Futures Managed Funds Examination — Information & Free Practice
US · Examination information
200 free questions · Answer explanations · No signup required
Futures Managed Funds Examination
- Provider
- FINRA
- Format
- NFA publishes True/False and Multiple Choice; FINRA lists Multiple Choice. These are answer-scored test items, not separately registered examinations.
- Exam questions
- Total questions: 45; Scored questions: 45.
- Time limit
- 1 hour
- Passing score
- 70%
- Exam fee
- $90
Examination outline
General market knowledge
- Disclosure documents
- Margin
- Futures and forward contracts
- Price limits
- Open interest
- Offsetting contracts
- "Marking-to-market"
- Settlement
- Spread trades
- Basis
- Hedging
- Yield curve
- Cost of carry
- Leverage
- Price volatility
General Regulation
- Arbitration claims and awards
- NFA disciplinary process
- Just and Equitable Principles of Trade (NFA Compliance Rule 2-4)
- Supervision (NFA Compliance Rule 2-9)
- NFA Compliance Rule 2-9, supervision of employees
- “Qualified Eligible Participant”
- Registration requirements
- Trading on foreign markets
- Books and records to be maintained
CPO/CTA Regulations (NFA Compliance Rule 2-13)
- Reports to customers
- Exemptions from registration
- Records to be maintained
- Limited partnerships
- Accepting funds from customers
CPO/CTA Disclosure Documents
- Management and incentive fees
- Performance records
- Conflicts of interest
- How long a CPO or CTA can use a disclosure document
- Pool units purchased by principals
- Disclosure statements
- Business backgrounds of principals
- NFA review of document before use
- Disclosure of disciplinary action
Customer Information and Risk Disclosure ("Know your Customer") (NFA Compliance Rule 2-30)
- Client information required
- Risk disclosures
Disclosure by CPOs and CTAs Required for Upfront Fees
- Disclosure of upfront fees and expenses
- Effect of upfront fees and organizational expenses on net performance
Communication with the Public and Promotional Material (NFA Compliance Rule 2-29)
- Definition of promotional material
- Standardized sales presentations
- Use of a third-party consulting or advertising firm
- Reprints of articles from industry publications
- Recordkeeping of promotional material
- Past performance
- Hypothetical trading results
- Written procedures for promotional material
- Supervisory review of promotional material
Examination sources
- FINRA Series 31 – Futures Managed Funds Exam
Main content, content-outline referral
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 524–525
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 526–541
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 542–551
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 552–557
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 558–567
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 568–570
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 571–573
- NFA Study Outline for Futures Industry Exams
Series 31 > Major Subject Areas of the Examination; official DOM blocks 574–583
- FINRA Series 31 – Futures Managed Funds Exam
Main content, examination assessment paragraph
- NFA Study Outline for Futures Industry Exams
Exam Types and Costs; headers and Series 31 row (the ** marker occurs only in the separate Series 3 row)
- NFA Study Outline for Futures Industry Exams
Signing up for the Futures Industry Exams
- NFA Study Outline for Futures Industry Exams
Series 31 > eligibility conditions (all three conjunctive conditions)
- NFA Study Outline for Futures Industry Exams
Scheduling an Appointment to Take an Exam > General Information