By taking and passing the Series 31 test, you will be qualified by the Financial Industry Regulatory Authority (FINRA), previously the National Association of Securities Dealers (NASD), to receive trailing commissions on commodity limited partnerships, commodity pools, or managed accounts guided by Commodity Trading Advisers. If you take the Series 31 exam instead of the Series 3, you will not be able to open individual futures trading accounts. The NASD Series 31 exam covers the following major topics:
Exchange Rules and Regulations
CPO and CTA Rules and Regulations
Market Terminology, and Discretionary Rules
The Series 31 test is 45-questions, multiple choice. You must receive 70% or higher in order to receive your Series 31 license. It is suggested that you study your NASD Series 31 exam materials for 1-2 weeks before sitting for the exam.
Please note that the Series 7 is a prerequisite for the Series 31.
Available Training Options for Series 31 Test
To find Series 31 training, simply click on any of the recommended courses below, or search under "Licensing" in the search box thereafter for "Series 31".