will assign a 120-day window during which the exam can be scheduled and taken. The candidate may then contact their local test center to schedule an appointment to sit for the exam. Due to the many sessions administered at testing centers, the candidate should schedule test-taking as far in advance as possible to secure an appointment on the desired date.
The exam is delivered via a computer system specifically designed for the administration and delivery of computer-based testing and training. Exams are given at conveniently located test centers worldwide and an appointment to take your exam can be scheduled online or by calling your local center. For a list of test centers in your area (U.S. and Non U.S.) click here.
Candidates requiring special accommodations should consult the FINRA web site and complete and submit the appropriate forms. Candidates with transitory or temporary conditions that are not impairments or disabilities, such as pregnancy, sprains and fractures, are not eligible for testing accommodations under the Americans with Disabilities Act (ADA).
Individuals with Limited English Proficiency (LEP) can make advance arrangements and request an additional 60 minutes. For more information regarding the process please see the FINRA web site.
FINRA Authorized Testing Locations
You may schedule an appointment at either a Pearson VUE Professional Center or Prometric Exam Center at the FINRA website:
For questions regarding the application forms, exam enrollment, policy and procedures, please contact the FINRA Call Center at 301.590.6500 or visit www.finra.org.
Series 31 Exam Structure
The Series 31 exam consists of 45 True/False and multiple-choice questions. It requires a general knowledge of futures and options markets and their principal institutional characteristics, familiarity with the CFTC's regulatory requirements, and knowledge of commodity pools and commodity trading advisors, including relevant disclosure and advertising rules.
Time limit: 1 hour.
To order ethics training click here.
Re-Taking the Exam
If a candidate does not pass the exam, he/she will need to repeat the application process and make payment again. An exam may not be scheduled until re-application process has been completed. Also a candidate will be subject to the following waiting periods between exams if he/she has failed the exam within the past two years:
Need more information about the Series 31?
Please contact the IFM by telephone at 202.223.1528 or by e-mail at info@theIFM.org.
To order online click here