About the NFA Series 32 Exam

About the NFA Series 32 Exam

The NFA Limited Futures Examination - Regulations, commonly called the Series 32, is offered to individuals who are registered by regulatory authorities in jurisdictions outside the U.S. where the NFA has determined that proficiency requirements are similar to its own. Candidates may use the Series 32 exam if, within the two years prior to filing the application, they have been registered or licensed to solicit customer business in futures in a jurisdiction outside of the U.S. Currently only the U.K, and Canada are recognized.

In order to be eligible for this alternative exam, applicants must submit proof of the appropriate registration or license to NFA, along with additional information or documentation relating to an applicant's market knowledge such as completion of the appropriate qualifications testing.

In the UK, an individual would need to be currently approved or have been approved as Control Function 30 (CF30) within the two years prior to filing the application and also provide one of the following Certificates in Derivatives:

  • Unit 3 – Derivatives, Unit 7 – Financial Derivatives
  • Unit 9 – Commodity Derivatives
  • Level 4 – Derivatives (Investment Advice Diploma – Derivatives)
  • If an exam candidate has been continuously approved as CF30 (previously CF21) since December 1, 2001, the individual would not be required to provide proof of having obtained a Certificate in Derivatives.


The test consists of 35 True/False and multiple-choice questions covering U.S. regulations and compliance. Please expect to spend approximately 1 hour at the Center as it will take time to sign in, go through the pre-test directions screens and answer any sample questions that you are given that affect neither your score nor count towards your test time. You will have 45 minutes to complete the actual test and required 35 questions.