Retail Off-Exchange Forex Exam (Series 34) Exam Guide
At a glance
- Questions
- 40
- Time limit
- 1h
- Passing score
- 70%
- Exam fee
- $90
- Governing body
- NFA
The Series 34, formally the Retail Off-Exchange Forex Exam, qualifies individuals to work as forex firms or forex associated persons in the off-exchange retail forex market. It is administered under NFA oversight, and NFA Bylaw 301(j) requires anyone in that role to pass it before engaging in retail forex activity.
Overview
NFA's study outline groups Series 34 content into five major subject areas, without publishing a per-section question-count breakdown:
- Definitions and Terminology
- Forex Market — concepts, theories, economic factors and indicators, and participants
- Forex Regulatory Requirements
- Forex Trading Calculations
- Risks Associated with Forex Trading
NFA notes these are the major subject areas covered and not an exhaustive list of actual test questions, so treat the outline as a map of concepts rather than a fixed weighting.
Cost and registration
The Series 34 exam fee is $90. Check the official NFA or FINRA registration pages for the current fee schedule before you register, since fees are subject to change.
Exam format
The exam consists of 40 scored true/false and multiple-choice questions, with a one-hour time limit. A score of 70% is required to pass. Candidates generally must have already satisfied the Series 3 or Series 32 proficiency requirement, and once eligible, have 120 days to schedule and take the exam.
Frequently asked questions
How many questions are on the real Series 34 exam and how long do I get?
The Series 34 exam consists of 40 scored true/false and multiple-choice questions, and candidates have one hour to complete it.
What is the passing score for the Series 34?
You need a score of 70% to pass, the same minimum passing standard NFA applies across its futures-related proficiency exams.
How much does the Series 34 exam cost?
The Series 34 exam fee is $90. Always confirm current pricing on the official NFA or FINRA registration pages before you schedule, since fee schedules can change.
Who is required to take the Series 34, and are there prerequisites?
NFA Bylaw 301(j) requires anyone seeking approval as a forex firm or forex associated person to pass the Series 34 before engaging in off-exchange retail forex activity, and NFA's proficiency rules generally require candidates to have already satisfied the Series 3 or Series 32 requirement. There is no FINRA corequisite exam tied to the Series 34.
What happens if I fail the Series 34, and how long before I can retake it?
You must wait at least 30 days after a first failed attempt before retaking, another 30 days after a second failure, and 180 days after a third failure before a fourth attempt.
Once I schedule the Series 34, how long do I have to take it, and does a passing score expire?
Candidates have 120 days to schedule and take the exam once they become eligible. A passed Series 34 generally must have been completed within the two years before an application is filed, so long gaps between passing and registering can require a retake.
Sources
- 1.Study Outline for Futures Industry Exams | NFA — NFA (accessed Aug 9, 2026)
- 2.Series 34 – Retail Off-Exchange Forex Exam | 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
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 34 – Retail Off-Exchange Forex Exam | FINRA.orgNFAfinra.org
- Proficiency Requirements | NFANFAnfa.futures.org
Last verified against the official exam content outline: