Series 3 vs. Series 34

If you'll work in retail off-exchange foreign exchange (forex), you'll run into the Series 34 — and it's not an either/or with the Series 3. In most cases you need the Series 3 first, with the Series 34 layered on top.

What each one covers

• Series 3 — the broad National Commodity Futures Examination: futures and commodity-options market knowledge plus regulations.
• Series 34 — the Retail Off-Exchange Forex Examination: rules and concepts specific to retail forex, which has its own regulatory requirements.

Why the Series 3 comes first

The Series 34 is designed to sit on top of a broader futures qualification. Individuals engaging in retail forex generally must hold the Series 3 (proficiency in the underlying markets) and add the Series 34 for the forex-specific rules. Practically, most people pass the Series 3, then take the shorter Series 34.

Format

The Series 34 is much shorter than the Series 3 — on the order of 40 questions, with a 70% passing score. It's narrow and focused, so once you've done the heavy lifting of the Series 3, it's a smaller add-on.

Registration requirements change — confirm the current Series 3 / Series 34 requirements with the NFA.

Bottom line

If forex is your focus, plan for both exams, and start with the Series 3 — it's the foundation. Get going with free practice questions or the full exam guide.