Futures Managed Funds Exam (Series 31): Full Comparison
The Series 31 (Futures Managed Funds Exam) and the Series 3 (National Commodities Futures Exam) are both administered by FINRA and both govern activity in the futures and commodities space, but they serve different roles. This page compares the two so you can understand where they overlap, how they differ in scope and depth, and which one applies to your situation.
At a Glance
Both exams are FINRA-administered qualification exams in the futures/commodities domain. The Series 31 is a focused, narrower exam covering the sale and solicitation of managed futures products (commodity pools and managed futures accounts). The Series 3 is a broader foundational exam covering commodity futures and options across the industry.
Series 31 — Futures Managed Funds Exam
The Series 31 exam consists of 45 questions, must be completed in 60 minutes, requires a passing score of 70%, and costs $90. It is tightly scoped: it centers on the rules and disclosures around managed futures — commodity pools and managed accounts — including the responsibilities of those who solicit or supervise these products.
Series 3 — National Commodities Futures Exam
The Series 3 is the broad, entry-level qualification for the commodity futures industry. It covers general futures and options theory, market mechanics, hedging and speculation, margin, and the regulatory framework governing commodity futures trading. It is the standard qualification for associated persons dealing in commodity futures broadly, rather than the managed-funds niche.
Scope
- Series 31: Narrow. Managed futures products — commodity pools and managed futures accounts — and the disclosure, solicitation, and supervisory rules attached to them.
- Series 3: Broad. General commodity futures and options, market fundamentals, and the overall regulatory landscape.
Difficulty and Depth
The Series 31 is a shorter, more targeted exam and is often taken by candidates who already hold the Series 3, so its content builds on futures knowledge rather than teaching it from scratch. The Series 3 is broader and generally regarded as the more comprehensive foundational exam because it must cover the full breadth of commodity futures fundamentals.
Who Each Is For
- Series 31: Individuals who solicit or supervise managed futures products such as commodity pools and managed accounts.
- Series 3: Associated persons who deal broadly in commodity futures and options and need the general industry qualification.
Prerequisites
The Series 31 is designed for those already grounded in futures fundamentals — many candidates approach it after the Series 3, treating the Series 3 as the general foundation and the Series 31 as the managed-funds specialization. The Series 3 itself is a foundational exam with no comparable prerequisite in this pairing.
Frequently asked questions
What is the difference between the Series 31 and the Series 3?
The Series 3 is the broad, foundational commodity futures qualification covering general futures and options across the industry. The Series 31 is a narrower exam focused specifically on managed futures products — commodity pools and managed accounts — and the rules for soliciting and supervising them.
How long is the Series 31 exam and what score do I need to pass?
The Series 31 has 45 questions with a 60-minute time limit, and you need a score of 70% to pass. The exam fee is $90.
Should I take the Series 3 before the Series 31?
The Series 31 is generally treated as a specialization that builds on futures fundamentals, so candidates commonly hold the broader Series 3 first before adding the Series 31 for managed futures products. Confirm the current requirement that applies to your registration with FINRA.