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Finance Exam Prep

Ran Chen, EA, CFP®

Finance Exam Prep is a daily podcast designed to help future tax and finance professionals pass their certification and licensing exams with clarity and confidence.

Built and operated by OpenExamPrep, this podcast breaks down major tax exams into focused, easy-to-digest episodes covering the CPA & Enrolled Agent (EA) Exam, including Part 1 (Individuals), Part 2 (Businesses), and Part 3 (Representation, Practices, and Procedures). Each episode targets one key tax concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions.

Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Tax Exam Prep was developed from firsthand experience with how complex—and often poorly explained—tax exam material can be. The goal is simple: make tax exam preparation clearer, more accessible, and more effective through structured explanations and modern learning tools. Whether you’re preparing for the EA Exam, transitioning into a tax career, or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time.

Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/

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  • Yesterday · 4 min

    [CFA Level I] 18, Index Weights and Rebalancing Effects

    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: * Differences between price-weighted, market-capitalization-weighted, and equal-weighted indices. * How stock splits affect price-weighted index divisors and constituent weights. * Why higher share price does not imply a larger company or higher market capitalization. * Self-adjusting properties of market-cap weighted indices during corporate actions. * Rebalancing effects, turnover, and contrarian tilts in equal-weighted index strategies. This independent study resource is designed to help candidates master Level I concepts. Access free practice questions at https://open-exam-prep.com/practice/cfa-level1 and watch video explanations on YouTube at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam https://www.cfainstitute.org/sites/default/files/curriculum-update-2027.pdf

  • Thursday · 4 min

    [CFA Level I] 17, Time-Weighted and Money-Weighted Performance

    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 time-weighted return isolates investment performance by removing cash flow timing effects. - How money-weighted return calculates internal rate of return based on client deposits and withdrawals. - Why fund managers are evaluated using time-weighted return unless they control external cash flow timing. - How annualizing returns on equal periodicity reveals the divergence between time-weighted and money-weighted performance. - The decision rule for matching performance metrics to manager evaluation and investor experience. This independent prep episode supplements your official study resources. Practice at https://open-exam-prep.com/practice/cfa-level1 and watch video walkthroughs on https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • Wednesday · 3 min

    [CFA Level I] 16, Arithmetic and Geometric Returns Tell Different Stories

    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 arithmetic mean return measures simple average periodic performance without compounding. - How geometric mean return measures actual compound growth rate and terminal wealth across multiple periods. - Why return variance creates volatility drag, causing geometric returns to sit below arithmetic returns. - How to calculate two-period returns using percentage multipliers and square roots. - When to apply arithmetic mean for single-period forward forecasts versus geometric mean for historical multi-period analysis. For independent study support and additional practice, check out https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 - https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam - https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • Tuesday · 4 min

    [CFA Level I] 15, Holding-Period Returns and the Risk Premium

    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 calculate holding-period return using periodic income and capital appreciation. - The distinction between dividend yield and capital gain yield in total return. - How to compute realized excess return relative to a nominal risk-free benchmark. - The difference between ex ante required risk premiums and ex post realized excess returns. - A simple decision rule and mnemonic for holding-period calculations. This independent study resource is designed to supplement your study schedule for the CFA Level I exam. Access practice materials at https://open-exam-prep.com/practice/cfa-level1 and watch video explanations at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • Monday · 4 min

    [CFA Level I] 14, Candidate Conduct and Correct Use of the CFA Designation

    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: - Prohibitions under Standard VII(A) regarding disclosing confidential exam questions or compromising program integrity. - Requirements for using the post-nominal CFA mark, including passing all exam levels and maintaining active membership. - Rules governing candidate status representation on resumes and social media without using partial designations. - Restrictions on promotional claims to prevent guaranteeing superior investment performance or analytical ability. - How membership lapses affect the right to reference the charter and how to apply the PURE decision framework. This independent preparation resource is designed to supplement your study journey: https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 - https://www.cfainstitute.org/standards/professionals/code-ethics-standards - https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

  • Sunday · 4 min

    [CFA Level I] 13, Priority of Transactions and Referral Fees

    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 Standard VI(B) establishes trade priority for clients, employers, and personal accounts. * What constitutes beneficial ownership and personal pecuniary interest under CFA Institute standards. * Best practices for firm compliance policies including pre-clearance, restricted lists, and blackout periods. * Mandatory upfront disclosure requirements for referral fees and consideration under Standard VI(C). * How to identify common traps regarding non-cash compensation and referral agreement timing. For independent exam preparation resources, visit https://open-exam-prep.com/practice/cfa-level1 and watch video tutorials at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/standards/professionals/code-ethics-standards/standards-of-practice-vi-c

