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Question 1

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Which statement about customer funds in a managed commodity account is most accurate?

They are generally sent to the carrying FCM or other proper account destination, not casually to the CTA

They should normally be made payable directly to the individual salesperson

They should be deposited into the CTA's office operating account first

They may be kept temporarily in the representative's personal escrow account

to track

2026 Statistics

Key Facts: Series 31 Exam

Scored Questions

FINRA

70%

Passing Score

FINRA

1 hour

Time Limit

FINRA

$90

Exam Fee

FINRA

No sponsor

To Sit for Exam

FINRA

200

Practice Questions

Open Exam Prep

FINRA currently lists Series 31 at 45 questions in 60 minutes with a 70% passing score, and FINRA's exam-fee table lists the exam fee at $90. NFA's official study outline publishes seven Series 31 subject buckets but does not publish numeric percentage weights, so this practice bank emphasizes managed-funds structure, disclosure timing, reporting deadlines, client-risk issues, and communications rules in proportion to outline breadth. As of March 11, 2026, I did not find a new 2026 Series 31 outline revision or exam-format change; recent NFA CPO/CTA guidance instead emphasizes cybersecurity, questionnaire accuracy, and allocation controls.

Sample Series 31 Practice Questions

Try these sample questions to test your Series 31 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 200+ question experience with AI tutoring.

1Which statement about customer funds in a managed commodity account is most accurate?

A.They are generally sent to the carrying FCM or other proper account destination, not casually to the CTA

B.They should normally be made payable directly to the individual salesperson

C.They should be deposited into the CTA's office operating account first

D.They may be kept temporarily in the representative's personal escrow account

Explanation: A core investor-protection principle is that customer money for a managed commodity account should go to the proper carrying account destination, typically the FCM, rather than to the adviser's casual control. This reduces custody abuse and confusion about who holds the funds.

2Before recommending a managed-futures program, the salesperson should understand the prospect's financial situation, objectives, and willingness to bear loss. This principle is best described as:

A.Suitability and customer-knowledge obligations

B.Exchange position-limit compliance

C.Tax-lot accounting

D.Clearinghouse novation

Explanation: Managed-futures recommendations should be grounded in a real understanding of the customer's objectives, financial condition, and risk tolerance. That customer-knowledge work supports the suitability and risk-disclosure process.

3A CTA manages several accounts using bunched orders. What is the compliance principle that matters most?

A.Order allocation should be fair and equitable under the firm's allocation procedures

B.Profitable accounts should always receive the best fills first

C.Retail accounts should always be filled last

D.Allocation matters only if the CTA has losses

Explanation: When orders are bunched and later allocated among accounts, the process has to be fair and consistent with the firm's procedures. Favoring preferred accounts would raise serious conflict and supervisory issues.

4A corporation expects to sell a commodity it produces in three months and fears prices will fall. The classic hedge is to:

A.Buy futures contracts now

B.Sell futures contracts now

C.Open a discretionary managed account with no hedge

D.Wait until delivery month and then decide

Explanation: A producer worried about falling prices typically uses a short hedge by selling futures. If cash prices decline, gains in the short futures position can offset weakness in the cash market.

5Which statement about diversification in managed futures is best?

A.Diversification guarantees profits in every market environment

B.Diversification may reduce concentration risk, but it does not eliminate the possibility of loss

C.Diversification means a pool may trade only one commodity sector at a time

D.Diversification removes the need for disclosure of leverage and fees

Explanation: Diversification can reduce concentration risk by spreading exposure across strategies or markets, but it does not guarantee gains or prevent losses. Managed-futures materials must avoid implying otherwise.

6Which statement would most likely defeat reliance on the common 15-person CTA exemption under Rule 4.14(a)(8)?

A.The CTA refrains from general advertising as a CTA

B.The CTA advises 12 persons in the prior 12 months

C.The CTA holds itself out generally to the public as a CTA

D.The CTA limits advice to commodity interests

Explanation: The rule requires both a limited client count and the absence of general public holding out as a CTA. Broadly advertising oneself to the public as a CTA undercuts that exemption condition.

7A CPO claims an available exemption from registration. Which statement is still correct?

A.Exemption from registration automatically removes all antifraud obligations

B.The CPO may still remain subject to antifraud and other applicable requirements

C.The CPO no longer needs to file any notice with NFA

D.The CPO becomes regulated solely by FINRA

Explanation: An exemption from registration does not create a free pass from antifraud principles or all other applicable requirements. Many exemptions still require notices, annual affirmations, or compliance with specific conditions.

8What is NFA's role in the futures industry?

A.It is a self-regulatory organization for the U.S. derivatives industry

B.It is the federal agency that writes all statutes governing futures

C.It is the clearinghouse for all U.S. futures contracts

D.It is the exchange that lists commodity pool interests

Explanation: NFA is the industry self-regulatory organization that oversees member compliance under CFTC authority. It is not Congress, a federal agency, a clearinghouse, or an exchange.

9A pool operator that exceeds the Rule 4.13(a)(3) trading thresholds but continues soliciting new investors as if the exemption still applies faces which core problem?

