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/
90episodes
Episodes
Newest firstAll episodes
Series 7 Exam Prep 67, Anti-Money Laundering and Suspicious Activity
Yesterday00:03:56Tap 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: - The four essential pillars of a broker-dealer's Anti-Money Laundering (AML) program. - The four key pieces of information required under the Customer Identification Program (CIP) to open a new account. - How to identify beneficial owners of a legal entity, including the 25% ownership threshold and the control prong. - Key red flags for suspicious activity, such as structuring transactions to avoid reporting thresholds. - The requirements for filing a Suspicious Activity Report (SAR) with FinCEN, including the $5,000 threshold and the strict confidentiality rule against 'tipping off' a customer. 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 66, Research Reports and Quiet Periods
2d ago00:03:38Tap 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: - The quiet period for IPOs is 10 days for all participants, while for follow-on offerings, it is 3 days and applies only to managers. - Research analyst compensation cannot be directly linked to specific investment banking transactions to ensure objectivity. - Investment banking personnel are strictly prohibited from supervising research analysts or having any control over the content of research reports. - Key disclosures on research reports include any investment banking business with the subject company in the past 12 months and firm ownership of 1% or more. - Analysts and their household members are forbidden from purchasing pre-IPO shares of companies within their sector of coverage. 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 65, Communications with the Public
3d ago00:04:31Tap 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: - The key differences between correspondence, retail, and institutional communications based on the number of retail investors. - The specific principal pre-approval requirements for retail communications and the exceptions for other types. - When retail communications must be filed with FINRA, distinguishing between pre-filing and post-filing requirements. - The 'fair and balanced' standard, with a focus on rules for testimonials, performance claims, and investment company rankings. - The three-year record retention rule for all public communications and common exam traps related to social media and forwarded communications. 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 64, Customer Protection and SIPC
4d ago00:03:15Tap 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: - How SEC Rule 15c3-3 requires broker-dealers to segregate fully paid and excess margin securities. - The specific calculation for determining excess margin securities that a firm is prohibited from rehypothecating. - The SIPC coverage limits of $500,000 per separate customer, which includes a $250,000 sublimit for cash. - The critical distinction between what SIPC covers, which is broker-dealer failure, and what it does not cover, such as market losses. - How different account registrations like individual, joint, and retirement accounts are treated as separate customers for SIPC coverage. 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 63, Market Makers, Specialists, and Trading Venues
5d 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: - The primary function of market makers as liquidity providers and the obligation of a 'firm quote'. - How a Designated Market Maker (DMM) on the NYSE operates in a dual capacity as either an agent or a principal. - The key differences between a stock exchange like the NYSE and an OTC quotation system. - The role of Alternative Trading Systems (ATS) and Electronic Communication Networks (ECNs) in modern trading. - Common Series 7 exam traps, including nominal quotes and the prohibited practice of 'backing away'. 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 62, Primary and Secondary Markets
6d ago00:03:24Tap 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: - The primary market is where new securities are created and sold, with proceeds going directly to the issuing company. - The secondary market is where investors trade existing securities among themselves, and the issuer is not involved. - A firm acts as an agent (broker) when connecting buyers and sellers for a commission, and as a dealer (principal) when trading for its own account, profiting from the spread. - Exchanges are centralized auction markets, while over-the-counter (OTC) markets are decentralized, negotiated markets. - Market makers are dealers who provide liquidity by continuously quoting buy (bid) and sell (ask) prices, which enables smoother and more efficient trade execution. 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 61, ACATS and Account Transfers
1w ago00:03:47Tap 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: - The roles of the carrying and receiving firms in an ACATS transfer. - The critical one-day validation and three-day transfer timeline. - Common reasons for a transfer to be rejected, such as mismatched account information. - How nontransferable assets like proprietary products are handled during a transfer. - The rules surrounding account freezes and partial transfers. 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 60, Customer Confirmations and Account Statements
1w ago00:03:03Tap 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: - Trade confirmations must be sent at or before the settlement date (T+1 for most securities). - Firms must disclose their capacity on the confirmation: agent (commission) or principal (markup/markdown). - Account statements must be sent at least quarterly, unless the account holds penny stocks, which requires monthly statements. - For bond trades, the confirmation must disclose the yield to worst. - Customer account records must be kept for six years after the account is closed. 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 59, Settlement, Ex-Dividend, and Due Bills
1w ago00:02:55Tap 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: - Regular-way settlement for most securities is now T+1 (trade date plus one business day). - The ex-dividend date is now the same as the record date, and you must purchase a stock *before* the ex-date to receive the dividend. - The DERP mnemonic helps recall the dividend timeline: Declaration, Ex-dividend, Record, and Payable. - An investor purchasing a stock via cash settlement on the record date is entitled to the dividend, a common exam exception. - A due bill is an instrument used to ensure a buyer receives a dividend they are entitled to if a trade settles late. 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 58, Short Sales and Regulation SHO
1w ago00:03:38Tap 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: - The core mechanics of a short sale, including the concept of borrowing and returning shares. - The critical requirements of Regulation SHO, including the 'locate,' order marking, and mandatory close-out rules. - The distinction between using short sales for speculation versus hedging a long position. - The dynamics of a short squeeze and how it creates significant risk for short sellers. - The most critical exam trap: understanding that the maximum loss on an unhedged short sale is unlimited. 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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