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The Series 31 is the Futures Managed Funds Examination, a National Futures Association exam administered by the Financial Industry Regulatory Authority. Passing it allows broker-dealer representatives to sell interests in commodity pools and solicit managed futures accounts supervised by Commodity Trading Advisors. It is a limited-scope license designed specifically for registered representatives whose futures activity stays within the managed funds category.
Think of the Series 31 as the on-ramp to managed futures sales for Securities representatives who do not need the full Series 3 commodity futures license.
The Series 31 is for Financial Industry Regulatory Authority-registered general securities representatives at firms that are also National Futures Association members, either as Futures Commission Merchants or Introducing Brokers. You must already hold a Series 7 general securities representative license before you can qualify for Series 31 activity.
The license is designed for a narrow but specific role: selling interests in commodity pools, soliciting discretionary accounts to be managed by Commodity Trading Advisors, or supervising others who perform those same limited activities. You cannot use the Series 31 to solicit general commodity futures trading accounts. For broader futures solicitation, the Series 3 is required instead.
The Series 31 exam consists of 45 questions in a mix of true/false and multiple-choice formats. You have 60 minutes to complete it. The passing score is 70%. The exam fee is $90.
Topics covered in the exam include general futures market knowledge, commodity pool and Commodity Trading Advisor disclosure rules, margin requirements, regulatory requirements from the Commodity Futures Trading Commission and the National Futures Association, and associated person registration requirements.
Unlike most Financial Industry Regulatory Authority exams, a firm sponsor is not required to enroll for the Series 31. You can register for and sit for the exam before having a sponsoring firm in place. This is because the National Futures Association sets the registration protocol, not the Financial Industry Regulatory Authority. You file Form U10 rather than having your firm file a Form U4, which makes this exam one of the only Financial Industry Regulatory Authority-administered tests individuals can take without employer sponsorship.
After passing, you still need firm sponsorship to actually conduct managed futures activities in a regulated role.
If you do not pass, you must wait at least 30 days before retaking the exam. A second failure also requires a 30-day wait. A third failure triggers a 180-day waiting period before you can attempt the exam again. These rules apply consistently to Series 31 and other National Futures Association exams administered by the Financial Industry Regulatory Authority.
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