Who this Study Plan is for
This plan is for candidates preparing for FINRA’s Series 31 — Futures Managed Funds Examination, exam code Series 31. It is built for candidates who need to organize limited study time around futures managed funds, commodity pool and CTA concepts, disclosure responsibilities, customer suitability, account and documentation issues, and regulator-facing vocabulary.
The Series 31 rewards practical recognition: knowing what a representative may say, what must be disclosed, how futures-related products differ from traditional securities products, and how managed futures products are regulated and presented to customers.
Use the plan that matches your calendar, then keep the same daily rhythm: learn, drill, review missed questions, and periodically test under time pressure.
Which plan should you use?
| Time until exam | Best for | Main goal | Risk level | What to prioritize |
|---|
| 7 days | Final-review candidates or retakers | Convert weak areas into points | High | Diagnostics, missed questions, disclosure rules, suitability, terminology |
| 14 days | Candidates with finance background but limited futures exposure | Build exam-ready recognition quickly | Moderate to high | Core content review plus daily question sets |
| 30 days | Most working candidates | Balanced learning, practice, and timed review | Moderate | Full topic coverage, steady drills, mock exams |
| 60/90 days | Candidates new to futures, managed funds, or regulatory language | Build durable understanding before speed | Lower | Concept mastery, vocabulary, repeated spaced review |
Quick decision rule
| If this describes you | Use this path |
|---|
| You have already completed most content and need structure for the final week | 7-day final review |
| You have two weeks and can study most days | 14-day focused plan |
| You are starting from a reasonable finance foundation | 30-day balanced plan |
| You are new to futures, commodity pools, CTAs, CPOs, margin concepts, or NFA/CFTC terminology | 60/90-day full preparation path |
Core study priorities for Series 31
Do not treat every page of material the same. For the Series 31, the most valuable preparation usually comes from being able to recognize applied rules and customer-facing issues.
| Priority area | What to be able to do | Practice method |
|---|
| Futures and managed futures vocabulary | Distinguish futures, commodity interests, commodity pools, CTAs, CPOs, managed accounts, and fund structures | Flashcards plus short definition drills |
| Customer suitability | Match customer facts to appropriate or inappropriate recommendations | Scenario questions |
| Risk disclosure | Identify required risk explanations and misleading statements | Explanation review and rule-based drills |
| Registration and regulatory concepts | Recognize the roles of FINRA, NFA, CFTC, associated persons, firms, CPOs, and CTAs in context | Terminology maps |
| Promotional and sales communications | Spot exaggerated claims, omitted risks, improper performance presentation, and misleading comparisons | “What is wrong with this statement?” drills |
| Account opening and documentation | Know what information, acknowledgments, and approvals matter before solicitation or transaction activity | Checklist drills |
| Futures account mechanics | Understand margin, leverage, settlement, offset, delivery concepts, and how gains/losses can arise | Small calculation and concept drills |
| Ethics and compliance | Apply supervision, fair dealing, disclosure, and recordkeeping logic | Mixed scenario sets |
Daily practice rhythm
Use this rhythm on nearly every study day, whether you have 45 minutes or 3 hours.
| Time block | Action | Purpose |
|---|
| 5-10 minutes | Review yesterday’s missed-question log | Prevent repeated mistakes |
| 20-45 minutes | Study one focused topic | Build understanding before drilling |
| 20-45 minutes | Complete topic questions | Convert reading into recall |
| 10-20 minutes | Review every missed or guessed question | Find the rule, not just the answer |
| 5 minutes | Write 3 takeaways | Create a concise review trail |
For longer sessions, repeat the study-and-drill cycle twice before doing mixed questions.
Minimum daily target
| Available time | Minimum effective work |
|---|
| 30 minutes | 15 topic questions, review misses, update error log |
| 60 minutes | One topic block plus 25-35 questions |
| 90 minutes | One topic block, 40-50 questions, missed-question review |
| 2+ hours | Two topic blocks, mixed quiz, error-log review |
Missed-question review method
A missed question is useful only if you turn it into a rule you can reuse.
