The Series 31 exam—the Futures Managed Funds Examination—is a National Futures Association (NFA) exam administered by FINRA. The exam consists of 45 scored questions. Candidates have one hour to complete the exam. The passing score is 70%. An individual may use the Series 31 if:
- – the individual is registered with FINRA as a General Securities Representative with a FINRA member firm;
- – that FINRA member firm is also an NFA Member FCM or IB or an applicant for NFA membership as an FCM or IB and is sponsoring the individual for AP registration; and
- – the individual is going to limit futures activities on behalf of that NFA/FINRA sponsor to soliciting funds, securities or property for participation in a commodity pool, soliciting discretionary accounts to be managed by CTAs or supervising persons who perform these same limited activities.
The provided information is based on https://www.finra.org/registration-exams-ce/qualification-exams/series31 and https://www.nfa.futures.org/registration-membership/how-to-register/proficiency-requirements.html