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Open Exam Prep: Daily Summaries Delivered
by 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.
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 6 days ago3 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
- 1 weeks ago3 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
- 1 weeks ago4 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
- 1 weeks ago4 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
- 1 weeks ago3 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
- 1 weeks ago4 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
- 1 weeks ago4 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
- 1 weeks ago3 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
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About Open Exam Prep
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.
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Frequently Asked Questions
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