Common questions about the NFA Series 31 Futures Managed Funds Examination, including route fit, format, and study priorities.
Series 31 is the NFA Futures Managed Funds Examination. It focuses on managed futures, commodity pools, CPO/CTA obligations, disclosure, fees, and promotional material.
Series 3 is the broad futures and options-on-futures route. Series 31 is narrower and managed-futures focused. If your role is broader futures solicitation, Series 3 is usually the route to check first.
Series 30 is a branch-manager supervision exam. Series 31 is a managed-futures route focused on market knowledge, disclosure, regulation, and communications.
The current practice configuration uses 45 scored questions and 60 minutes. Candidates should still confirm current FINRA/NFA wording before booking.
Treating it as a general futures exam. The highest-value study time is in managed-futures market knowledge, general regulation, disclosure documents, and promotional-material rules.