Series 3 Study Guide + Question Bank

Series 3 Study Guide + Question Bank (Online)

Prep for the NFA Series 3 - National Commodities Futures Exam with 800+ exam-style questions, chapter quizzes, targeted concept and math quizzes, mini exams, and full-length practice exams. Self-paced online prep with heavy focus on hedging, basis, and futures math.

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Instant digital access • Mobile + desktop friendly • Progress tracking • Built for exam-style testing

What you get with the Series 3 Study Guide

  • 800+ exam-style practice questions across the full NFA Series 3 outline
  • 11 chapters mapped to the 5 NFA Series 3 functions
  • 33 chapter quizzes - Learn (10 Qs), Apply (10 Qs), and Master (10 Qs) for every chapter
  • Concepts Quiz (40 questions) covering all chapters for quick review
  • Math Quiz (40 questions) focused on futures P/L, basis, margin, and spread calculations
  • Situational Quiz for scenario-style practice
  • 3 Mini Exams (50 questions each) for timed practice
  • 2 full-length Practice Exams (120 questions each) matching exam length and structure
  • Heavy coverage of hedging and basis - the core Series 3 skill
  • Progress tracking by chapter and difficulty to target weak areas fast
  • Clear explanations focused on what the NFA actually tests

Results from real students

Screenshots shared by Exam Bootcamp students.

Series 3 pass result

What you'll study

Organized to match the NFA Series 3 outline - market fundamentals first, then trade mechanics, then hedging, basis, and spreads, with financial futures and options on futures rounding it out alongside the regulatory material.

Function 1

Explains Futures Markets and Contract Fundamentals

  • Why futures markets exist - hedgers vs. speculators
  • Standardization: contract size, delivery month, grade
  • Exchanges and clearinghouses - who sits in the middle
  • Reading quotes, points, and ticks
  • Daily settlement, mark-to-market, and price limits
  • Futures vs. forwards vs. securities - don't mix these up

Function 2

Executes Trades and Manages Positions

  • Order types - market, limit, stop, stop-limit, MIT
  • Trade mechanics: pit, electronic, and block trades
  • Margin: initial, maintenance, variation - and how it differs from securities margin
  • Settlement and delivery procedures
  • Customer account documentation, supervision, and required disclosures

Function 3

Applies Futures Strategies (Hedging, Basis, Spreads, Speculation)

  • Long and short hedges - locking in price
  • Basis: definition, behavior, and basis P/L math (core Series 3 skill)
  • Intramarket, intermarket, and inter-exchange spreads
  • Speculation strategies and risk management
  • How traders actually lose money - sign errors, leverage, and margin calls

Function 4

Applies Financial Futures Concepts

  • Interest rate futures - T-bills, T-notes, T-bonds, Eurodollars
  • Stock index futures and cash settlement
  • Foreign currency futures and FX exposure
  • Yield-price relationships and hedging interest rate risk

Function 5

Uses Options on Futures and Applies Regulatory Requirements

  • Options on futures - calls, puts, premiums, intrinsic vs. time value
  • Basic options strategies - long/short calls and puts, spreads
  • NFA registration categories - AP, IB, FCM, CTA, CPO
  • Required disclosures, customer protection, and recordkeeping
  • Prohibited practices, supervision, and disciplinary procedures

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Series 3 Study Guide + Question Bank

$99.99

  • Includes: Online study material + 800+ question bank + 3 mini exams + 2 full-length practice exams
  • Access: 6 month access to the study material
  • Start studying immediately after purchase - no waiting.
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Frequently asked questions

  • You'll have access for 6 months starting immediately after purchase.

About the Series 3 - National Commodities Futures Exam

Exam format (official):

  • 120 multiple-choice + true/false questions
  • 2 hours 30 minutes (150 minutes)
  • Two sections: National Commodity Futures (market knowledge) and Series 3 National Regulations
  • Passing score: must score 70% or higher on EACH section
  • Administered by the National Futures Association (NFA)
  • Required for: Associated Persons (APs), Introducing Brokers (IBs), Commodity Trading Advisors (CTAs), Commodity Pool Operators (CPOs)

Functions covered (NFA outline):

  • Function 1 - Explains Futures Markets and Contract Fundamentals
  • Function 2 - Executes Trades and Manages Positions
  • Function 3 - Applies Futures Strategies (Hedging, Basis, Spreads, Speculation)
  • Function 4 - Applies Financial Futures Concepts
  • Function 5 - Uses Options on Futures and Applies Regulatory Requirements

For the official exam outline, scheduling details, and registration, see the NFA Series 3 exam page.

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