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/
93episodes
Episodes
Newest firstAll episodes
Series 7 Exam Prep 60, Customer Confirmations and Account Statements
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: - 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
2w 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
2w 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
Transcribe →Series 7 Exam Prep 57, Order Handling and Best Execution
2w ago00:03:58Tap 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 best execution is the best overall outcome for a customer, not just the best price, considering factors like speed and likelihood of execution. - The critical difference between a binding 'firm quote' and a non-binding, informational 'subject quote' or 'nominal quote'. - That customer orders always have priority over a firm's proprietary trades at the same price, a concept known as the priority of public orders. - How broker-dealers must use a firm-level error account to correct order entry mistakes, ensuring the customer is always made whole. - Key prohibited trading practices like 'trading ahead' of customer orders and 'front-running' based on non-public block trade information.
Transcribe →Series 7 Exam Prep 56, Order Types
2w ago00:03:09Tap 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: - Market orders guarantee execution, while limit orders guarantee a specific price or better. - Stop orders are triggered by a trade at or through the stop price, at which point they become market orders to be executed at the next available price. - Stop-limit orders are also triggered at the stop price, but they become limit orders, adding a layer of price control but risking non-execution in a fast market. - The mnemonic 'SLOBS over BLISS' helps remember order placement: Sell Limits and Buy Stops are placed above the market, while Buy Limits and Sell Stops are placed below. - Key differences in order qualifiers: Fill-or-Kill (FOK) must be filled entirely and immediately, Immediate-or-Cancel (IOC) allows for partial fills, and All-or-None (AON) must be filled entirely but not necessarily immediately. 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 55, Portfolio Margin and Special Margin Risks
2w ago00:04:26Tap 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: - The concept of portfolio margin and how it differs from standard margin accounts. - The specific rules and risks associated with day trading, including the definition of a pattern day trader and the minimum equity requirements. - How concentrated positions and low-priced securities are handled in a margin account, including their special margin requirements. - The margin treatment of options, distinguishing between standard options and LEAPS. - The key suitability factors that determine whether margin trading is appropriate for an investor, focusing on risk tolerance and financial resources. 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 54, Short Margin Calculations
2w ago00:04:28Tap 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 fundamental short margin account formula: Credit Balance - Short Market Value = Equity. - How to calculate the initial credit balance by combining short sale proceeds and the Regulation T deposit. - The impact of rising and falling stock prices on the equity in a short margin account. - How to determine the FINRA minimum maintenance requirement, which is 30% of the Short Market Value. - The calculation for Special Memorandum Account (SMA) and how it's created from excess equity. 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 53, Long Margin Calculations
3w ago00:03:48Tap 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 fundamental long margin formula: LMV - Debit = Equity. - How to calculate the initial Regulation T requirement of 50% and FINRA's minimum initial deposit. - The ongoing minimum maintenance requirement of 25% of the Long Market Value. - How excess equity creates a Special Memorandum Account (SMA) and 2-to-1 buying power. - The rules and implications of a restricted margin account. 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 52, Margin Account Fundamentals
3w ago00:04:09Tap 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 formula for long margin accounts: Long Market Value (LMV) - Debit Register (DR) = Equity (EQ). - Regulation T requires an initial margin deposit of 50% of the purchase value for new margin positions. - How market value appreciation creates excess equity, which generates a Special Memorandum Account (SMA), a line of credit for the investor. - The difference between a restricted account (equity below 50%) and a maintenance margin call (equity below FINRA's 25% minimum). - How to calculate the market value at which a maintenance call will be triggered by dividing the debit balance by 0.75. 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 51, Options Taxation and Exercise
3w ago00:03:39Tap 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 exercising an option is not an immediate taxable event; it adjusts the cost basis or sales proceeds of the stock. - The mnemonic "Call Up, Put Down" to remember that for calls you add the premium to the strike price, and for puts you subtract it. - How buying a protective put can reset the holding period of a stock held for one year or less. - The unique tax treatment of covered calls, where the stock's original cost basis is maintained upon assignment. - The special 60/40 tax rule for broad-based index options under Section 1256, where gains are 60% long-term and 40% short-term. 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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