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.
The only prerequisite required for the Series 6 exam is that candidates must be sponsored by a FINRA member financial company. A Self-Regulatory Organization (SRO) is also acceptable.
Definitions and introductions to cash contracts, forward contracts and futures contracts
As expected, results must be sufficient for a pass in the exam before any other principal FINRA exams can be taken.
The exam itself goes for six hours. It contains 260 questions in total and 250 of these questions count towards the final score.
The exam is maintained and owned by NASD (National Association of Securities Dealers).
Trading floor procedures and understanding functions of traders and brokers
NFA (National Futures Association) rules and regulations
The license granted to all candidates who pass is the Series 7 / General Securities License. This license is a powerful one compared with other securities licenses as it gives the agent permission to communicate with retail investors. Due to this fact many registered broker/dealer analysts, account managers and executives have a Series 7 license. Some states will require license holders to also have the Series 66 or Series 63 license, depending on which state the clients reside in.
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.
That is by far the largest focus of the Series 7 exam. Other sectors consist of processing customer orders and transactions which makes up about 5% of the exam, handling customer accounts and account records contains about 11% of the total exam questions and qualifying and prospecting for customer's questions covers around 4% of the Series 7 exam.
Evaluating customer needs and objectives takes up only 2% of the exam with just 4 questions on this topic, whilst 21% of the test covers the topic of understanding and explaining securities markets organization and participants to customers and there are over 50 questions on this subject.
The only prerequisite required for the Series 6 exam is that candidates must be sponsored by a FINRA member financial company. A Self-Regulatory Organization (SRO) is also acceptable.
Definitions and introductions to cash contracts, forward contracts and futures contracts
As expected, results must be sufficient for a pass in the exam before any other principal FINRA exams can be taken.
The exam itself goes for six hours. It contains 260 questions in total and 250 of these questions count towards the final score.
The exam is maintained and owned by NASD (National Association of Securities Dealers).
Trading floor procedures and understanding functions of traders and brokers
NFA (National Futures Association) rules and regulations
The license granted to all candidates who pass is the Series 7 / General Securities License. This license is a powerful one compared with other securities licenses as it gives the agent permission to communicate with retail investors. Due to this fact many registered broker/dealer analysts, account managers and executives have a Series 7 license. Some states will require license holders to also have the Series 66 or Series 63 license, depending on which state the clients reside in.
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.
That is by far the largest focus of the Series 7 exam. Other sectors consist of processing customer orders and transactions which makes up about 5% of the exam, handling customer accounts and account records contains about 11% of the total exam questions and qualifying and prospecting for customer's questions covers around 4% of the Series 7 exam.
Evaluating customer needs and objectives takes up only 2% of the exam with just 4 questions on this topic, whilst 21% of the test covers the topic of understanding and explaining securities markets organization and participants to customers and there are over 50 questions on this subject.
About the Author:
You can visit here for more details: FINRA Series 10 Exam Prep and FINRA Series 11 Exam Prep