The Series 3 test is for anyone who is going to act as an Associated Person, Commodity Trading Adviser, Commodity Pool Operator, Introducing Broker, or Futures Commission Merchant. Those who trade ForEx (foreign exchange) are under the jurisdiction of the NFA are a being required to sit for the Series 3 test.
The Series 3 exam is divided into ten categories and is graded in two groups: Market Knowledge and Rules/Regulations. The first nine of the following categories with 85 questions comprises the Market Knowledge Group; category ten, with 35 questions, comprises the Rules and Regulations Group. You must achieve a 70% on each group to pass the exam. Note that the NFA study outline has been changed to eight categories, essentially combining financial and agricultural hedging into one group and general speculation and spreading into one group.