Series 34 Cheat Sheet.
The night-before summary, built like the exam.

The numbers to remember

• 40 scored questions
• 1 hour (60 minutes) time limit
• 70% passing score
• $90 exam fee
• Format: Multiple Choice (and true/false)
• Governing body: NFA
• 120 days to schedule and take the exam once your window opens
• No FINRA corequisite required

Content domains

NFA does not publish a percentage weighting for the Series 34 — it lists five major subject areas as a general guide, not an exhaustive map, so plan to cover all of them thoroughly rather than guessing which one is emphasized:

• Definitions and Terminology
• Forex Market — Concepts, Theories, Economic Factors and Indicators, Participants
• Forex Regulatory Requirements
• Forex Trading Calculations
• Risks Associated with Forex Trading

High-yield review areas

• Terminology first. Nail down forex-specific vocabulary — it underpins every other domain and is fast to review the night before.
• Calculation mechanics. Practice pip value, margin, and profit-and-loss math until it's automatic; these questions eat time if you're deriving formulas from scratch under pressure.
• Regulatory distinctions. Know NFA Bylaw 301(j) and the general framework requiring Series 34 approval before engaging in off-exchange retail forex activity.
• Market mechanics. Understand how currency pairs are quoted, the economic factors that move exchange rates, and the roles of the major market participants.
• Risk categories. Be able to distinguish leverage risk, counterparty risk, and market or volatility risk as they apply specifically to retail forex.

Eligibility quick facts

• Typically requires having satisfied the Series 3 or Series 32 proficiency requirement first.
• Grandfathering may apply if registered as an AP, FB, or approved sole proprietor by May 22, 2008.
• A pass within a 2-year window can satisfy proficiency requirements in some registration scenarios.
• No separate FINRA corequisite exam is required alongside the Series 34.

Top traps

• Retake waits escalate: 30 days after a first fail, 30 days after a second fail, and a steep 180 days after a third fail — treat attempt one as the one that counts.
• Don't assume section weighting. Since NFA publishes no per-section question count, don't skip any of the five domains hoping it's lightly tested.
• Watch the clock on calculations. With 40 questions in 60 minutes, slow arithmetic is the most common cause of running out of time.
• Read regulatory questions literally — they often turn on one precise word distinguishing permitted from prohibited conduct.
• Don't skip the scheduling window. Once eligible, you only have 120 days to actually sit for the exam, so don't let prep drag past that deadline.