NFA Futures and Forex Exam Guides: Series 3, 30, 31, 32 & 34

Use this section for NFA futures and forex exam guides. These exams do not test the same job as FINRA representative licensing. They are built around futures, commodity, managed-futures, retail-forex, and futures-supervision work rather than general securities distribution.

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In this section

• Series 30 — NFA Branch Manager Examination Guide
  Study guide for the NFA Series 30 Branch Manager Examination covering route fit, branch supervision scope, study planning, and official sources.
  • Part 1 — General
    Series 30 lesson on general branch supervision, books and records, registration, continuity planning, and core supervisory obligations.
  • Part 2 — CPO and CTA General
    Series 30 lesson on CPO and CTA registration, communications, records, reports, and managed-futures operational controls.
  • Part 3 — CPO and CTA Disclosure Documents
    Series 30 lesson on CPO and CTA disclosure documents, fee disclosures, amendment triggers, conflicts, and performance presentation controls.
  • Part 4 — Customer Information and Risk Disclosure
    Series 30 lesson on customer information gathering, risk-disclosure delivery, and supervisory responsibility for customer understanding.
  • Part 5 — CPO and CTA Costs Disclosure
    Series 30 lesson on CPO and CTA cost disclosure, upfront fees, organizational expenses, and net-performance effects.
  • Part 6 — FCM and IB Costs Disclosure
    Series 30 lesson on FCM and IB fee disclosure and branch-manager responsibility for explaining charges to customers.
  • Part 7 — IB General
    Series 30 lesson on introducing-broker controls, customer funds, guarantee agreements, capital, timestamping, records, and escalation duties.
  • Part 8 — General Account Handling and Exchange Regulations
    Series 30 lesson on risk disclosure, margin, order preparation, proprietary accounts, position limits, reporting, and trade confirmations.
  • Part 9 — Discretionary Account Regulation
    Series 30 lesson on discretionary-account authorization, supervision, and review.
  • Part 10 — Communications with the Public and Promotional Material
    Series 30 lesson on public communications, promotional material, supervisory review, recordkeeping, and hypothetical-performance controls.
  • Part 11 — Anti-Money Laundering Requirements
    Series 30 lesson on AML governance, internal controls, CIP, suspicious-activity handling, training, and independent testing.
  • Series 30 Study Plan — Branch Supervision, Controls, and Review Order
    Practical Series 30 study plan covering NFA branch-manager route fit, outline-based review order, miss tagging, and final-week preparation.
  • Series 30 Cheat Sheet — Branch Manager Route, Key Buckets, and Traps
    High-yield Series 30 cheat sheet covering branch-manager role fit, major outline buckets, supervisory instincts, and common mistakes.
  • Series 30 FAQ — Route Fit, Format, and Branch-Manager Study Questions
    Common questions about the NFA Series 30 Branch Manager Examination, including route fit, format, and study strategy.
  • Series 30 Resources — Official FINRA and NFA Source Layer
    Official resources for the NFA Series 30 Branch Manager Examination, including the FINRA exam page and NFA outline and proficiency references.
• Series 31 — Futures Managed Funds Examination Guide
  Study guide for the NFA Series 31 Futures Managed Funds Examination covering route fit, exam structure, managed-futures topics, and official sources.
  • General Market Knowledge
    Learn how Series 31 tests managed-futures market knowledge, including disclosure context, margin, leverage, settlement, basis, hedging, spreads, price limits, and volatility.
  • General Regulation
    Learn how Series 31 tests NFA arbitration, disciplinary process, just and equitable principles, QEPs, registration requirements, foreign markets, and books-and-records oversight.
  • CPO/CTA Regulations
    Learn how Series 31 tests commodity pool operator and commodity trading advisor regulations, registration scope, exemptions, records, reporting, and customer-fund controls.
  • CPO/CTA Disclosure Documents
    Learn how Series 31 tests CPO and CTA disclosure documents, management and incentive fees, performance records, conflicts, principal purchases, review-before-use, and disciplinary disclosure.
  • Customer Information and Risk Disclosure
    Learn how Series 31 tests customer information collection, follow-up, managed-futures risk disclosure, and suitability context.
  • Upfront Fee Disclosure
    Learn how Series 31 tests upfront fees, organizational expenses, customer cost understanding, and net performance effects in managed-futures offerings.
  • Communication with the Public and Promotional Material
    Learn how Series 31 tests promotional material, standardized sales presentations, third-party content, reprints, recordkeeping, past performance, hypothetical results, and supervisory review.
  • Series 31 Study Plan — 30, 60, and 90 Day Managed-Futures Prep
