National Commodity Futures Examination — Information & Free Practice
US · Examination information
200 free questions · Answer explanations · No signup required
National Commodity Futures Examination
- Provider
- FINRA; appointments through Prometric
- Format
- Closed-book; True/False and Multiple Choice
- Exam questions
- Total questions: 125; Scored questions: 120; Unscored questions: 5; The total includes the scored and unscored questions.
- Time limit
- 2 hours 30 minutes
- Passing score
- 70 percent on each of the two parts (market knowledge and regulations)
- Exam fee
- $140
Examination outline
Part 1 – Futures Trading Theory and Basic Functions Terminology
- General Theory
- The Futures Contract
- The Structure of Futures Markets
- Hedging Theory
- Speculative Theory
- General Futures Terminology
- General Options Terminology
Futures Margins, Options Premiums, Price Limits, Futures Settlements, Delivery, Exercise, and Assignment
- Margin Requirements
- Options Premiums
- Price Limits
- Offsetting Contracts, Settlements, Delivery
- Options Exercise, Assignment, Settlement
Types of Orders, Customer Accounts, Price Analysis
- Basic Characteristics and Uses of
- Additional Orders
- Technical Price Analysis
- Fundamental Price Analysis
- Interest Rate Analysis
Basic Hedging, Basis Calculations, Hedging Futures
- Short Hedging and Long Hedging
- The Basis
- Hedging Calculations
Spreading
- Spread Trading
- Common Types of Spreads
Speculating in Futures
- Profit/Loss Calculations for Speculative Trades (Including Spreads)
- Trading Applications
Option Hedging, Speculating, Spreading
- Option Theory
- Option Hedge Strategies/Calculation
- Option Speculative Strategies/Calculations
- Option Spread Strategies/Calculations
Regulations
- General
- FCM/IB Regulations
- CPO/CTA
- Arbitration Procedures
- NFA Disciplinary Procedures
- CFTC Commodity Exchange Act Enforcement
Examination sources
- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Proficiency Requirements
Futures Proficiency Requirements, Series 3 Study Outline link pointing to study-outlines/index.html#series3
- FINRA Series 3 examination page
Main content, final paragraph directing candidates to the content outline
- FINRA Series 3 examination page
Main content, examination structure and passing requirements paragraph
- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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- NFA Study Outline for Futures Industry Exams
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