Create a missed-question log with these columns:
| Column | What to record |
|---|
| Date | When you missed it |
| Topic | Suitability, disclosure, registration, futures mechanics, communications, etc. |
| Error type | Did not know rule, misread facts, confused terms, overthought, calculation/process error |
| Correct rule | One sentence in your own words |
| Trigger words | Words in the question that should have pointed you to the rule |
| Retest date | 2-4 days later |
| Status | Open, improved, mastered |
Error types to watch for on Series 31
| Error type | Example | Fix |
|---|
| Vocabulary confusion | Mixing up CTA, CPO, commodity pool, managed account | Build a comparison table |
| Suitability shortcut | Recommending based only on investment objective and ignoring risk tolerance or liquidity needs | Force yourself to list customer facts first |
| Disclosure gap | Recognizing a product benefit but missing required risk discussion | Pair every benefit with its risk |
| Performance presentation error | Accepting a claim because it sounds plausible | Ask whether it is balanced, documented, and not misleading |
| Regulatory-role confusion | Confusing FINRA, NFA, and CFTC functions | Use regulator-role flashcards |
| Futures mechanics weakness | Forgetting leverage, margin, or offset implications | Drill small examples until fluent |
7-day final review plan
Use this if your exam is one week away. Do not try to relearn everything. Your job is to identify the highest-value weak spots and stop repeating mistakes.
| Day | Main objective | Study actions | Practice target |
|---|
| 1 | Baseline diagnosis | Take a mixed diagnostic set under timed conditions. Categorize every miss. | One diagnostic set |
| 2 | Disclosure and risk | Review risk disclosure, leverage, volatility, loss potential, performance presentation, and misleading statements. | Topic drill plus missed-question review |
| 3 | Suitability and customer facts | Drill scenarios involving objectives, risk tolerance, liquidity, net worth, experience, and concentration. | Scenario set |
| 4 | Regulatory vocabulary | Review FINRA Series 31 terminology, NFA/CFTC roles, CTA/CPO concepts, commodity pools, and associated person issues. | Flashcards plus mixed questions |
| 5 | Futures mechanics and account concepts | Review margin, leverage, offset, settlement, account documentation, and managed account logic. | Mixed concept/calculation drill |
| 6 | Timed mock and repair | Take a timed mock or large mixed set. Spend more time reviewing than testing. | One mock or large mixed set |
| 7 | Light final review | Review error log, formulas/processes, definitions, and exam-day checklist. Stop adding new material. | Light recall only |
7-day rules
- Stop reading long chapters unless a diagnostic proves the topic is weak.
- Review all guessed questions, even if correct.
- Do not take multiple full mocks on the final day.
- Convert every miss into a one-sentence rule.
- Focus on customer-facing judgment: suitability, risk, disclosure, and fair presentation.
14-day focused plan
Use this if you have two weeks and can study most days. The goal is to cover the full exam footprint quickly, then spend the second week on mixed application.
| Day | Focus | Study actions |
|---|
| 1 | Diagnostic and plan setup | Take a mixed diagnostic. Build your error log. Identify top 3 weak areas. |
| 2 | Futures basics | Review contracts, margin, leverage, offset, settlement, hedging/speculation distinctions. |
| 3 | Managed futures structures | Review commodity pools, CTAs, CPOs, managed accounts, and investor-facing descriptions. |
| 4 | Risk disclosure | Drill risk statements, loss potential, performance presentation, and required cautionary language concepts. |
| 5 | Suitability | Practice customer scenarios and recommendation judgment. |
| 6 | Registration and regulatory roles | Review FINRA, NFA, CFTC, associated persons, firms, CTA/CPO vocabulary, and supervision concepts. |
| 7 | Mixed quiz and repair | Take a mixed set. Review all misses and guesses. Update weak-area list. |
| 8 | Communications and sales practices | Drill advertising, promotional claims, projections, testimonials, balanced presentation, and prohibited implications. |
| 9 | Account documentation | Review account opening, disclosures, approvals, customer information, and recordkeeping logic. |
| 10 | Futures account mechanics | Drill margin, leverage effects, gains/losses, offset, and account activity vocabulary. |
| 11 | Compliance scenarios | Practice ethical, supervisory, and customer-protection questions. |
| 12 | Timed mock | Take a timed mock or large mixed set. Simulate exam pacing. |
| 13 | Targeted repair | Re-study only weak topics shown by the mock. Retake missed-question categories. |
| 14 | Final review | Review condensed notes, error log, vocabulary, and exam-day checklist. No new material. |
14-day pacing
| Session type | Frequency |
|---|
| Topic study | Days 2-6 and 8-11 |
| Mixed questions | At least every other day |
| Missed-question log | Daily |
| Timed mock or large mixed set | Day 12 |
| Final light review | Day 14 |
30-day balanced plan
Use this if you are starting with about one month. This path works well for working candidates because it alternates content, drilling, and review.