    Build a Series 31 study plan around managed-futures market knowledge, general regulation, CPO/CTA disclosure, and promotional-material rules.
  • Series 31 Cheat Sheet — Managed-Futures Route, Disclosure, and Exam Priorities
    Quick-reference Series 31 cheat sheet for managed-futures market knowledge, CPO/CTA regulation, disclosure documents, fees, and promotional material.
  • Series 31 FAQ — Route Fit, Format, and Managed-Futures Study Questions
    Common questions about the NFA Series 31 Futures Managed Funds Examination, including route fit, format, and study priorities.
  • Series 31 Resources — Official Sources, Route Checks, and Practice
    Series 31 resource guide with official FINRA/NFA source checks, route-fit guidance, and exact web practice links.
• Series 32 — Limited Futures Examination Regulations Guide
  Study guide for the NFA Series 32 Limited Futures Examination Regulations route, including route fit, exam structure, and official-source checks.
  • General
    Learn how Series 32 tests core NFA registration categories, account-opening controls, Rule 2-30 customer information, risk disclosure, supervision, reporting, position limits, and hedging.
  • FCM and IB Regulations
    Learn how Series 32 tests FCM and IB regulations, guaranteed and independent IBs, customer funds, margin, net capital, complaints, order handling, and promotional material.
  • CPO and CTA Regulations
    Learn how Series 32 tests CPO and CTA regulatory scope, disclosure documents, trading programs, upfront fees, performance records, conflicts, records, bunched orders, and communications.
  • Arbitration Procedures
    Learn how Series 32 tests arbitration claims, awards, member response, documentation, and supervisory treatment of futures customer disputes.
  • NFA Disciplinary Procedures
    Learn how Series 32 tests NFA written complaints, warning letters, hearings, settlements, appeals, member responsibility actions, penalties, and CFTC enforcement.
  • Series 32 Study Plan — 30, 60, and 90 Day Limited Futures Prep
    Build a Series 32 study plan around NFA general regulation, FCM/IB rules, CPO/CTA rules, arbitration, and disciplinary procedures.
  • Series 32 Cheat Sheet — Limited Futures Regulation Priorities
    Quick-reference Series 32 cheat sheet for general rules, FCM/IB regulations, CPO/CTA regulations, arbitration, and disciplinary procedures.
  • Series 32 FAQ — Route Fit, Format, and Limited Futures Study Questions
    Common questions about the NFA Series 32 Limited Futures Examination Regulations route, including format and study priorities.
  • Series 32 Resources — Official Sources, Route Checks, and Practice
    Series 32 resource guide with official FINRA/NFA source checks, limited-route guidance, and exact web practice links.
• Series 34 — Retail Off-Exchange Forex Examination Guide
  Study guide for the NFA Series 34 Retail Off-Exchange Forex Examination covering route fit, forex calculations, forex risk, market concepts, and regulatory requirements.
  • Definitions and Terminology
    Learn how Series 34 tests retail forex quotation conventions, bid/ask spreads, mark-ups, counterparties, security deposits, spot and forward rates, pips, cross rates, rollovers, parity, and swaps.
  • Forex Trading Calculations
    Learn how Series 34 tests cross rates, transaction-rate calculations, leverage, margin, netting, return calculations, pip values, profit and loss, and transaction costs.
  • Risks Associated with Forex Trading
    Learn how Series 34 tests market, exchange-rate, interest-rate, credit, liquidity, operational, settlement, country, sovereign, and integrated retail forex risk.
  • Forex Market Concepts, Theories, Economic Factors, and Participants
    Learn how Series 34 tests balance of payments, central banks, inflation, interest rates, parity, economic indicators, institutions, settlement systems, participants, and currency outlook interpretation.
  • Forex Regulatory Requirements
    Learn how Series 34 tests retail forex regulatory requirements, close-outs, re-quoting, registration, security deposits, customer funds, KYC, loss guarantees, conflicts, disclosures, confirmations, statements, bunched orders, electronic systems, funding restrictions, and promotional material.
  • Series 34 Study Plan — 30, 60, and 90 Day Retail Forex Prep
    Build a Series 34 study plan around retail forex terminology, calculations, risk, market concepts, participants, and regulatory requirements.
  • Series 34 Cheat Sheet — Retail Forex Terms, Calculations, Risk, and Rules
    Quick-reference Series 34 cheat sheet for retail off-exchange forex terminology, calculations, market concepts, risk, and regulation.
  • Series 34 FAQ — Route Fit, Format, and Retail Forex Study Questions
    Common questions about the NFA Series 34 Retail Off-Exchange Forex Examination, including route fit, format, and study priorities.
  • Series 34 Resources — Official Sources, Retail Forex Route Checks, and Practice
    Series 34 resource guide with official FINRA/NFA source checks, retail-forex route guidance, and exact web practice links.