Series 31 Cheat Sheet.
The night-before summary, built like the exam.
Download the PDFQuick facts
the numbers to know before exam dayFull write-up
the complete guide, in proseSeries 31 Cheat Sheet — At a Glance
- Questions: 45 scored
- Time limit: 60 minutes (1 hour)
- Passing score: 70%
- Cost: $90
The Math You Must Remember
- Pacing: 60 minutes ÷ 45 questions ≈ 1 minute 20 seconds per question — keep moving, flag and return.
- Passing: 70% of 45 ≈ 32 correct — you can miss about 13 and still pass.
What the Series 31 Covers
The Series 31 (Futures Managed Funds Exam) qualifies individuals to supervise or engage in the solicitation of managed futures accounts and commodity pools. Core topics tested include:
- Commodity pools and managed futures fund structures
- Roles of the CPO (Commodity Pool Operator) and CTA (Commodity Trading Advisor)
- Disclosure documents and required risk disclosures for pool participants
- Solicitation, account handling, and supervision rules
- Applicable NFA and CFTC regulatory requirements
Must-Remember Rules
- The passing bar is fixed at 70% — treat 32 correct as your target floor.
- With only 60 minutes for 45 questions, never dwell; a single stalled question can cost you two others.
- The $90 fee applies per attempt — budget accordingly if a retake is needed.
Test-Day Strategy
- Do a first pass answering everything you know instantly, flagging the rest.
- Because there is no severe time buffer, aim to finish the first pass in ~40 minutes, leaving ~20 minutes for flagged items and review.
- Never leave a question blank — an educated guess is strictly better than a guaranteed zero.
Frequently asked questions
What numbers should I memorize from the Series 31 cheat sheet?
Lock in the exam's own vitals first: 45 scored questions, 60 minutes, and a 70% passing score, so nothing about the format surprises you. Beyond that, focus on the managed-futures figures the exam loves — fee structures, disclosure document delivery rules, and performance reporting requirements. The cheat sheet groups these so you can rehearse them as one quick pass.
What are the most common traps on the Series 31?
The classic traps are confusing the roles of commodity pool operators and commodity trading advisors, mixing up which document must be delivered before which action, and misreading questions about hypothetical versus actual performance records. Question writers also like answer choices that are true statements but do not answer the question asked. The cheat sheet flags these look-alike pairs side by side so the distinctions stick.
How should I use this cheat sheet the night before the exam?
Do one calm read-through of the whole sheet, then quiz yourself from memory on the numbers and rules rather than rereading passively. Anything you cannot recall cold goes on a short list for one final morning review. The night before is for consolidation, not learning new material, so keep the session short and get real sleep.
Can I pass the Series 31 with just a cheat sheet?
No — treat the cheat sheet as a memory aid, not a study plan. It compresses the must-know rules and numbers, but the exam tests understanding you build by reading the material and working practice questions. Use the sheet to lock in details after each study session and as your final-week refresher, alongside full-length practice.
Is it worth printing the Series 31 cheat sheet?
Yes, a printed copy lets you review during commutes and downtime without screen distractions, and handwriting margin notes deepens recall. Many candidates keep the printout with them all of exam week and do a last pass in the parking lot. Just remember no notes of any kind are allowed inside the testing room itself.
Sources
- 1.Series 31 Exam Overview — NFA (accessed Jul 7, 2026)
- 2.FINRA Qualification Exams — FINRA
- 3.Enroll for a FINRA Exam — FINRA
- 4.FINRA Exam Scheduling (Prometric) — Prometric
Official sources
Primary documents used to verify the exam details shown on this page.
- Series 31 Exam OverviewNFAfinra.org
- Schedule an ExamFINRAfinra.org
- FINRA Qualification Exams Overview (SIE)FINRAfinra.org
- Associated Person (AP) RegistrationNational Futures Associationnfa.futures.org
- Proficiency RequirementsNational Futures Associationnfa.futures.org
- Series 31 – Futures Managed Funds ExamFINRAfinra.org
Last verified against the official exam content outline: