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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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  • August 26 · 4 min

    Series 7 Exam Prep 80, Diversification, Correlation, and Asset Allocation

    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 owning many stocks in the same sector isn't true diversification and how the Series 7 tests this concept. - How to use correlation, from -1 to +1, to select assets that maximize diversification benefits. - The critical distinction between unsystematic (diversifiable) risk and systematic (non-diversifiable) market risk, a frequent exam topic. - The difference between long-term Strategic Asset Allocation (passive) and short-term Tactical Asset Allocation (active). - A simple mnemonic to remember the difference: Strategic is Static, Tactical is Transactional. 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 25 · 3 min

    Series 7 Exam Prep 79, Portfolio Risk and Return

    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: - Systematic risk is undiversifiable market-wide risk, while unsystematic risk is company-specific and can be reduced through diversification. - Interest-rate risk and bond prices have an inverse relationship; long-term bonds are more sensitive to rate changes. - Reinvestment risk is the danger of reinvesting at lower rates, often triggered by call risk when issuers redeem bonds in a falling-rate environment. - Credit risk refers to the issuer's potential to default, making U.S. Treasury securities the safest and high-yield bonds the riskiest. - Suitability questions require matching an investor's profile to the appropriate risk-return trade-off, like equities for a young growth-oriented investor versus bonds for a conservative income-seeking retiree. 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 24 · 3 min

    Series 7 Exam Prep 78, Interest Rates and Yield Curves

    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 normal yield curve signals economic expansion, with long-term yields higher than short-term yields. - An inverted yield curve, where short-term yields exceed long-term yields, is a strong historical predictor of a recession. - A flat yield curve indicates economic uncertainty, with little difference in yield between short-term and long-term bonds. - How to avoid the common exam trap of confusing rising yields with rising bond prices; they have an inverse relationship. - The difference between the yield curve (same quality bonds) and credit spreads (Treasury vs. corporate), and what widening or narrowing spreads signal about the economy. 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 23 · 3 min

    Series 7 Exam Prep 77, Federal Reserve and Monetary Policy

    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 primary tools the Federal Reserve uses to implement monetary policy: open market operations, the discount rate, and reserve requirements. - How the Fed's buying and selling of government securities through open market operations is its most common method for controlling the money supply. - The key distinction between the discount rate (set by the Fed for bank loans) and the federal funds rate (the rate banks charge each other). - How changes in monetary policy create an inverse relationship between interest rates and the prices of existing bonds. - The direct impact of the Fed's actions on stock prices and the considerations for managing customer portfolios during periods of changing interest rates. 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 22 · 3 min

    Series 7 Exam Prep 76, Economic Indicators and Business Cycles

    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 recession is defined as two consecutive quarters of negative GDP growth. - Leading indicators, like building permits and the S&P 500, predict future economic trends. - Lagging indicators, such as the CPI and the overall unemployment rate, confirm trends that have already occurred. - During economic contractions, recommend defensive stocks (utilities, consumer staples) and high-quality bonds. - Rising inflation and interest rates typically cause the value of existing fixed-income securities to fall. 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 21 · 3 min

    Series 7 Exam Prep 75, Municipal Securities Rules and MSRB

    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 MSRB creates rules for the municipal securities market but does not have enforcement authority; enforcement is handled by agencies like FINRA and the OCC. - Political contributions by Municipal Finance Professionals (MFPs) are limited to $250 per election for candidates they can vote for, with violations triggering a two-year business ban for their firm. - The Official Statement is the primary disclosure document for new municipal issues, but unlike a corporate prospectus, it is not required by the MSRB, only that it must be delivered if available. - Suitability is critical; recommending a tax-free municipal bond to a client in a low tax bracket or for their tax-deferred retirement account is a common exam trap. - Under MSRB Rule G-17, firms must deal fairly with all customers, a principle tested in scenarios involving fair pricing, commissions, and disclosure. 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 20 · 4 min

    Series 7 Exam Prep 74, Investment Company Act and Investment Advisers Act

    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 required composition of a mutual fund's board of directors under the Investment Company Act of 1940. - The rules and restrictions surrounding transactions with affiliated persons of an investment company. - The key components and approval process for an investment advisory contract. - The three-part 'ABC test' used to define an investment adviser under the Investment Advisers Act of 1940. - The concept of fiduciary duty and how it applies to investment advisers in client interactions. 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 19 · 3 min

    Series 7 Exam Prep 73, Securities Exchange Act of 1934

    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 distinction between the Securities Act of 1933 (new issues) and the Securities Exchange Act of 1934 (secondary market trading). - Key responsibilities of the SEC, which was created by the 1934 Act, including the registration of broker-dealers and exchanges. - The function of Rule 10b-5 as the primary anti-fraud provision, prohibiting manipulation, deception, and insider trading. - How insider trading is defined, including the liability of both tippers and tippees who act on material, non-public information. - The purpose of Regulation T in setting initial margin requirements and the reporting obligations of public companies through Forms 10-K, 10-Q, and 8-K. 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 18 · 3 min

