200+ Free Series 31 Practice Questions
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Key Facts: Series 31 Exam
45
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.
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
General Market Knowledge
Futures-market structure, leverage, hedging versus speculation, pool basics, and the economic meaning of margin and notional exposure.
General Regulatory Knowledge
CFTC, NFA, and FINRA roles; CPO and CTA status; exemption frameworks; antifraud duties; and recordkeeping expectations.
NFA Members and Associates
Associated-person concepts, supervisory responsibility, registration filings, sponsorship distinctions, and the limited scope of Series 31 proficiency.
Managed Funds, CPOs, and CTAs
Commodity pool versus managed account structure, CPO and CTA responsibilities, trading authority, exemption monitoring, and program operations.
Pool Disclosure Documents and Reporting
Disclosure-document filing and updates, break-even analysis, performance presentation, participant statements, annual reports, and Forms PQR and PR.
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.
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
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.