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Series 3 Exam Details

The NFA® Series 3, National Commodities Futures Exam is required for registration with the national commodity exchanges in order to solicit and sell commodity futures and options on futures.



120 multiple-choice questions

2 hours, 30 minutes

Outline of Topics Covered

  • Future Trading Theory and Basic Functions Terminology
  • Futures Margins, Option Premiums, Price Limits, Futures Settlements, Delivery, Exercise, and Assignment
  • Types of Orders, Customer Accounts, Price Analysis
  • Basic Hedging, Basis Calculations, Hedging Futures
  • Spreading
  • Speculating in Futures
  • Options Hedging, Speculating, Spreading
  • Regulations

Best Practices Guide

Kaplan has prepared a Best Practices Guide to help you pass the first time! This guide includes recommended study hours, how to use your study materials effectively, and test-taking tips. Access the guide and other free materials here.


Additional Details

For more exam details, including fees and passing score, please visit FINRA.


Attention Colorado Students

Kaplan Financial Education is approved and regulated by the Colorado Department of Higher Education, Private Occupational School Board (DPOS). View the Colorado College Bulletin.

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Begin Preparing for the Series 3 Exam

BasicPlus Package

OnDemand Online Class

The BasicPlus Self-Study Package allows you to study through guided instruction on a schedule that works best for you. Plan your study time with a customizable study calendar and access OnDemand videos with Class Notes during recommended times throughout your study program.

Basic Package

Self-Study Option

The Basic Self-Study Package provides a strong foundation for the self-directed individual who has a proven record of success when studying without the guidance of an instructor. Plan your exam preparation with a customizable Study Calendar based on your schedule and exam date.