// the complete guide
The Series 3 — the National Commodity Futures Examination — is the license the National Futures Association (NFA) requires for anyone who solicits or accepts orders for futures and commodity options, or who supervises people who do. If you're registering as an Associated Person (AP), Introducing Broker (IB), Commodity Trading Advisor (CTA), or Commodity Pool Operator (CPO), the Series 3 is usually the exam standing between you and registration.
Format details follow NFA conventions — always confirm the current specifics with the NFA before you register.
This is the "how the markets actually work" half of the exam: contract mechanics, margin, the profit-and-loss math, hedging, spreads, and options. It's the part where most candidates lose points — not because any single idea is hard, but because the P&L calculations have to be automatic under time pressure. You need to know contract sizes and tick values cold for corn, Treasury bonds, gold, and Eurodollars.
The rules half: the roles of the CFTC and NFA, which activity requires which registration, the disclosure documents CTAs and CPOs must provide, customer-fund segregation, promotional-material rules, and how disputes are resolved (reparations vs. arbitration). It's drier than Part 1, but it rewards repetition — the facts are finite and very learnable.
The NFA doesn't publish an official pass rate, so treat any specific number you see online with skepticism. In practice the Series 3 is considered moderately difficult — the challenge is breadth and speed, not trick questions. Rote memorization alone won't carry Part 1; you have to be able to work the math. Most people who fail either underestimate the calculations or study by re-reading notes instead of drilling questions.
That's exactly how Series 3 Prep is built: over 1,114 exam-format questions with worked explanations, spaced-repetition ordering, weak-spot targeting, and a timed simulator. You can try free practice questions right now, no account needed.
20 real questions with full explanations — no card required. Unlock all 1,114 for $29/mo.
Create free account →The Series 3 (National Commodity Futures Examination) is the license required to sell commodity futures and options to the public in the U.S. It has two parts — Market Knowledge and Regulations — and is administered under the National Futures Association (NFA).
The exam has roughly 120 questions across the two parts, with 2 hours and 30 minutes to complete it. You must score at least 70% on each part independently.
Over 1,100 exam-format questions — about 790 Market Knowledge and 320 Regulations — each with a worked explanation of the correct answer.
Yes. Every account starts free with a 20-question sample and full explanations — no credit card required. You upgrade only when you want the full bank.
Full access is $29 per month — the complete question bank, the timed exam simulator, weak-spot targeting, and progress that syncs across your devices. Cancel anytime.
Questions are served with spaced repetition: never-seen and previously-missed questions come first, and a question is only "mastered" after three correct answers in a row. A timed exam simulator mirrors the real Part 1 / Part 2 weighting so test day feels familiar.
No study tool can guarantee a result. Series 3 Prep is practice material to help you prepare efficiently — always verify current requirements with the CFTC and NFA before you sit the exam.