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/
94episodes
Episodes
Newest firstAll episodes
Series 7 Exam Prep 71, FINRA, SEC, MSRB, and Regulatory Bodies
Yesterday00:03:06Tap 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 SEC is the ultimate federal authority overseeing all securities market participants. - FINRA is the primary self-regulatory organization (SRO) that writes and enforces rules for broker-dealers. - A common exam trap is that the MSRB writes rules for municipal securities but has no enforcement power; FINRA and banking regulators enforce its rules. - The Cboe is the specific SRO that creates and enforces rules for the options market. - The Federal Reserve Board sets initial margin requirements for securities purchases under Regulation T. 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 70, Insider Trading and Market Manipulation
2d ago00:03:26Tap 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: - Material nonpublic information is information a reasonable investor would find important that has not been publicly disseminated. - Both the 'tipper' who shares inside information and the 'tippee' who trades on it can be held liable for insider trading. - Broker-dealers must establish Chinese Walls and restricted lists to prevent the misuse of inside information. - Market manipulation tactics include painting the tape, marking the close, and pump and dump schemes. - Penalties for insider trading are severe, including treble damages, millions in fines, and up to 20 years in prison. 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 69, Prohibited Activities and Sales Practice Violations
3d ago00:04:07Tap 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: - Churning involves excessive trading to generate commissions, requiring proof of broker control and excessive activity. - Unauthorized trading is executing trades in non-discretionary accounts without client approval. - Front-running is trading for personal gain based on knowledge of a large pending customer order, while insider trading involves using material, non-public information. - Selling away and private securities transactions require prior written notice to the firm, and written approval if compensation is involved. - Borrowing from or lending to customers, and sharing in accounts, are prohibited with specific, limited exceptions requiring firm approval, while guaranteeing against losses is always forbidden.
Transcribe →Series 7 Exam Prep 68, Senior Investors and Financial Exploitation
4d ago00:01:24Tap 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 role and requirements of a Trusted Contact Person under FINRA Rule 4512. - The specific conditions and timelines for placing temporary holds on disbursements and transactions under FINRA Rule 2165. - How to identify common behavioral and financial red flags of senior investor exploitation. - The critical steps of escalation and documentation when suspecting financial abuse. - The balance between protecting vulnerable clients and respecting their autonomy, and the safe harbor provisions for firms. 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 67, Anti-Money Laundering and Suspicious Activity
5d ago00:03:56Tap 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
6d 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
1w 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
1w 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
1w 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
1w 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
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