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/
50episodes
Episodes
Newest firstAll episodes
Series 7 Exam Prep 22, Corporate Bond Basics
3d 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: - The core components of a corporate bond: par value ($1,000), coupon rate, and maturity date. - The function of the trust indenture as the legal contract and the trustee's role in safeguarding bondholder interests. - The critical distinction between interest-rate risk (market-driven) and credit risk (issuer-specific). - The difference between secured bonds backed by assets and unsecured debentures backed by the issuer's credit. - The payment priority in a corporate liquidation, from secured debt down to common stock. 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 21, Equity Valuation and Market Analysis
4d ago00:04:00Tap 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 Earnings Per Share (EPS) is the foundation for the P/E ratio, a key valuation metric. - The difference between growth stocks (high P/E, low dividends) and value stocks (low P/E, higher dividends) for suitability questions. - That technical analysis focuses on chart patterns and trading volume, ignoring a company's financial health. - Why high short interest can be a contrarian bullish signal, representing future buying pressure. - How all valuation metrics are ultimately used on the Series 7 exam to determine a suitable recommendation for a client. 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 20, REITs and Real Estate Securities
5d 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: - How Equity REITs generate income from property rents versus how Mortgage REITs earn income from interest on loans. - The 90% net investment income distribution rule that allows REITs to avoid corporate-level taxation. - The critical tax trap: REIT dividends are taxed as non-qualified ordinary income to the investor, not at lower qualified dividend rates. - The main risks for REITs, particularly interest-rate sensitivity for Mortgage REITs and general real estate market risk. - The key advantages of REITs over direct real estate ownership, which are liquidity and diversification. 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 19, ADRs, Foreign Securities, and Currency Risk
6d ago00:03:34Tap 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 structure of American Depositary Receipts (ADRs) and how they facilitate trading foreign securities in U.S. markets. - The critical distinction between sponsored ADRs, which cooperate with the SEC and trade on exchanges, and unsponsored ADRs, which trade OTC with less transparency. - That ADR holders are exposed to currency risk because dividends are converted from a foreign currency into U.S. dollars. - Key exam topics including the lack of voting and preemptive rights for ADR holders and the potential for foreign withholding taxes on dividends. - How to assess the suitability of ADRs for clients by balancing the benefit of international diversification against currency, political, and economic risks. 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 18, Rights, Warrants, and Dilution
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: - Preemptive rights give existing shareholders the ability to maintain their ownership percentage during a new share issuance. - The value of a right is calculated differently before (cum-rights, with a +1 in the denominator) and after (ex-rights) the ex-date. - Warrants are long-term instruments, often used as sweeteners, with an exercise price initially set above the current market price. - Exercising warrants causes dilution for all existing shareholders, while participating in a rights offering prevents dilution for that specific shareholder. - A common exam trap is confusing the short-term, discounted nature of rights with the long-term, premium-priced nature of warrants. 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 17, Preferred Stock Features
1w ago00:03:59Tap 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 hybrid nature of preferred stock, combining features of both equity and debt, and its priority over common stock for dividends and in liquidation. - The critical difference between cumulative preferred, where missed dividends accrue and must be paid, and non-cumulative, where they are forfeited. - How callable features benefit the issuer by allowing them to redeem shares when rates fall, while convertible features benefit the investor by offering upside potential. - The characteristics of participating preferred stock, which can earn extra dividends, and adjustable-rate preferred, which has a variable dividend tied to a benchmark, affecting its price stability. - Key exam traps, including confusing issuer vs. investor benefits and performing dividend calculations without confirming the par value. 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 16, Common Stock Basics
1w ago00:03:34Tap 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 difference between statutory and cumulative voting rights and which type of shareholder each benefits. - Why common stockholders have a residual claim to assets and their priority in a corporate liquidation. - The purpose of preemptive rights and how they protect shareholders from dilution. - The distinction between market risk (systematic) and business risk (non-systematic) and how they affect common stock. - Why common stock is a suitable recommendation for investors with a growth objective and a long time horizon. 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 15, Investment Objectives and Risk Tolerance
1w ago00:03:20Tap 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 match the "preservation of capital" objective with the safest securities like T-bills, avoiding common traps like corporate bonds. - Why a client's tax bracket is the most critical factor when choosing between taxable corporate bonds and tax-free municipal bonds for an income objective. - The distinction between growth, total return, and speculation, and which products (e.g., growth stocks, balanced funds, options) align with each. - The critical importance of a client's time horizon and liquidity needs in determining suitable investments, especially for short-term goals. - A memorable mnemonic, "TRIPLE" (Time Horizon, Risk Tolerance, Income, Preservation, Liquidity, Expectations), to analyze a customer's profile on exam questions. 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 14, Suitability, Reg BI, and Recommendation Standards
2w 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: - The three core suitability obligations: reasonable-basis, customer-specific, and quantitative suitability. - How Regulation Best Interest (Reg BI) establishes a higher standard of conduct than traditional suitability. - The four key obligations of Reg BI: Care, Disclosure, Conflict of Interest, and Compliance. - How to spot common exam traps where a recommended product is legitimate but unsuitable for a client's specific profile. - That suitability and best interest standards apply to recommendations to hold a security, not just to buy or sell. 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 13, Education Accounts and Tax-Advantaged Savings
2w ago00:02:32Tap 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 529 plans and Coverdell ESAs regarding contribution limits and income restrictions. - Who maintains control over the assets in 529 plans versus Coverdell ESAs and custodial (UGMA/UTMA) accounts. - The definition of qualified education expenses for each type of account and how this is tested. - The tax treatment of contributions, earnings growth, and withdrawals for both qualified and non-qualified expenses. - Suitability considerations and common exam scenarios for recommending education savings vehicles to clients. 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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