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Open Exam Prep

Ran Chen, EA, CFP®

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/

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  • Tuesday · 3 min

    Series 7 Exam Prep 100, Final Exam Strategy and Common Series 7 Traps

    This 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 strategically focus on Function 3, which accounts for 73% of the Series 7 exam. - A method for dissecting customer profile questions to determine the most suitable investment recommendation. - Common traps embedded in options and bond math problems, including breakeven and yield calculations. - The importance of nuanced keywords like 'liquid,' 'safe,' and 'tax-advantaged' in trick questions. - A mental shortcut for correctly ordering bond yields for both premium and discount bonds. 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

  • September 14 · 3 min

    Series 7 Exam Prep 99, High-Yield Product Comparison Review

    This 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 suitability case for common stock (growth) versus bonds (income). - The key distinction tested on the exam between ETFs (intraday trading) and mutual funds (once-daily pricing). - Why illiquid investments like Direct Participation Programs (DPPs) are unsuitable for the average retail investor. - The tax treatment of variable annuity earnings (ordinary income) versus long-term capital gains from other securities. - Why municipal bonds are an inappropriate recommendation for tax-deferred accounts like IRAs. 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

  • September 13 · 4 min

    Series 7 Exam Prep 98, Regulation and Prohibited Conduct Review

    This 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 Regulation Best Interest (Reg BI) raises the standard of conduct beyond simple suitability and how this is tested with scenario-based questions. - The key elements of prohibited conduct such as churning, selling away, and unauthorized trading, including the specific red flags to look for in exam questions. - The critical reporting thresholds and timelines for Anti-Money Laundering (AML) regulations, including Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). - The specific recordkeeping timeframes for communications (3 years), customer complaints (4 years), and AML records (5 years). - The rules for protecting senior investors, including the ability to place temporary holds on disbursements under FINRA Rule 2165 when financial exploitation is suspected. 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

  • September 12 · 4 min

    Series 7 Exam Prep 97, Trading and Settlement Exam Traps

    This 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 critical difference between a stop order, which guarantees execution but not price, and a stop-limit order, which guarantees a price but not execution. - That Regulation SHO requires a broker-dealer to locate shares for borrowing *before* executing a customer's short sale. - How the ex-dividend date, typically one business day before the record date, is the key date for determining who is entitled to a dividend. - The purpose of a due bill, which ensures a buyer receives a dividend they are entitled to when a trade settles after the record date. - The ACATS transfer timeline, which requires the carrying firm to validate a transfer in one business day and move the assets within three business days. 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

  • September 11 · 3 min

    Series 7 Exam Prep 96, Communications and Disclosure Exam Traps

    This 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: - All communications must be fair, balanced, and disclose risks alongside potential rewards. - Misleading performance data, such as showing returns from only favorable periods, is a violation. - The Options Disclosure Document (ODD) must be delivered at or before account approval. - For municipal securities, all material information must be disclosed at or prior to the time of trade. - Communications with senior investors require special care to avoid exploitation. 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

  • September 10 · 4 min

    Series 7 Exam Prep 95, Retirement and Rollover Recommendation Traps

    This 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 a rollover recommendation is a suitability determination under FINRA Rule 2111 and Regulation Best Interest. - How to compare 401(k) and IRA features, including fees, investment options, and services, to avoid common exam traps. - The critical differences between direct and indirect rollovers, focusing on the 20% withholding rule and the 60-day window. - Key distinctions in Required Minimum Distribution (RMD) rules between 401(k)s and IRAs, especially for clients working past age 73. - The importance of considering beneficiary designations and how rollover decisions can impact estate planning for spouses and non-spouses. 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

  • September 9 · 4 min

    Series 7 Exam Prep 94, Suitability Drill for Packaged Products

    This 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 suitability of mutual fund share classes (A vs. C) based on time horizon and investment amount. - Why placing a variable annuity inside an IRA is a major suitability violation. - The key differences in liquidity and pricing between ETFs, closed-end funds, and mutual funds. - The investor profile and primary benefits of illiquid investments like DPPs and non-traded REITs. - The unique tax treatments for REIT dividends and DPP pass-through 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

  • September 8 · 3 min

    Series 7 Exam Prep 93, Suitability Drill for Equity and Debt Products

    This 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: - Common stock is the top choice for aggressive growth and capital appreciation but carries the highest risk. - For safety and income, U.S. Treasury securities are unparalleled, offering default-risk-free payments exempt from state and local taxes. - Municipal bonds are most suitable for high-income investors in high tax brackets due to their federally tax-free interest payments. - Preferred stock offers a fixed dividend for income-seekers but lacks the growth potential of common stock and the legal protections of bonds. - High-yield bonds provide significant income but come with substantial credit risk, making them suitable only for speculative objectives. 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

  • September 7 · 3 min

    Series 7 Exam Prep 92, Options Breakeven and Strategy Math Review

    This 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: - To calculate breakeven for calls (strike + premium) and puts (strike - premium). - The covered call breakeven is stock cost minus the premium, with max gain limited to the strike price. - A protective put's breakeven is stock cost plus the premium, with unlimited maximum gain. - Straddles have two breakevens (strike +/- total premium), with long straddles profiting from volatility and short straddles from stability. - For spreads, remember PUSH (Put Subtract from Higher) and CAL (Call Add to Lower) to find breakeven points. 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

  • September 6 · 4 min

    Series 7 Exam Prep 91, Options Indexes and Broad-Based Products

    This 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: - Index options are cash-settled, meaning no underlying securities are exchanged upon exercise. - Most index options are European-style and can only be exercised at expiration. - Broad-based index options are used to hedge diversified portfolios against market risk. - Gains on broad-based index options receive favorable 60/40 tax treatment. - The contract multiplier for index options is typically 100, just like equity options. 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

  • September 5 · 3 min

    Series 7 Exam Prep 90, Customer Account Restrictions and Free Riding

    This 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: - Regulation T requires customers to pay for securities in a cash account within two business days of the settlement date. - Freeriding is the prohibited practice of buying and then selling a security without ever depositing funds to pay for the initial purchase. - The direct penalty for a freeriding violation is that the customer's account is frozen for a 90-day period. - A "frozen" account means the customer can still trade, but must have sufficient settled cash in the account *before* placing any buy orders. - How to distinguish freeriding from a restricted margin account, which relates to equity levels, not payment failures. 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

  • September 4 · 3 min

    Series 7 Exam Prep 89, Markups, Markdowns, and Commissions

    This 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 critical distinction between a broker-dealer acting as an agent (broker) versus a principal (dealer). - How commissions are charged in agency transactions, and markups/markdowns in principal transactions. - The application and, more importantly, the exceptions to the FINRA Five Percent Policy. - Key confirmation disclosure requirements for different types of transactions. - Common exam traps such as riskless principal transactions and the concept of a net trade. 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

  • September 3 · 3 min

    Series 7 Exam Prep 88, Accrued Interest and Bond Settlement

    This 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 the buyer of a bond pays the accrued interest to the seller. - How to calculate the accrued interest period: from the last coupon date up to, but not including, the settlement date. - The difference between the 30/360 day count for corporate and municipal bonds and the actual/actual day count for U.S. government bonds. - That most bond transactions, including corporate, municipal, and government, settle one business day after the trade date (T+1). - To watch for common exam traps like being given the trade date versus the settlement date and applying the wrong day-count convention. 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

  • September 2 · 3 min

    Series 7 Exam Prep 87, Municipal Trading and Pricing

    This 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: - Municipal serial bonds are typically quoted on a yield-to-maturity (basis) basis, while term bonds are quoted in dollars. - MSRB rules require disclosing the 'yield to worst' on confirmations: yield to call for premium bonds and yield to maturity for discount bonds. - Accrued interest for municipal bonds is calculated based on a 30-day month and a 360-day year, accruing up to but not including the settlement date. - Customer confirmations must disclose the firm's capacity (agent or principal) and its compensation (commission, markup, or markdown). - MSRB Rule G-30 mandates that markups and markdowns must be fair and reasonable, based on factors like prevailing market price and transaction size, not a fixed percentage. 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

  • September 1 · 3 min

    Series 7 Exam Prep 86, Investment Banking and Corporate Financing

    This 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 critical distinction between a 'firm commitment' (underwriter as principal, takes risk) and 'best efforts' (underwriter as agent, issuer retains risk) underwriting. - How the underwriting spread is calculated and distributed among the manager, syndicate members, and selling group. - The purpose and benefits of a shelf registration under SEC Rule 415, allowing seasoned issuers to sell pre-registered securities for up to three years. - The underwriter's legal obligation to perform due diligence as a defense against liability under the Securities Act of 1933. - The role of a Qualified Independent Underwriter (QIU) when a conflict of interest exists in an offering under FINRA Rule 5121. 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

  • August 31 · 2 min

    Series 7 Exam Prep 85, Tender Offers, Mergers, and Corporate Actions

    This 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 tender offer must remain open to shareholders for a minimum of 20 business days. - Stock splits and reverse stock splits do not change the total market value of a shareholder's position; they only adjust the number of shares and the cost basis per share. - Mergers and acquisitions typically require shareholder approval, which is solicited through a proxy vote. - It is crucial to differentiate between mandatory corporate actions (e.g., stock splits, mergers) and voluntary ones (e.g., tender offers, rights offerings), as the latter require a decision from the shareholder. - A reverse stock split reduces the number of shares and increases the price per share, often to prevent a company's stock from being delisted by an exchange.

  • August 30 · 2 min

    Series 7 Exam Prep 84, Penny Stocks and Low-Priced Securities

    This 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 penny stock is an unlisted (non-Nasdaq) security trading under $5 per share. - For solicited penny stock sales to new customers, a firm must provide a risk disclosure document and receive a signed suitability statement before the trade. - The signed suitability statement rule is waived for unsolicited trades and for "established customers." - An established customer is one who has had an account for over a year or has made three prior penny stock purchases on different days. - For all penny stock trades, firms must disclose current quotes and the compensation for both the firm and the representative. 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

  • August 29 · 3 min

    Series 7 Exam Prep 83, Customer Complaints and Account Documentation

    This 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 customer complaint must be in writing (e.g., email, text, letter) to be officially recognized under FINRA rules. - All written complaints must be immediately forwarded to a designated supervising principal for review and handling. - When a customer changes their address, the firm must send a confirmation of the change to the previous address on file to prevent fraud. - Any material change in a customer's financial status or objectives requires an immediate update to their account profile and a full reassessment of suitability. - Trades initiated by a client that are inconsistent with their objectives must be marked 'unsolicited' to properly document the origin of the trade idea. 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

  • August 28 · 4 min

    Series 7 Exam Prep 82, Customer Recommendations by Life Stage

    This 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 young accumulators with long time horizons should focus on growth-oriented investments like mid-cap stocks. - The importance of tax-advantaged investments, such as municipal bonds, for high-income professionals. - How to construct a suitable portfolio for a retiree focused on income and capital preservation, using a mix of bonds and dividend-paying stocks. - The key differences in product recommendations for conservative investors versus speculative traders. - Suitability considerations and restrictions for specialized accounts like trusts and minor (UGMA/UTMA) accounts. 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

  • August 27 · 3 min

    Series 7 Exam Prep 81, Taxation of Investments

    This 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 different tax treatments for ordinary income, qualified dividends, and tax-exempt municipal bond interest. - How holding periods determine whether a capital gain is short-term (taxed at ordinary rates) or long-term (taxed at preferential rates). - The critical rules for adjusting cost basis, including return of capital, gifted securities (carryover basis), and inherited securities (stepped-up basis). - How to identify a wash sale (selling at a loss and repurchasing within a 61-day window) and its consequence of disallowing the loss and adjusting the new cost basis. - Strategies for answering tax-aware recommendation questions, which are a key part of testing suitability on the Series 7 exam. 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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