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Prep for Series 3 Exam?
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Prep for Series 3 Exam?

  #1 (permalink)
Seattle, WA
 
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Prep for Series 3 Exam?

I'm considering taking the NFA's Series 3 (Futures) Exam. What are the most efficient study guides, online courses, etc. for its preparation? Your experience with any of them? Your recommendations?

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  #3 (permalink)
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seattle7 View Post
I'm considering taking the NFA's Series 3 (Futures) Exam. What are the most efficient study guides, online courses, etc. for its preparation? Your experience with any of them? Your recommendations?

This thread may help

https://futures.io/traders-hideout/4805-cta-series-3-series-7-series-9-series-10-series-56-nasd-exams-certifications.html

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  #4 (permalink)
Seattle, WA
 
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xplorer, thank you.

As it happens, I read that series of posts yesterday. It was the only series of posts I found on futures.io about the subject, and I wanted to see if anyone else had any ideas, so I made the post that I did. Apparently, taking the Series 3 exam is not particularly popular among retail futures traders, as the number of posts about it is slight.

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  #5 (permalink)
London UK
 
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seattle7 View Post
xplorer, thank you.

As it happens, I read that series of posts yesterday. It was the only series of posts I found on futures.io about the subject, and I wanted to see if anyone else had any ideas, so I made the post that I did. Apparently, taking the Series 3 exam is not particularly popular among retail futures traders, as the number of posts about it is slight.

I remember @artemiso mentioning Series 3 in another post. Perhaps he/she has some more insight.

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  #6 (permalink)
Market Wizard
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Thanks @xplorer for the mention.


seattle7 View Post
I'm considering taking the NFA's Series 3 (Futures) Exam. What are the most efficient study guides, online courses, etc. for its preparation? Your experience with any of them? Your recommendations?

I recommend just 2 reading materials for the NFA exam. The NFA's free study outline (https://www.nfa.futures.org/registration-membership/study-outlines/SO-Series3.pdf) and either Kaplan (https://www.amazon.com/Securities-License-National-Commodity-Futures/dp/1475427379) or STC's guide (https://www.stcusa.com/securities/licensing/us/series-3/). I've never used STC's personally but a few friends used them and were happy, so my feedback will be superficial there. I used Kaplan's which had about 1-2 errors and incorrect answers per chapter at the time, but I think those errors were relatively easy to spot if you have practical trading experience.

I also strongly recommend getting access to test questions like Kaplan's SecuritiesPro QBank (https://www.kaplanfinancial.com/securities/series-3/) which have very similar wording and flavor to the actual exam questions, and really help to prepare you for the exam. The exam itself is fairly easy but a common complaint I've seen among my traders is that they run out of time, which is why sample questions like these are very helpful.

Understanding basis and hedging calculations and having rote memory of regulations will get you 80% of the way there.

If you've never taken a securities exam before and you're willing to pay some $10 to give yourself a leg up, I recommend you buy a letter-sized whiteboard (like this https://www.amazon.com/Brands-Contempo-Magnetic-Erase-Inches/dp/B00PRYQA4E/) and the lousiest calculator you can find (I'm talking like this one https://www.amazon.com/Victor-900-Standard-Function-Calculator/dp/B0006ZIJ7K) and do all your practice with these 2. Because if you're not used with these, you're going to lose maybe 20% of your time just dealing with the inefficiency of a lousy calculator and dry erase scratch paper - which I really don't understand, even elementary school kids get better writing materials.

As for actual study time, it took me about 1 weekend of dedicated study time and my score was around 90~% for both sections, I think one can pull it off anywhere between 1-7 full days of studying.


Last edited by artemiso; April 10th, 2019 at 12:42 AM.
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