Weekly structure
| Week | Goal | Main work |
|---|
| Week 1 | Build the foundation | Futures basics, managed futures vocabulary, regulatory roles |
| Week 2 | Add customer and product judgment | Suitability, disclosure, communications, account documentation |
| Week 3 | Practice application | Mixed questions, scenario sets, futures mechanics, compliance issues |
| Week 4 | Simulate and refine | Timed mocks, weak-area repair, final review |
30-day schedule
| Day | Focus | Study actions |
|---|
| 1 | Diagnostic | Take a short mixed diagnostic. Set up your error log. |
| 2 | Futures contracts | Review contract basics, long/short exposure, offset, settlement, delivery concepts. |
| 3 | Margin and leverage | Drill how margin and leverage affect risk and loss potential. |
| 4 | Managed futures overview | Review commodity pools, CTAs, CPOs, and managed account concepts. |
| 5 | Vocabulary review | Build a one-page glossary. Drill definitions. |
| 6 | Topic quiz | Futures basics and managed futures structures. |
| 7 | Weekly review | Rework missed questions from Days 1-6. |
| 8 | Risk disclosure | Review required risk themes and customer-facing explanations. |
| 9 | Performance presentation | Drill misleading claims, balanced disclosure, and historical performance issues. |
| 10 | Suitability facts | Review customer profile factors and recommendation judgment. |
| 11 | Suitability scenarios | Complete a scenario-heavy question set. |
| 12 | Communications | Review sales literature, advertising, oral statements, and prohibited implications. |
| 13 | Account documentation | Review customer information, acknowledgments, approvals, and records. |
| 14 | Mixed review | Take a mixed quiz covering Weeks 1-2. |
| 15 | Regulatory framework | Review FINRA, NFA, CFTC, CTA/CPO, associated person, and firm responsibilities. |
| 16 | Supervision and compliance | Drill supervision, fair dealing, disclosure, complaints, and recordkeeping concepts. |
| 17 | Futures mechanics repair | Revisit margin, leverage, offset, gains/losses, and terminology. |
| 18 | Product comparison | Compare managed futures with traditional funds and securities products at a conceptual level. |
| 19 | Mixed question set | Take a larger mixed set under moderate time pressure. |
| 20 | Error-log repair | Re-study the two weakest categories. |
| 21 | Timed mini-mock | Take a timed mini-mock or large mixed set. Review thoroughly. |
| 22 | Mock analysis | Categorize misses by topic and error type. |
| 23 | Weak area 1 | Focused review and drill. |
| 24 | Weak area 2 | Focused review and drill. |
| 25 | Weak area 3 | Focused review and drill. |
| 26 | Full mixed practice | Take a timed mock or large mixed set. |
| 27 | Rule consolidation | Create final sheets: suitability, disclosure, regulatory vocabulary, futures mechanics. |
| 28 | Missed-question retest | Redo missed and guessed questions without looking at explanations first. |
| 29 | Final review | Light study only. Review glossary, error log, and exam-day process. |
| 30 | Pre-exam reset | Stop adding new material. Do brief recall and rest. |
30-day weekly checklist
| By the end of | You should be able to |
|---|
| Week 1 | Explain basic futures mechanics and managed futures structures in plain language |
| Week 2 | Apply suitability and disclosure rules to customer scenarios |
| Week 3 | Handle mixed questions without relying on topic labels |
| Week 4 | Identify your recurring mistakes and correct them under timed conditions |
60/90-day full preparation path
Use this path if you are new to futures, have a demanding work schedule, or want more spacing between study blocks. The 60-day version combines some review weeks. The 90-day version gives more time for repetition and retention.
