Pass the Series 3 the first time
Adaptive prep for the NFA Series 3. Practice questions and spaced-repetition flashcards across futures theory, margin, hedging, spreading, options strategies, and CFTC/NFA regulations, with your Part 1 and Part 2 scores reported separately.
The Series 3 is the NFA's National Commodities Futures Examination, administered through FINRA-operated test centers. 120 scored questions across two parts, 150 minutes, 70% required on each part, and a $140 fee. There is no SIE corequisite, but firm sponsorship by an NFA member is required to register.
It qualifies you to work as an NFA associated person: soliciting and accepting orders for commodity futures contracts and options on futures. That's a different asset class from the FINRA Series 7, which covers general securities like stocks, bonds, and options on securities. The Series 3 sits under CFTC and NFA jurisdiction instead of the SEC and FINRA, so the content (futures contract specs, hedging, margin, speculation, and NFA/CFTC regulations) doesn't overlap much with a standard securities license.
CertFuel's full Series 3 course is free through the end of 2026: all 8 chapters and 30 units, the adaptive question bank, flashcards, unlimited practice exams, and Aiden, the built-in AI tutor. No credit card required.
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Take a full practice exam first.
Before you watch a single video, sit a full-length, timed practice exam in the Prometric view. No music, no phone, no interruptions. The end-of-exam report ranks every unit by your score and its weight on the real exam: that report is your study plan.
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Work units by the report, not the book.
Go down the report list in order. The lowest-scoring unit isn't always the most valuable to fix. CertFuel sorts by weakest area combined with how many points the unit is worth on the real exam, so your time goes where it actually moves your score.
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Run the unit loop, then move on.
For each unit: watch the videos, listen to the podcast, do one Study Quiz and one Flashcard session, read the section, then do one more Quiz and Flashcard set. Don't camp on a single unit. Fly through the content and trust the loop to tighten it up.
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Take a full practice exam every week.
Once a week, sit another timed practice exam. New weak units will surface as old ones improve. Re-rank your queue and run the loop again on whatever's at the top.
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Book the real exam after three 75%+ practice exams in a row.
Real-exam scores tend to land within a few points of your last full practice exam. Three consecutive practice exams at 75% or above is the readiness signal. 80%+ if you want margin for a bad day.
Part 1: Market Knowledge
The trading side of the exam, and seven of the eight course chapters: futures trading theory and terminology, margins and premiums, price limits and settlements, order types, customer accounts, price analysis, hedging and basis calculations, spreading, speculating in futures, and options strategies.
startPart 2: Regulations
The rulebook, graded as its own pass or fail section: CFTC and NFA registration categories, disclosure and risk-disclosure requirements, account documentation, position reporting and limits, prohibited conduct, and the arbitration and enforcement process.
startMost licensing exams give you one score. The Series 3 gives you two, and both have to clear 70% on their own. A strong Part 1 cannot rescue a weak Part 2. That single fact should shape your whole study plan, because a blended practice average of 78% can hide a Part 2 sitting at 64%.
Worse, the real exam's score report only breaks out the two parts if you fail. Pass, and you never see how close one part came. CertFuel's practice exams report Part 1 and Part 2 separately from the start and mark you as passing only when each part clears its own 70%, so the number you're tracking is the number the NFA is actually grading.
Aiden AI Tutor
Your built-in AI study tutor for the Series 3. Ask about any lesson and get answers, examples, and memory aids on the spot.
ask anythingWhat Is the Series 3?
What the license qualifies you to do, exam format and cost, the sponsor requirement, and how it differs from a Series 7.
start hereSeries 3 Pass Rate & Difficulty
There is no official Series 3 pass rate. The 70%-per-part score you need and why the two-part structure trips people up.
difficultyHow to Study for the Series 3
How to split prep time across both parts, what to prioritize first, and what the exam questions actually look like.
study planHow to Become a Commodity Broker
The career path behind the license: sponsorship, registration, and honest pay data from the Bureau of Labor Statistics.
career guideGlossary
Key securities and derivatives terms and definitions, useful across the Series 3 and the FINRA exams.
223+ termsWhat is the Series 3?
The Series 3 is the National Commodities Futures Examination, administered by the National Futures Association (NFA) through FINRA-operated test centers. Passing it qualifies you to work as an NFA associated person: soliciting and accepting orders for commodity futures contracts and options on futures. It is a distinct license from the FINRA Series 7 and covers a different asset class regulated by the CFTC and NFA rather than the SEC.
Is CertFuel Series 3 prep really free?
Yes. The full CertFuel Series 3 course is free through the end of 2026 (through December 31, 2026): all 8 chapters and 30 units, the adaptive question bank, spaced-repetition flashcards, unlimited practice exams, and Aiden, the built-in AI tutor. No credit card is required to start.
Do I need the SIE before the Series 3?
No. The Series 3 has no SIE or other exam corequisite. It stands alone, which is different from FINRA representative exams like the Series 6, 7, and 79.
Do I need a sponsor?
Yes. Like other securities and futures licensing exams, the Series 3 requires sponsorship by an NFA member firm before you can register and sit for the exam.
What's the passing score and format?
The exam has 120 scored questions split across two parts: Part 1, Market Knowledge (85 questions, need 60 correct) and Part 2, Regulations (35 questions, need 25 correct). You need 70% on each part separately to pass, not just 70% overall. You have 150 minutes total to finish (105 minutes for Part 1, 45 for Part 2), and the exam fee is $140.
Is the Series 3 the same as the Series 7?
No. The Series 7 covers general securities: stocks, bonds, options on securities, and similar products regulated by FINRA and the SEC. The Series 3 covers commodity futures and options on futures, a separate asset class regulated by the CFTC and NFA. Some roles require both, but they test entirely different content.
Does CertFuel show separate Part 1 and Part 2 scores?
Yes. A single blended practice score can look fine while one part quietly sits below the 70% line, and the real exam's own score report only reveals the Part 1 and Part 2 breakdown if you fail. CertFuel's practice exams report both parts separately and mark you as passing only when each part clears 70% on its own, matching how the NFA actually grades it.
How long does it take to prepare?
There is no official timeline, and it depends heavily on your background. Candidates already working in a trading or brokerage role often move faster through Part 1 but still need dedicated time on Part 2, which the job does not always teach directly. Because you need 70% on each part independently, the honest answer is to anchor on your practice scores rather than a fixed number of weeks: once both parts sit consistently above 70% when checked separately, you are in a reasonable position to schedule.
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