Wiley - Wiley FINRA Series 3 Exam Review 2017: The National Commodities Futures Examination

This series includes the following titles:

Wiley Series 3 Exam Review 2017 + Test Bank: National Commodities Futures Examination

Wiley Series 4 Exam Review 2017 + Test Bank: The Registered Options Principal Examination

Wiley Series 6 Exam Review 2017 + Test Bank: The Investment Company and Variable Contracts Products Representative Examination

Wiley Series 7 Exam Review 2017 + Test Bank: The General Securities Representative Examination

Wiley Series 9 Exam Review 2017 + Test Bank: The General Securities Sales Supervisor ExaminationOption Module

Wiley Series 10 Exam Review 2017 + Test Bank: The General Securities Sales Supervisor ExaminationGeneral Module

Wiley Series 24 Exam Review 2017 + Test Bank: The General Securities Principal Examination

Wiley Series 26 Exam Review 2017 + Test Bank: The Investment Company and Variable Contracts Products Principal Examination

Wiley Series 57 Exam Review 2017 + Test Bank: Test Bank: The Securities Trader Examination

Wiley Series 62 Exam Review 2017 + Test Bank: The Corporate Securities Representative Examination

Wiley Series 63 Exam Review 2017 + Test Bank: The Uniform Securities State Law Examination

Wiley Series 65 Exam Review 2017 + Test Bank: The Uniform Investment Adviser Law Examination

Wiley Series 66 Exam Review 2017 + Test Bank: The Uniform Combined State Law Examination

Wiley Series 99 Exam Review 2017 + Test Bank: The Operations Professional Examination

For more on this series, visit the website at www.efficientlearning.com/finra.

Cover Design: Wiley
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Copyright 2017 by The Securities Institute of America, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Previous editions published by The Securities Institute of America, Inc.

Published simultaneously in Canada.

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ISBN 978-1-119-37976-8 (Paperback)
ISBN 978-1-119-39998-8 (ePDF)
ISBN 978-1-119-39997-1 (ePub)

Congratulations! You are on your way to becoming licensed to transact business in commodity futures and options on futures. The Series 3 exam is a 120-question exam presented in both multiple-choice and true/false format. Each candidate will have 2 hours and 30 minutes to complete the exam. A score of 70% or higher is required on each of the two sections to pass. The Series 3 is as much a knowledge test as it is a reading test. The writers and instructors at The Securities Institute have developed the Series 3 textbook and exam prep software to ensure that you have the knowledge required to pass the test and that you are confident in your ability to apply that knowledge during the exam.

IMPORTANT EXAM NOTE!

The Series 3 exam is one of the only exams that contains both multiple choice style questions and true / false style questions. The Series 3 also requires a passing score of 70% in each of the two sections of the test to pass the exam.

To contact The Securities Institute of America, visit us on the Web at www.SecuritiesCE.com or call 877-218-1776.

The Series 3 exam is presented in multiple-choice format on a touch-screen computer known as the PROCTOR system. No computer skills are required, and candidates will find that the test screen works in the same way as an ordinary ATM machine. Each test is made up of 120 questions that are randomly chosen from a test bank of several thousand questions. The test has a time limit of 2 hours and 30 minutes, which is enough time for all candidates to complete the exam. Each Series 3 exam includes questions that focus on the following areas:

Part 1

• Futures Trading Theory and Futures Terminology16 questions
• Futures Margins, Options Premiums, Price Limits, Settlements, Delivery, Exercise and Assignment15 questions
• Types of Orders, Customer Accounts, Price Analysis11 questions
• Basic Hedging and Hedging calculations9 questions
• Financial Hedging10 questions
• Spreading3 questions
• Speculation in Commodity Futures, Financial Futures16 questions
• Option Speculation, Hedging, and Spreading5 questions

Part 2

• CFTC/NFA Rules and Regulations35 Questions

For most candidates, the combination of reading the textbook and taking as many practice questions as they can proves to be enough to successfully complete the exam. It is recommended that you spend at least 60 to 70 hours preparing for the exam by reading the textbook, underlining key points, and completing as many practice questions as possible. We recommend that students schedule the exam no more than 1 week after completing their Series 3 exam prep.

Test-Taking Tips

• Read the full question before answering.
• Identify what the question is asking.
• Identify key words and phrases.
• Watch out for hedge clauses, such as except and not.
• Eliminate wrong answers.
• Identify synonymous terms.
• Be wary of changing answers.