Phase overview
| Phase | 60-day timing | 90-day timing | Goal |
|---|
| Phase 1: Foundation | Days 1-15 | Days 1-25 | Learn vocabulary and basic mechanics |
| Phase 2: Product and regulation | Days 16-30 | Days 26-45 | Understand managed futures, CTA/CPO concepts, and regulatory roles |
| Phase 3: Customer application | Days 31-45 | Days 46-65 | Practice suitability, disclosure, communications, and documentation |
| Phase 4: Exam conditioning | Days 46-60 | Days 66-90 | Timed practice, mocks, repair, and final review |
Phase 1: Foundation
| Topic | Study actions | Practice |
|---|
| Futures contract basics | Learn long/short exposure, offset, delivery/settlement vocabulary, and contract purpose | Definition and concept questions |
| Margin and leverage | Understand why small market moves can create large percentage gains or losses | Short scenario drills |
| Hedging vs speculation | Recognize why futures may be used and how risk changes | Comparison drills |
| Managed futures vocabulary | Learn commodity pool, CTA, CPO, managed account, associated person, and related terms | Flashcards |
| Regulator vocabulary | Build a basic map of FINRA, NFA, and CFTC references as they appear in study materials | Matching drills |
Phase 2: Product and regulation
| Topic | Study actions | Practice |
|---|
| Commodity pools | Review structure, investor participation, risks, and disclosure logic | Scenario questions |
| CTAs and CPOs | Distinguish advisory and pool operation concepts | Role-comparison drills |
| Offering and disclosure concepts | Focus on what customers must understand before investing | Rule application questions |
| Performance presentation | Learn how returns, prior performance, and risk statements can become misleading | Communications drills |
| Supervision and compliance | Review firm responsibilities, fair dealing, and recordkeeping themes | Mixed compliance questions |
Phase 3: Customer application
| Topic | Study actions | Practice |
|---|
| Suitability | Work from customer facts: objective, experience, risk tolerance, liquidity, financial situation, time horizon | Scenario sets |
| Risk explanation | Practice explaining leverage, volatility, loss potential, fees/expenses, and strategy limitations | “Best disclosure” questions |
| Documentation | Review customer information, disclosures, acknowledgments, approvals, and recordkeeping | Checklist questions |
| Sales conversations | Identify prohibited exaggeration, omitted risk, and improper guarantees | Statement-analysis drills |
| Mixed review | Remove topic labels and practice recognizing the issue independently | Mixed quizzes |
Phase 4: Exam conditioning
| Week | Main work |
|---|
| First conditioning week | Take a timed mock or large mixed set. Analyze by topic and error type. |
| Middle conditioning week | Repair weakest areas. Retest old missed questions. Increase mixed-question volume. |
| Final conditioning week | Take one more timed mock early in the week, then reduce intensity and focus on recall. |
| Last 48 hours | Light review only. No new chapters, no marathon testing. |
60/90-day study frequency
| Candidate schedule | Recommended rhythm |
|---|
| Busy full-time work schedule | 4 study days per week, 45-75 minutes each, plus one longer weekend block |
| Moderate availability | 5 study days per week, 60-90 minutes each |
| High availability | 5-6 study days per week with one rest or light-review day |
Topic rotation for practice questions
Rotate topics so you do not become dependent on chapter order.
