Series 3 Exam

The Series 3 exam is the national commodity futures test If you
ever wanted to participate in the futures market trading
contracts, options or engage in hedging strategies, this may be
a career for you Adding licenses such as the Series 3 can add
to your credentials in any investment career If you do not have
an impressive finance degree or other designations, this license
will at least add to your credentials and give you some benefit
when job hunting or going on interviews
Preparing for the series 3 exam usually takes 6-8 weeks of 1-2
hours per day home study The exam is a multiple choice test
The exam includes the following topics:

Definitions and introductions to cash contracts, forward
contracts and futures contracts
Understanding strategies and calculating gain and loss
Options, Futures and Hedging
Calculating initial margin deposits and additional margin
Trading floor procedures and understanding functions of traders
and brokers
NFA (National Futures Association) rules and regulations
Reporting rules and customer accounts
You must answer 70% of the questions correct to pass the Series
3 exam The test has 120 questions There are no license
pre-requisites before registering for this exam Prior financial
knowledge and experience is not required for you to pass the
exam There is some math, but it’s not too difficult once you
see how trading and calculating gains and losses are shown
Understanding how margin and commissions work is a key, as they
are important factors in answering the question correctly
The exam is given on computer administered by Prometric/Pearson
testing centers There are hundreds of these test centers across
the country You must register for the exam through the NASD
prior to taking the Series 3 test The Series 3 can be taken at
most centers 5 days a week Meaning, once you are registered to
take the exam, you can reserve any of the week you want
“What if I fail the test?”
If you fail the Series exam, you must wait 30 days before
sitting for the exam again You get your grade immediately after
the test is over A few seconds of suspense, and you are out of
your misery That may be good or bad
Study consistently and you should pass with no problems at all
Good Luck!
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