  • October 31 · 4 min

    [CFA Level I] 12, Avoiding or Disclosing Conflicts of Interest

    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: - Core requirements of CFA Standard VI(A) regarding disclosure of potential and actual conflicts of interest. - Why conflict disclosures must be prominent, delivered in plain language, and provided to clients, prospects, and employers. - Common conflict scenarios involving personal stock ownership, corporate board service, and sales incentives. - Why disclosure provides transparency but does not permit biased analysis or unsuitable recommendations. - The practical Avoid, Disclose, Maintain decision rule for resolving conflict situations on the CFA exam. This independent study resource helps candidates prepare for the CFA Level I exam. Practice questions and study tools are available at https://open-exam-prep.com/practice/cfa-level1 and video content is published on https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

  • October 30 · 4 min

    [CFA Level I] 11, Communicating Risks and Keeping Research Records

    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 distinguish historical facts from analytical opinions in research communications. • The obligation to disclose investment process changes and material risk factors to clients. • Key record retention rules and the CFA Institute seven-year recommendation when policies are silent. • Why research files and analytical models created during employment remain firm property. • An exam-relevant trap regarding departing analysts taking proprietary work product. This independent study resource helps candidates prepare for the CFA Level I exam. Practice tools are available at https://open-exam-prep.com/practice/cfa-level1 and video tutorials at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 • https://www.cfainstitute.org/standards/professionals/code-ethics-standards

  • October 29 · 4 min

    [CFA Level I] 10, Diligence and Reasonable Basis for Research

    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: - Core requirements of Standard V(A) Diligence and Reasonable Basis - Why a reasonable basis does not require absolute certainty in investment outcomes - Essential steps for evaluating and vetting third-party research reports - How to address testing data, quantitative models, and overfitting risks - A simple decision rule and exam trap analysis for research diligence This independent study resource helps candidates prepare for the CFA Level I exam. Access more tools at https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf https://www.cfainstitute.org/standards/professionals/code-ethics-standards

  • October 28 · 4 min

    [CFA Level I] 9, Loyalty to Employers and Additional Compensation

    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: - Key requirements of Standard IV(A) Loyalty regarding employer benefits and duty of care. - Rules governing outside independent practice and competitive work for compensation. - Standards under IV(B) Additional Compensation Arrangements for client bonuses and gifts. - The distinction between permissible preparations to leave a firm and unethical client solicitation or unauthorized record removal. - A straightforward decision rule for handling competitive side work and third-party compensation. This independent audio study lesson complements your CFA study plan. Practice questions and video explanations are available at https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf https://www.cfainstitute.org/standards/professionals/code-ethics-standards

  • October 27 · 4 min

    [CFA Level I] 8, Performance Presentation Without Cherry-Picking

    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: * Requirements for fair, accurate, and complete performance presentation under Standard III(D) in the 2027 CFA Level I curriculum. * Why hiding unsuccessful terminated accounts in an aggregate strategy record creates survivorship bias. * Transparency considerations including fee disclosures, benchmark consistency, and summary reporting. * How Standard III(D) performance presentation principles relate to GIPS firmwide compliance. * Essential traps and decision rules for evaluating historical return disclosures. This independent prep content is designed to supplement your study plan. Access practice questions at https://open-exam-prep.com/practice/cfa-level1 and video tutorials at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards/standards-of-practice-iii-d https://www.gipsstandards.org/standards/gips-standards-for-firms

  • October 26 · 4 min

    [CFA Level I] 7, Suitability and the Client Investment Mandate

    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: - Core requirements of CFA Standard III(C) on suitability and client Investment Policy Statements. - How Standard III(C) mandates regular updates while guidance recommends annual review. - Evaluating suitability within a whole-portfolio context versus pooled fund mandates. - Compliance procedures for handling minor versus material unsolicited trade requests. - Practical decision steps when a client insists on a material trade but refuses an IPS update. This independent preparation resource helps candidates master CFA Level I concepts. Practice questions and AI tools are available at https://open-exam-prep.com/practice/cfa-level1 and video tutorials are available at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

  • October 25 · 4 min

    [CFA Level I] 6, Fair Dealing When Recommendations Change

    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 Standard III(B) Fair Dealing governs material changes in investment recommendations. - Why fair dealing requires equal opportunity to act rather than identical individual service. - The requirements for disclosing tiered or premium services to current and prospective clients. - The duty to notify clients of updated ratings before executing trades based on outdated research. - Practical decision rules to avoid selective disclosure traps under Standard III(B). This independent prep lesson is designed to supplement your study routine. For additional practice questions, visit https://open-exam-prep.com/practice/cfa-level1 and view video tutorials at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • October 24 · 4 min

    [CFA Level I] 5, Misrepresentation and Crediting Other Analysts

    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 core scope of Standard I(C) Misrepresentation under the CFA Level I curriculum. * How to distinguish recognized statistical reporting from third-party analytical research. * Why research developed within a firm remains firm property when colleagues depart. * How misrepresenting risks or guaranteeing investment returns violates professional conduct. * Practical decision rules to prevent plagiarism and proper crediting practices in equity research. This independent educational episode provides supplementary preparation for candidates studying for the CFA Level I examination. Practice additional questions at https://open-exam-prep.com/practice/cfa-level1 and subscribe to our YouTube channel at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 * https://www.cfainstitute.org/standards/professionals/code-ethics-standards * https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • October 23 · 4 min

    [CFA Level I] 4, Material Nonpublic Information and the Mosaic Approach

    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 criteria for material nonpublic information under Standard II(A). • How the mosaic approach permits combining public data and nonmaterial nonpublic clues. • Why material nonpublic information cannot be sanitized by blending it into research reports. • The distinction between broad public dissemination and selective insider disclosure. • A two-step decision rule evaluating materiality and nonpublic status independently. This independent study resource is not affiliated with or endorsed by CFA Institute. Explore more study material at https://open-exam-prep.com/practice/cfa-level1 and watch our videos at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • October 22 · 4 min

    [CFA Level I] 3, Professional Independence Under Gifts and Pressure

    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 distinguish modest gifts from third-party benefits that impair independence under Standard I(B) - Standard practices for issuer-paid travel and when corporate transportation is permissible - Why disclosure alone does not cure compromised research or non-independent recommendations - The key procedural differences between handling client gifts and third-party benefits - How flat-fee arrangements protect research independence in issuer-paid coverage For independent study resources, practice tools, and video explanations, explore https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/standards/professionals/code-ethics-standards https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • October 21 · 4 min

    [CFA Level I] 2, Ethical Decisions When the Legal Minimum Is Not Enough

    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 ethical expectations differ from mere legal compliance in investment decision making * The core principle of Standard I(A) Knowledge of the Law regarding conflicting requirements * Why members and candidates must always adhere to the stricter law, rule, or regulation * Common exam traps involving rationalizations, disclosure limits, and local custom arguments * A practical decision framework for identifying stakeholders and taking appropriate action including dissociation This independent study resource is designed to supplement your candidate preparation for professional exams. For practice modules, visit https://open-exam-prep.com/practice/cfa-level1 and subscribe to our video channel at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 * https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam * https://www.cfainstitute.org/standards/professionals/code-ethics-standards

  • October 20 · 4 min

    [CFA Level I] 1, The Ten Topic Areas and Your Study Plan

    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 ten official 2027 CFA Level I topic names and weight ranges. * How to construct a flexible study schedule based on topic weighting and spaced practice. * Exam-relevant traps regarding topic pass thresholds and overall scoring. * The distinction between core exam topics and required Practical Skills Modules. * The Weight First Rule as flexible editorial guidance for allocating preparation time. For independent practice questions and video prep tools, visit https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

  • October 19 · 3 min

    Enrolled Agent Exam [Part 3] 75, Final Review and Representation Strategy

    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 differentiate Form 2848 (Power of Attorney) from Form 8821 (Tax Information Authorization) to avoid common exam traps. - To master critical deadlines, especially the 90-day period to petition the Tax Court after a Notice of Deficiency. - How to analyze taxpayer scenarios to select the most appropriate collection alternative: Installment Agreement, Currently Not Collectible, or Offer in Compromise. - That Circular 230 duties, like obtaining a proper Power of Attorney, are the mandatory first steps in taxpayer representation. - To implement an effective time-management strategy for the EA exam by answering easy questions first and flagging harder ones for review. 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

  • October 18 · 3 min

    Enrolled Agent Exam [Part 3] 74, E-File Acknowledgments Rejects and Post-Filing Corrections

    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 three e-file acknowledgment statuses and what an "Accepted" status truly means. - How to use the "perfection period" to correct and retransmit rejected returns to preserve the original filing date. - The critical difference between correcting a rejected return (never filed) and amending an accepted return with Form 1040-X. - Common e-file rejection codes, such as a mismatched SSN/name or an incorrect prior-year AGI. - The proper procedure and 60-day response window for taxpayers who receive an IRS math error notice. 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

Showing 1–20 of 87 episodes