Forex managers may soon face oversight by the Commodities Futures Trading Commission (CFTC). Last year's Farm Bill passed by Congress required the CFTC to propose Forex registration rules which would effectively require most Forex managers (and Forex hedge fund managers) to register. This generally will mean that all owners and associated persons of a Forex investment firm will need to provide proof to the NFA that they meet the minimum proficiency requirements. While the CFTC has not yet weighed in on this issues, it looks likely that the CFTC will require such managers to take and pass both the Series 3 Exam (National Commodities Futures Examination) and the Series 34 Exam (Retail Off-Exchange Forex Examination).
The Series 34 Exam Sections and Test Items
The National Futures Association (NFA) has provided potential examinees with an overview of the major topics which will be tested on the new Series 34 exam. There are five major test areas: (1) Forex definitions and terminology, (2) Forex concepts, (3) Forex regulations (basically all applicable NFA regulations), (4) Forex trading calculations, and (5) Forex trading risks. There are additional important items within these concept areas which Forex managers will need to be familiar with and study prior to taking the exam.
Signing Up and How to Prepare for Exam
Those persons who wish to take the exam will need to sign through FINRA's website by completing and submitting a Form U-10. After the applicant is in the system the applicant will be able to sign up to take the test through either Prometric or Pearson/Vue. The test is administered multiple times a day at various test sites so applicants will have a wide variety of testing times to choose from.
Preparation for the exam will be similar to how applicants prepare for the Series 34 exam. That is, applicants will want to read some sort of study guide and will want to drill practice questions. It is also a good idea to make flashcards for increased study opportunities.
[expert=Bart_Mallon]
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