| Practice day type | Question mix |
|---|
| Topic drill day | 80% current topic, 20% older material |
| Review day | 50% missed-question retest, 50% weak topics |
| Mixed day | Broad mix across all Series 31 topics studied so far |
| Mock day | Timed, no notes, realistic pacing |
| Final-week day | Missed questions, high-yield rules, light mixed sets |
When to use timed mock exams
Timed mocks are most useful after you have enough content coverage to learn from the results.
| Preparation length | When to take timed mocks or large mixed sets |
|---|
| 7 days | Day 1 diagnostic and Day 6 mock or large mixed set |
| 14 days | Day 1 diagnostic and Day 12 timed mock |
| 30 days | Around Day 21 and Day 26 |
| 60 days | Around Days 40-45 and Days 52-55 |
| 90 days | Around Days 60-65, 75-80, and early in the final week |
How to review a mock
Do not only record the score. Review it in this order:
- Mark every missed and guessed question.
- Assign each to a topic.
- Assign each to an error type.
- Write the correct rule in one sentence.
- Re-study only the weak topics that produced repeated errors.
- Retest those topics within 48 hours.
- Save one final mixed set for pacing confidence, not for learning new content.
Series 31 scenario practice method
Many Series 31 questions test whether you can apply a rule to a customer or communication scenario. Use this method:
- Identify the role: representative, firm, customer, CTA, CPO, pool participant, or account holder.
- Identify the product or activity: commodity pool, managed futures, futures account, sales communication, or recommendation.
- List the customer facts: risk tolerance, liquidity need, investment objective, financial situation, experience, concentration, and time horizon.
- Find the disclosure issue: leverage, volatility, loss potential, fees, prior performance, conflicts, or limitations.
- Eliminate answers that sound too absolute: guarantees, certainty, minimized risk, or unsupported performance claims.
- Choose the answer that best protects the customer and follows the rule.
Calculation and mechanics practice
The Series 31 is not best approached as a pure math exam, but you should be comfortable with futures mechanics and simple gain/loss logic when your materials require it.
| Skill | What to practice |
|---|
| Margin concept | Why margin is not the full purchase price and why leverage magnifies results |
| Long vs short exposure | Who benefits from price increases or decreases |
| Offset | How a futures position may be closed |
| Gain/loss direction | Whether the position benefits or loses from the market move |
| Risk explanation | How to describe loss potential clearly to a customer |
Use plain-language explanations after any calculation. If you can compute an answer but cannot explain the risk, keep drilling.
Final-week rules
During the final week, your goal changes from learning to execution.
| Do | Avoid |
|---|
| Review your missed-question log daily | Reading large new sections for the first time |
| Retake weak topic drills | Taking repeated mocks without review |
| Practice suitability and disclosure scenarios | Memorizing isolated phrases without context |
| Review regulator and product vocabulary | Ignoring guessed questions |
| Sleep and keep sessions focused | Studying heavily late the night before |
Stop adding new material when
- You are within 48 hours of the exam.
- New material is creating confusion instead of clarity.
- Your weakest areas are already known from mocks.
- You have not yet reviewed your missed-question log.
- You are tempted to replace review with passive reading.
Exam-readiness checks
You are closer to ready when you can do the following without notes:
| Readiness check | Yes/No |
|---|
| Explain the difference between commodity pools, CTAs, CPOs, and managed accounts | |
| Identify why managed futures products may be unsuitable for certain customers | |
| Recognize misleading performance or risk statements | |
| Explain leverage and margin risk in customer-friendly language | |
| Apply suitability factors to customer scenarios | |
| Distinguish the roles of FINRA, NFA, and CFTC references in your study materials | |
| Handle mixed practice questions without relying on chapter labels | |
| Review a missed question and state the underlying rule | |
| Complete a timed mixed set without rushing or freezing | |
| Know what you will review, and what you will not review, in the final 24 hours | |
Practical next step
Choose the schedule that matches your exam date, take a diagnostic or mixed practice set, and build your missed-question log before doing more reading. For Series 31, the fastest improvement usually comes from repeated practice with suitability, disclosure, managed futures vocabulary, communications, and futures risk scenarios.