A.No problem, because thresholds are only advisory

B.The operator may no longer satisfy the exemption and may need registration or another valid basis for relief

C.The pool automatically becomes a bank

D.The operator becomes exempt from NFA review for the rest of the year

Explanation: The de minimis exemption depends on satisfying its trading and offering conditions. If the operator exceeds those thresholds, continued reliance on the exemption may be improper unless another valid basis for relief exists.

10Which statement about a CPO using Rule 4.7 relief is most accurate?

A.The CPO may receive certain disclosure and reporting relief when offering only to qualified eligible persons

B.The CPO no longer needs to tell investors anything about fees or risks

C.The CPO becomes exempt from NFA jurisdiction entirely

D.The CPO may solicit the general public without conditions

Explanation: Rule 4.7 can provide targeted relief from specified Part 4 requirements when the offering is limited to QEPs, but it does not erase all duties. Antifraud principles and the rule's conditions continue to matter.

About the Series 31 Exam

The Series 31 is the limited managed-funds proficiency exam administered by FINRA for the NFA framework. It is designed for FINRA-registered representatives whose futures activity is limited to soliciting commodity pool participations and CTA-managed discretionary accounts.

Assessment

45 scored questions

Time Limit

1 hour

Passing Score

70%

Exam Fee

$90 (NFA/FINRA)

Series 31 Exam Content Outline

Official weight not published (practice emphasis 10%)

General Market Knowledge

Futures-market structure, leverage, hedging versus speculation, pool basics, and the economic meaning of margin and notional exposure.

Official weight not published (practice emphasis 12%)

General Regulatory Knowledge

CFTC, NFA, and FINRA roles; CPO and CTA status; exemption frameworks; antifraud duties; and recordkeeping expectations.

Official weight not published (practice emphasis 8%)

NFA Members and Associates

Associated-person concepts, supervisory responsibility, registration filings, sponsorship distinctions, and the limited scope of Series 31 proficiency.

Official weight not published (practice emphasis 21%)

Managed Funds, CPOs, and CTAs

Commodity pool versus managed account structure, CPO and CTA responsibilities, trading authority, exemption monitoring, and program operations.

Official weight not published (practice emphasis 22%)

Pool Disclosure Documents and Reporting

Disclosure-document filing and updates, break-even analysis, performance presentation, participant statements, annual reports, and Forms PQR and PR.

Official weight not published (practice emphasis 20%)

Clients, Risk Disclosure, Managed Accounts, and Fees

Suitability, customer knowledge, leverage and loss disclosure, fund routing, managed-account economics, conflicts, and fee impact on net results.

Official weight not published (practice emphasis 7%)

Up-front Fees and Communications with the Public

Promotional-material standards, hypothetical performance controls, recordkeeping, up-front fee disclosure, and avoiding misleading net impressions.

How to Pass the Series 31 Exam

What You Need to Know

Passing score: 70%
Assessment: 45 scored questions
Time limit: 1 hour
Exam fee: $90

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

Series 31 Study Tips from Top Performers

1Memorize the structural distinctions first: commodity pool versus managed account, CPO versus CTA, participant versus client, and who actually holds the money and positions.

2Know the date rules cold. Series 31 likes disclosure-document age, performance-currentness, periodic statement timing, annual report timing, and Form PR/PQR deadlines.

3Treat fees as testable economics, not just vocabulary. You should be able to explain how management, incentive, brokerage, and up-front charges affect break-even and net results.

4Read every communications question skeptically. If a statement sounds one-sided, guaranteed, cherry-picked, or dismissive of risk, it is usually the wrong answer.

5Use practice questions to connect rules to sales scenarios. The exam is not only definitions; it tests whether you can apply the managed-funds rules to actual solicitations.

Frequently Asked Questions

What is the Series 31 exam?

Series 31 is the Futures Managed Funds Examination. It is the limited managed-funds proficiency exam used by FINRA-registered representatives whose futures activity is restricted to soliciting commodity pool participations and CTA-managed discretionary accounts.

How many questions are on Series 31?

FINRA currently lists 45 scored questions with a 60-minute time limit. The passing score is 70%, so candidates should aim well above the minimum on practice sets before scheduling.

Do I need a sponsor to take Series 31?

A firm sponsor is generally not required just to enroll for the exam. Sponsorship still matters later when the person seeks to act in the regulated managed-funds role through the appropriate registration framework.

Who should take Series 31 instead of broader futures proficiency?

Series 31 is for the limited managed-funds path. It is not a general futures-sales license and does not authorize broad solicitation of ordinary commodity futures trading accounts outside the managed-funds scope.

What topics matter most on Series 31?

The heaviest practical study areas are managed-funds structure, CPO versus CTA distinctions, disclosure-document timing, performance and break-even rules, participant and client reporting, risk disclosure, customer-funds handling, and communications standards. NFA publishes the subject buckets but not a numeric weighting table, so candidates should prepare broadly across all seven outline areas.

Did the Series 31 exam change for 2026?

As of March 11, 2026, I did not find a newly published 2026 Series 31 content-outline revision or exam-format change. The more relevant current changes are in NFA's 2026 CPO/CTA compliance reminders, which emphasize cybersecurity programs and incident notifications, accurate questionnaire reporting, and multi-account allocation controls.