Podcast
Open Exam Prep
Hosted by Ran Chen, EA, CFP® · EN
Open Exam Prep: Mastering Financial Exams
The path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part.
Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals.
Each episode breaks down complex major exam topics into clear, digestible lessons, covering everything from tax planning and estate strategies to retirement solutions and investment principles. Whether you’re studying during your commute, workout, or downtime, we are here to guide you—one question, one topic, one victory at a time.
Visit for more content: https://open-exam-prep.com/
71episodes
Episodes
Newest firstAll episodes
Series 7 Exam Prep 48, Straddles and Combinations
3d ago00:03:12Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A long straddle (buying a call and a put) is for investors expecting high volatility, with unlimited gain potential and a maximum loss equal to the premiums paid. - A short straddle (selling a call and a put) is for investors expecting low volatility, with a maximum gain equal to the premiums received and unlimited loss potential. - Straddles have two breakeven points, calculated by adding and subtracting the total premium from the strike price. - Combinations are similar to straddles but involve options with different strike prices or expiration dates. - The mnemonic SILO helps remember the profit zones: Short Inside (you want the price between the breakevens) and Long Outside (you want the price beyond the breakevens). For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 47, Options Spreads
4d ago00:03:17Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How to identify a spread as a debit or credit and its implications for max gain and loss. - The method for determining if a spread is bullish or bearish, even without given premiums. - Step-by-step calculations for maximum gain, maximum loss, and breakeven for both call and put spreads. - The difference between wanting a spread to widen versus narrow and its relation to exercise or expiration. - A mnemonic to easily remember the desired outcome for debit and credit spreads. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 46, Covered Calls and Protective Puts
5d ago00:04:15Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A covered call is an income strategy where you sell a call against a stock you own, capping your upside but lowering your breakeven point. - The breakeven for a covered call is the stock's cost basis minus the premium received. - A protective put is a risk management strategy where you buy a put to set a floor on the potential loss of a stock you own. - The breakeven for a protective put is the stock's cost basis plus the premium paid. - Suitability is key: covered calls are for neutral-to-bullish investors seeking income, while protective puts are for bullish investors seeking downside protection. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 45, Short Calls and Short Puts
6d ago00:03:25Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Selling an option creates an obligation to either sell stock (short call) or buy stock (short put). - The maximum gain for any short option position is always limited to the premium collected. - A short uncovered call has unlimited maximum loss, making it one of the riskiest equity strategies. - The breakeven for a short call is the strike price plus the premium; for a short put, it's the strike price minus the premium. - Due to their high-risk nature, uncovered short options are unsuitable for conservative, risk-averse investors. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 44, Long Calls and Long Puts
1w ago00:03:36Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A long call is a bullish strategy with unlimited maximum gain and a maximum loss limited to the premium paid. - A long put is a bearish strategy where the maximum gain is the strike price minus the premium, and the maximum loss is the premium paid. - The breakeven point for a long call is calculated by adding the premium to the strike price (Strike + Premium). - The breakeven point for a long put is calculated by subtracting the premium from the strike price (Strike - Premium). - Use the mnemonic "Call Up, Put Down" to remember the breakeven calculations: for calls, you add the premium to the strike; for puts, you subtract. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 43, Options Contract Basics
1w ago00:03:31Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A call option gives the buyer the right to buy a stock, while a put option gives the right to sell. - An option's premium is composed of its intrinsic value (the in-the-money amount) and its time value. - A call is 'in-the-money' when the market price is above the strike price; a put is 'in-the-money' when the market price is below the strike price. - Exercise is the act of the buyer using their right, while assignment is the seller being obligated to fulfill the contract. - Options trading requires special account approval and risk disclosure due to the complexity and potential for significant losses. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 42, Variable Life and Insurance Products
1w ago00:03:08Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That in variable insurance products, the policyholder bears the investment risk, and the cash value fluctuates based on the performance of the separate account. - The key difference between Variable Life (fixed premiums) and Variable Universal Life (flexible premiums and death benefits). - That the separate account holds the investment subaccounts for variable contracts, segregated from the insurer's general account. - Since variable contracts are securities, they must be sold with a prospectus and require both insurance and securities licenses to sell. - While the cash value is not guaranteed, a variable life policy has a minimum guaranteed death benefit. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 41, Variable Annuity Suitability and Exchanges
1w ago00:05:29Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Why FINRA Rule 2330 is the critical regulation for variable annuity recommendations and the specific customer information required. - How to identify and analyze common exam traps related to deferred sales charges (CDSCs), bonus credits, and different share classes. - The key tax consequences of variable annuity withdrawals, including ordinary income treatment, LIFO accounting for earnings, and early withdrawal penalties. - The stringent suitability considerations for 1035 exchanges, including the 36-month rule and the need to demonstrate a clear client benefit. - The heightened suitability standards for senior investors and the crucial role of principal review and approval in the sales process.
Transcribe →Series 7 Exam Prep 40, Variable Annuities Basics
2w ago00:02:53Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That variable annuity premiums are invested in a separate account, meaning the contract owner bears the investment risk. - How accumulation units are purchased during the pay-in phase and convert to a fixed number of annuity units at annuitization, resulting in a variable payout. - That all growth within a variable annuity is tax-deferred, with withdrawals taxed as ordinary income. - About key costs like surrender charges for early withdrawals and mortality and expense (M&E) charges that cover insurance guarantees. - Why variable annuities are only suitable for long-term retirement goals and generally not for seniors or those needing liquidity. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
Transcribe →Series 7 Exam Prep 39, ETFs, Closed-End Funds, and UITs
2w ago00:03:14Tap to summarizeThis podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That ETFs and Closed-End Funds trade intraday on exchanges, unlike mutual funds which price once daily at NAV. - Why an ETF's price stays close to its NAV due to the creation and redemption process by authorized participants. - How Closed-End Funds have a fixed number of shares, causing their market price to be driven purely by supply and demand. - The two defining, testable features of a Unit Investment Trust (UIT): a fixed, unmanaged portfolio and a specific termination date. - That UITs are redeemable securities, priced at NAV with the issuer, and do not trade on the secondary market. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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