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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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  • Yesterday · 4 min

    [Series 66] 6, Alpha Beta and the Sharpe Ratio

    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 Beta measures systematic market risk relative to a benchmark index - How to calculate CAPM expected return and evaluate Alpha - Why high raw returns do not always equal positive Alpha or strong performance - How the Sharpe Ratio uses Standard Deviation to measure total risk-adjusted return - Practical decision rules for answering risk and return questions on the Series 66 exam Prepare for your exam with independent practice tools available at https://open-exam-prep.com/practice/series66 and video guides at https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 - https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf - https://www.finra.org/registration-exams-ce/qualification-exams/series66

  • Monday · 4 min

    [Series 66] 5, Mean Standard Deviation and Correlation

    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 and expected return measure central tendencies in investment analysis. - Why standard deviation represents total risk, incorporating both systematic and unsystematic volatility. - The meaning of correlation coefficients ranging from minus one point zero to plus one point zero. - How combining assets with negative correlation provides maximum portfolio risk reduction. - Key exam traps regarding statistical risk measures and portfolio diversification principles. This episode provides independent study materials for Series 66 test preparation. Practice questions and video tutorials are available at https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/

  • Sunday · 4 min

    [Series 66] 4, Liquidity Leverage and Valuation Ratios

    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 current and quick ratios evaluate short-term corporate liquidity. • Why excluding inventory provides a stricter measure of immediate short-term solvency. • How the debt-to-equity ratio measures corporate leverage and financial risk. • How price-to-earnings and price-to-book ratios evaluate relative stock valuation. • How to distinguish corporate balance sheet analysis from regulatory net capital rules. This episode is an independent preparation resource and is not affiliated with or endorsed by FINRA or NASAA. For practice questions and study tools, visit https://open-exam-prep.com/practice/series66 and https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.finra.org/registration-exams-ce/qualification-exams/series66

  • Saturday · 4 min

    [Series 66] 3, Time Value of Money and Discounted Cash Flow

    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 principles of Time Value of Money, including Present Value and Future Value. • How Discounted Cash Flow analysis evaluates future cash streams for investment selection. • How to calculate and interpret Net Present Value in Series 66 exam scenarios. • The critical relationship between Net Present Value and the Internal Rate of Return. • A simple decision rule to evaluate investment options and avoid common exam traps. This independent study resource helps candidates prepare for the Series 66 exam. For more practice materials, visit https://open-exam-prep.com/practice/series66 or check out https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.nasaa.org/wp-content/uploads/2023/09/NASAA-Series-66-Exam-Study-Guide.pdf

  • Friday · 4 min

    [Series 66] 2, Reading Questions and Avoiding Distractors

    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 federal law under the Investment Advisers Act of 1940 from state provisions under the Uniform Securities Act. - Key differences between investment advisers, investment adviser representatives, broker-dealers, and agents. - How to recognize distractor traps related to qualified client thresholds under SEC Rule 205-3. - Why charging an advisory fee does not universally require individual IAR registration in every jurisdiction. - A four-step decision rule (ROLE) to eliminate tempting incorrect answer choices on the Series 66 exam. This independent study resource helps candidates prepare for the Series 66 exam. Practice more questions at https://open-exam-prep.com/practice/series66 and watch video tutorials at https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/ https://www.sec.gov/files/rules/ia/2026/ia-6961.pdf

  • Thursday · 4 min

    [Series 66] 1, Your Study Plan After Series 7

    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 the official NASAA Series 66 exam outline breaks down across four weighted content areas. * Why relying on Series 7 investment product knowledge alone can lead to exam failure. * How to apply the rule of proportional weighting to structure your total study hours effectively. * How to avoid the trap of spending equal study time on low-weighted exam sections. * Practical methods to prioritize regulatory definitions and Uniform Securities Act model rules. For independent study materials, practice tests, and video lessons, visit https://open-exam-prep.com/practice/series66 and subscribe to https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 * NASAA Series 66 Exam Content Outline: https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf * FINRA Series 66 Examination Details: https://www.finra.org/registration-exams-ce/qualification-exams/series66

  • September 15 · 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

Showing 1–20 of 67 episodes