About the Series 32

Who needs the Series 32

The Limited Futures Examination - Regulations (Series 32) is offered to individuals who are registered by regulatory authorities in jurisdictions outside the United States where the NFA has determined that proficiency requirements are similar to its own. Currently only the UK and Canada are recognized. Individuals may qualify for the Series 32 if, within the two years prior to filing the application, they have been registered or licensed in the UK or Canada. The Series 32 is an abridged exam encompassing regulation portion of the Series 3 exam.

Series 32 Study Materials

The Institute publishes the Guide to U.S. Futures Regulation to help persons prepare to take the Series 32 exam. The 100-page textbook is divided into five sections and reviews the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) structure and regulatory programs. Updated in mid-2013, this comprehensive textbook includes Dodd-Frank Wall Street Reform and Consumer Protection Act, NFA and CFTC rule changes - all written in an easy-to-understand style.

Cost: $65, plus $15 shipping each (in the U.S.) or actual postage (International). International postage rate will be confirmed prior to billing.

Series 32 Registration Process

The NFA Series 32 Exam is administered by FINRA. There is a two-step process that a candidate must complete to be able to take the Series 32 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 32 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 32 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.

Testing Locations

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:

  • Pearson VUE at 866.396.6273 or go online for scheduling.
  • Thomson Prometric at 800.578.6273 or go online for scheduling.

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 32 Exam Structure

The current Series 32 exam consists of 35 True/False and multiple-choice questions covering U.S. regulations and compliance.
Current Time Limit: 45 minutes.

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:

  • A minimum of 30 days after failing the first exam before the second taking or third taking of the exam can be scheduled.
  • A minimum of 180 days after failing the exam for the third time before the fourth taking of the exam (and each subsequent taking) can be scheduled.

Need more information about the Series 32 and ethics training materials?

Please contact the IFM by telephone at 202.223.1528 or by e-mail at info@theIFM.org.

To order online click here