About the Series 34
- Who needs the Series 34
- Series 34 Study Materials
- Series 34 Registration Process
- Testing Locations
- FINRA Authorized Testing Locations
- Series 34 Exam Structure
Who needs the Series 34
The Retail Off-Exchange Forex Exam, commonly called the Series 34 exam, was created by the National
Futures Association (NFA), the self-regulatory organization for the U.S. futures industry. Amendments
to NFA Bylaw 301 requires that any individual seeking approval as a forex firm or forex individual to
pass the Series 34 exam before conducting off-exchange forex business with retail customers.
The amendments provide that any individual applying for approval as a forex firm or forex individual shall be granted approval if:
- the applicant has satisfied the Series 3 or Series 32 proficiency requirement AND
- NFA has received satisfactory evidence that the applicant has passed the Series 34 within two years of the date the application is filed or since the date the applicant last passed the Series 34 there has been no period of two consecutive years during which the applicant has not been either registered as an Associated Person (AP) or Floor Broker (FB) or an approved principal of a registrant; or
- the applicant was registered as an AP, FB or an approved sole proprietor on May 22, 2008, and there has been no period of two consecutive years since that date during which the applicant has not been either registered as an AP or FB or an approved principal of a registrant.
For more information about who needs to take the exam and other requirements for Series 34 registration visit the National Futures Association's web site and review the section titled Proficiency Requirements.
Series 34 Study Materials
The IFM is contemplating developing a Study Manual for the National Futures Association Series 34 Examination and has not announced a publication date.
Series 34 Registration Process
The NFA Series 34 Exam is administered by FINRA. There is a two-step process that a candidate must complete to be able to take the Series 34 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 34 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 34 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:
Series 34 Exam Structure
The exam consists of 40 questions.
Current Time Limit: 60 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:
