Preparing for the FINRA Series 31 exam can be a daunting task for many candidates aiming to enter the securities industry. This exam, also known as the Futures Managed Funds Examination, is crucial for those who wish to manage or advise on futures trading. Understanding the ins and outs of the exam, from preparation strategies to career implications, can make a significant difference in your success. To help you navigate this process, we’ve compiled a list of the top frequently asked questions that candidates commonly search for. These cover a range of topics from exam difficulty and preparation time to career prospects and retake policies. Download Series 31 study outline here.
Do you need to take Series 31?
What is the FINRA Series 31 exam?
The FINRA Series 31 exam, also known as the Futures Managed Funds Examination, is a qualifying test for individuals who wish to manage or advise on futures trading. This exam ensures that candidates possess the necessary knowledge and understanding of futures markets, managed funds, and related regulations. It is required for those who want to act as futures fund managers or provide advice related to futures investments.
What topics are covered on the Series 31 exam?
The Series 31 exam covers topics such as futures contracts, managed futures funds, trading strategies, risk management, and regulatory requirements. Key areas include the structure and function of managed futures, understanding performance metrics, compliance and ethics, and the roles and responsibilities of fund managers. The content is designed to test both theoretical knowledge and practical application.
How many questions are on the Series 31 exam?
The Series 31 exam consists of 50 multiple-choice questions. These questions are designed to assess your understanding of the topics relevant to futures managed funds and your ability to apply this knowledge in real-world scenarios.
What is the passing score for the Series 31 exam?
To pass the Series 31 exam, you need to achieve a score of 70% or higher. This means you must correctly answer at least 35 out of the 50 questions to pass the exam and obtain your certification.
How long do I have to complete the Series 31 exam?
Candidates have 1 hour and 30 minutes to complete the Series 31 exam. It is important to manage your time effectively during the test to ensure that you can answer all questions within the allotted time frame.
What is the format of the Series 31 exam (e.g., multiple-choice)?
The Series 31 exam is a computer-based test featuring multiple-choice questions. Each question has four answer choices, and you must select the best answer based on your knowledge of the subject matter.
How much does it cost to take the Series 31 exam?
The cost to take the Series 31 exam is approximately $125. This fee is subject to change, so it is advisable to check with the Financial Industry Regulatory Authority (FINRA) or the exam provider for the most current pricing information.
How should I prepare for the Series 31 exam?
Preparation for the Series 31 exam involves studying the exam content outline, utilizing study guides and practice exams, and reviewing relevant materials on futures trading and managed funds. Consider enrolling in a preparatory course or using online resources to enhance your understanding of key concepts and test-taking strategies.
Are there any recommended study materials or courses for the Series 31 exam?
Recommended study materials for the Series 31 exam include official FINRA study guides, textbooks on futures markets and managed funds, and practice exams. Many candidates also benefit from enrolling in preparatory courses offered by specialized training providers, which can provide structured study plans and expert guidance.
How long does it typically take to prepare for the Series 31 exam?
The amount of time needed to prepare for the Series 31 exam varies depending on your prior knowledge and study habits. On average, candidates spend 4 to 6 weeks preparing for the exam, with a recommended study time of 10 to 15 hours per week. However, some may require more or less time based on their individual circumstances.
What is the difficulty level of the Series 31 exam?
The difficulty level of the Series 31 exam is considered moderate. It requires a solid understanding of futures markets and managed funds, as well as the ability to apply this knowledge in practice. The exam’s multiple-choice format can be challenging, so thorough preparation is essential to achieve a passing score.
Can I retake the Series 31 exam if I fail?
Yes, you can retake the Series 31 exam if you do not pass on your first attempt. There is no limit to the number of times you can retake the exam, but you must wait at least 30 days before retaking it. Each attempt requires a new registration and exam fee.
How many times can I retake the Series 31 exam?
There is no maximum number of attempts for the Series 31 exam. However, candidates must wait at least 30 days between attempts. Each retake requires payment of the exam fee and re-registration with the exam provider.
What are the registration procedures for the Series 31 exam?
To register for the Series 31 exam, you need to complete the registration process through FINRA’s website or the designated exam provider. This involves submitting an application, paying the exam fee, and selecting a test date and location. You will receive confirmation of your registration and instructions on how to schedule your exam.
How do I schedule my Series 31 exam?
After registering for the Series 31 exam, you can schedule your test through the exam provider’s online scheduling system. You will need to choose a convenient testing location and date based on availability. Follow the instructions provided to confirm your appointment and receive a confirmation email with details about your exam.
Where can I take the Series 31 exam?
The Series 31 exam is administered at Pearson VUE testing centers across the United States. You can select a test center location when scheduling your exam. Check the Pearson VUE website for a list of available test centers and to ensure that the location is convenient for you.
What should I bring on the day of the Series 31 exam?
On the day of your Series 31 exam, you should bring a valid government-issued photo ID, such as a driver’s license or passport, and any required confirmation documents provided by the exam provider. Personal items such as bags, books, or electronic devices are generally not allowed in the testing room.
How is the Series 31 exam scored?
The Series 31 exam is scored based on the number of correct answers. Each question is worth one point, and there are no penalties for incorrect answers. To pass, you need to correctly answer at least 70% of the questions. Your score will be calculated and reported immediately after you complete the exam.
How soon will I receive my Series 31 exam results?
You will receive your Series 31 exam results immediately upon completion of the test if you are taking it at a Pearson VUE testing center. The results are provided in real-time and include your score and whether you passed or failed the exam.
What are the career prospects after passing the Series 31 exam?
Passing the Series 31 exam opens up career opportunities in futures trading and managed funds. You can pursue roles such as futures fund manager, trading advisor, or portfolio manager specializing in futures investments. This certification enhances your qualifications and demonstrates your expertise to potential employers and clients.
How does the Series 31 exam fit into a broader career in finance?
The Series 31 exam is a specialized certification focusing on futures managed funds. It complements other financial certifications and licenses, such as the Series 7 or Series 63, by providing expertise in futures markets. This certification can enhance your credentials and career prospects within the broader field of finance and investment management.
What are the requirements for taking the Series 31 exam?
To take the Series 31 exam, you must be sponsored by a FINRA-member firm or be affiliated with an appropriate organization. There are no specific educational prerequisites, but a solid understanding of futures markets and managed funds is essential. It is also necessary to register and pay the exam fee before scheduling your test.
Are there any prerequisites for the Series 31 exam?
There are no formal prerequisites for the Series 31 exam, but it is highly recommended to have a strong grasp of futures markets and managed funds. Candidates typically benefit from relevant coursework or work experience in finance and investment before attempting the exam.
How does the Series 31 exam compare to other FINRA exams?
The Series 31 exam is more specialized compared to other FINRA exams, such as the Series 7 or Series 63. While the Series 7 covers a broad range of securities products and regulations, the Series 31 focuses specifically on futures managed funds. The level of detail and the focus of the Series 31 are tailored to those involved in futures trading and fund management.
What are the common mistakes to avoid when preparing for the Series 31 exam?
Common mistakes to avoid when preparing for the Series 31 exam include inadequate study time, neglecting to review all relevant topics, and failing to use practice exams effectively. Additionally, not familiarizing yourself with the exam format and question types can be detrimental. It’s crucial to follow a structured study plan and use high-quality study materials.
Can I use a study guide or practice exam to prepare?
Yes, using study guides and practice exams is highly recommended for preparing for the Series 31 exam. Study guides provide comprehensive coverage of exam topics, while practice exams help you familiarize yourself with the question format and test your knowledge under timed conditions. Both resources can enhance your preparation and confidence.
How often is the Series 31 exam updated?
The Series 31 exam is updated periodically to reflect changes in regulations, market practices, and industry standards. The updates ensure that the exam content remains relevant and accurate. It is important to use the most current study materials and stay informed about any changes to the exam content outline.
What is the validity period of the Series 31 exam certification?
The Series 31 exam certification does not expire, but you must meet ongoing continuing education requirements and maintain good standing with FINRA to keep your license active. It’s important to stay updated with any changes in regulations and complete any required training to remain compliant.
Are there any continuing education requirements after passing the Series 31 exam?
While the Series 31 certification itself does not have specific continuing education requirements, professionals must comply with general continuing education rules set by FINRA and their employer. Staying current with industry practices, regulations, and ongoing training is essential for maintaining professional competency and compliance.
What should I do if I have questions or issues during the exam preparation process?
If you have questions or issues during your exam preparation, consider reaching out to your study program provider or exam support services for assistance. You can also seek help from peers, professional forums, or financial industry experts. Addressing concerns early and seeking clarification will improve your chances of success on the exam.
