Series 32 Cheat Sheet.
The night-before summary, built like the exam.
Download the PDFThe numbers to remember
- 35 scored questions (true/false and multiple choice)
- 45 minutes total time limit
- 70% minimum passing score
- $90 exam fee
- No corequisite exam required
- Exam has been effective since 12/1994; covers U.S. Regulations
- Eligibility: registered/licensed to solicit futures business outside the US (currently UK and Canada only) within the two years before filing
- Retake waits: 30 days after a 1st fail, 30 days after a 2nd fail, 180 days after a 3rd fail
- Rescheduling 3–10 days out: $45 fee
Content domains and weights
The published outline lists content areas without percentage weights, so treat each as roughly equal-priority:
- General — CFTC registration/NFA membership, Just and Equitable Principles of Trade, account opening requirements, position reporting, speculative position limits
- CPO/CTA regulations — NFA Compliance Rule 2-13, disclosure documents, recordkeeping, public communications and promotional material
- FCM/IB regulations — guaranteed vs. independent IBs, net capital requirements, customer complaints, time-stamping, public communications
- CFTC Commodity Exchange Act enforcement
- NFA disciplinary procedures — written complaints, warning letters, hearings, member responsibility actions, penalties
- Arbitration procedures
High-yield review areas
- Know exactly who is bound by CPO/CTA rules versus FCM/IB rules — the exam likes to swap registrant types in the same fact pattern.
- Memorize the disciplinary escalation path: written complaint → warning letter → hearing → member responsibility action → penalty.
- Be precise on the two-year eligibility lookback for who may even use the Series 32 path, and that it's currently limited to UK and Canada.
- Distinguish CFTC-level enforcement (Commodity Exchange Act) from NFA-level disciplinary procedures — they're related but separate tracks.
Top traps
- Confusing which retake wait applies — 30 days after the 1st and 2nd fails, but a much longer 180 days after the 3rd.
- Treating the exam fee ($90) and the reschedule fee ($45) as the same figure — they're not.
- Assuming the Series 32 tests broad futures product knowledge — it's a regulations-only exam covering U.S. rules, aimed at people who already hold overseas futures credentials.
- Losing time re-reading true/false items — with only 45 minutes for 35 questions, decide and move on.
Frequently asked questions
What should I review the night before the Series 32 exam?
Focus your last review on the content areas most prone to mix-ups: CPO/CTA versus FCM/IB obligations, the NFA disciplinary escalation path (complaint, warning letter, hearing, member responsibility action, penalty), and the two-year eligibility lookback for the Series 32 path itself. Skim the cheat sheet's numbers list one more time so the exam length and passing score are fresh.
How long is the actual Series 32 exam?
You get 45 minutes to answer 35 scored questions, a mix of true/false and multiple choice.
What score do I need to pass the Series 32?
You need a minimum of 70% correct on the 35 scored questions to pass.
Is the Series 32 cheat sheet free and printable?
Yes — the cheat sheet is a plain HTML quick-reference page you can view or print at no cost as part of your study prep; there's no separate purchase required to use it.
What happens if I fail the Series 32 exam?
You must wait a minimum of 30 days after a first failed attempt before retaking, another minimum of 30 days after a second failure, and a longer minimum of 180 days after a third failure before any further attempt.
How much does the Series 32 exam cost?
The exam fee is $90. If you need to reschedule an already-booked exam within 3 to 10 days of your appointment, a separate $45 rescheduling fee applies.
Sources
- 1.Study Outline for Futures Industry Exams | NFA — NFA (accessed Aug 9, 2026)
- 2.Series 32 – Limited Futures Exam – Regulations | FINRA.org — NFA (accessed Aug 9, 2026)
- 3.Proficiency Requirements | NFA — NFA (accessed Aug 9, 2026)
- 4.FINRA Qualification Exams — FINRA
- 5.Enroll for a FINRA Exam — FINRA
- 6.FINRA Exam Scheduling (Prometric) — Prometric
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Study Outline for Futures Industry Exams | NFANFAnfa.futures.org
- Series 32 – Limited Futures Exam – Regulations | FINRA.orgNFAfinra.org
- Proficiency Requirements | NFANFAnfa.futures.org
Last verified against the official exam content outline: