Key Takeaways
- • The Series 31 exam is a National Futures Association (NFA) proficiency requirement administered by FINRA that authorizes individuals to sell or supervise managed futures funds, also known as commodity pool products.
- • The exam consists of 45 scored multiple-choice and true/false questions that must be completed within 60 minutes, with a minimum passing score of 70%.
- • Candidates must be registered with FINRA as a General Securities Representative before taking the Series 31, establishing a prerequisite qualification pathway for managed futures professionals.
- • The exam is divided into 7 content sections and graded on overall percentage of correct answers; NFA exams must be taken at a physical test center, though limited remote testing is available for candidates living more than 150 miles from a testing center or those with qualifying health conditions.
Summary
The Series 31 exam, formally designated as the Futures Managed Funds Examination, is a regulatory proficiency test administered jointly by FINRA and the National Futures Association (NFA) that grants licensing authority for professionals operating in the managed futures space. This credential authorizes licensed representatives to sell managed futures funds and supervise commodity pool products—specialized investment vehicles that employ derivatives and alternative strategies to generate returns across commodity and financial markets.
The examination structure reflects industry standards for financial licensing. Candidates face 45 scored questions in a multiple-choice and true/false format, with a single one-hour window to complete the assessment. The passing threshold is set at 70%, a benchmark consistent with other FINRA proficiency examinations. Although the exam is organized into seven distinct content sections, grading is conducted on an aggregate basis, meaning performance is evaluated across the total number of correct responses rather than by individual section.
Eligibility requirements establish a clear prerequisite pathway: individuals must be registered with FINRA as General Securities Representatives before attempting the Series 31. This gatekeeping mechanism ensures that candidates possess foundational securities knowledge prior to specializing in managed futures products.
Testing administration requirements mandate that NFA exams be conducted at authorized test centers. However, accommodations have been established for specific circumstances: candidates residing more than 150 miles from a testing center or those with immunocompromised status or underlying health conditions conferring elevated risk for severe illness may apply for remote testing options. Candidates seeking detailed information about examination content and preparation materials are directed to the National Futures Association's official Proficiency Exam page.
The examination structure reflects industry standards for financial licensing. Candidates face 45 scored questions in a multiple-choice and true/false format, with a single one-hour window to complete the assessment. The passing threshold is set at 70%, a benchmark consistent with other FINRA proficiency examinations. Although the exam is organized into seven distinct content sections, grading is conducted on an aggregate basis, meaning performance is evaluated across the total number of correct responses rather than by individual section.
Eligibility requirements establish a clear prerequisite pathway: individuals must be registered with FINRA as General Securities Representatives before attempting the Series 31. This gatekeeping mechanism ensures that candidates possess foundational securities knowledge prior to specializing in managed futures products.
Testing administration requirements mandate that NFA exams be conducted at authorized test centers. However, accommodations have been established for specific circumstances: candidates residing more than 150 miles from a testing center or those with immunocompromised status or underlying health conditions conferring elevated risk for severe illness may apply for remote testing options. Candidates seeking detailed information about examination content and preparation materials are directed to the National Futures Association's official Proficiency Exam page.
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