Series 32 – Limited Futures Exam - Regulations

The Series 32 exam—the Limited Futures Examination-Regulations—is a National Futures Association (NFA) exam administered by FINRA.

The exam consists of 35 scored questions. Candidates have 45 minutes to complete the exam. The passing score is 70%.

Note: NFA exams are required to be taken in a test center. Online testing for NFA exams will be considered for individuals who live more than 150 miles from a testing center or those who are immunocompromised or experiencing underlying health conditions that put them at an increased risk for severe illness. Learn more by visiting the How to Schedule an Appointment to Take an Exam Online (Remotely) page.

For additional information about this exam, including the content outline, please visit the National Futures Association Proficiency Exam page.