    Series 7 Exam Prep 72, Securities Act of 1933

    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 Securities Act of 1933 governs the primary market, requiring registration and full disclosure for all non-exempt new issues. - The key phases of registration are the pre-filing, the cooling-off period (where marketing is allowed with a preliminary prospectus), and the post-effective period (where sales can occur). - A final prospectus, containing the offering price, must be delivered to all purchasers no later than the confirmation of the sale. - Key exemptions from registration include government securities, private placements under Regulation D, and intrastate offerings under Rule 147. - Issuers and underwriters face strict civil liability for any material misstatements or omissions in the registration statement. 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 17 · 3 min

    Series 7 Exam Prep 71, FINRA, SEC, MSRB, and Regulatory Bodies

    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 SEC is the ultimate federal authority overseeing all securities market participants. - FINRA is the primary self-regulatory organization (SRO) that writes and enforces rules for broker-dealers. - A common exam trap is that the MSRB writes rules for municipal securities but has no enforcement power; FINRA and banking regulators enforce its rules. - The Cboe is the specific SRO that creates and enforces rules for the options market. - The Federal Reserve Board sets initial margin requirements for securities purchases under Regulation T. 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 16 · 3 min

    Series 7 Exam Prep 70, Insider Trading and Market Manipulation

    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: - Material nonpublic information is information a reasonable investor would find important that has not been publicly disseminated. - Both the 'tipper' who shares inside information and the 'tippee' who trades on it can be held liable for insider trading. - Broker-dealers must establish Chinese Walls and restricted lists to prevent the misuse of inside information. - Market manipulation tactics include painting the tape, marking the close, and pump and dump schemes. - Penalties for insider trading are severe, including treble damages, millions in fines, and up to 20 years in prison. 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 15 · 4 min

    Series 7 Exam Prep 69, Prohibited Activities and Sales Practice Violations

    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: - Churning involves excessive trading to generate commissions, requiring proof of broker control and excessive activity. - Unauthorized trading is executing trades in non-discretionary accounts without client approval. - Front-running is trading for personal gain based on knowledge of a large pending customer order, while insider trading involves using material, non-public information. - Selling away and private securities transactions require prior written notice to the firm, and written approval if compensation is involved. - Borrowing from or lending to customers, and sharing in accounts, are prohibited with specific, limited exceptions requiring firm approval, while guaranteeing against losses is always forbidden.

  • August 14 · 1 min

    Series 7 Exam Prep 68, Senior Investors and Financial Exploitation

    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 role and requirements of a Trusted Contact Person under FINRA Rule 4512. - The specific conditions and timelines for placing temporary holds on disbursements and transactions under FINRA Rule 2165. - How to identify common behavioral and financial red flags of senior investor exploitation. - The critical steps of escalation and documentation when suspecting financial abuse. - The balance between protecting vulnerable clients and respecting their autonomy, and the safe harbor provisions for firms. 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 13 · 3 min

    Series 7 Exam Prep 67, Anti-Money Laundering and Suspicious Activity

    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 four essential pillars of a broker-dealer's Anti-Money Laundering (AML) program. - The four key pieces of information required under the Customer Identification Program (CIP) to open a new account. - How to identify beneficial owners of a legal entity, including the 25% ownership threshold and the control prong. - Key red flags for suspicious activity, such as structuring transactions to avoid reporting thresholds. - The requirements for filing a Suspicious Activity Report (SAR) with FinCEN, including the $5,000 threshold and the strict confidentiality rule against 'tipping off' a customer. 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 12 · 3 min

    Series 7 Exam Prep 66, Research Reports and Quiet Periods

    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 quiet period for IPOs is 10 days for all participants, while for follow-on offerings, it is 3 days and applies only to managers. - Research analyst compensation cannot be directly linked to specific investment banking transactions to ensure objectivity. - Investment banking personnel are strictly prohibited from supervising research analysts or having any control over the content of research reports. - Key disclosures on research reports include any investment banking business with the subject company in the past 12 months and firm ownership of 1% or more. - Analysts and their household members are forbidden from purchasing pre-IPO shares of companies within their sector of coverage. 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 11 · 4 min

    Series 7 Exam Prep 65, Communications with the Public

    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 key differences between correspondence, retail, and institutional communications based on the number of retail investors. - The specific principal pre-approval requirements for retail communications and the exceptions for other types. - When retail communications must be filed with FINRA, distinguishing between pre-filing and post-filing requirements. - The 'fair and balanced' standard, with a focus on rules for testimonials, performance claims, and investment company rankings. - The three-year record retention rule for all public communications and common exam traps related to social media and forwarded communications. 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 10 · 3 min

    Series 7 Exam Prep 64, Customer Protection and SIPC

    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 SEC Rule 15c3-3 requires broker-dealers to segregate fully paid and excess margin securities. - The specific calculation for determining excess margin securities that a firm is prohibited from rehypothecating. - The SIPC coverage limits of $500,000 per separate customer, which includes a $250,000 sublimit for cash. - The critical distinction between what SIPC covers, which is broker-dealer failure, and what it does not cover, such as market losses. - How different account registrations like individual, joint, and retirement accounts are treated as separate customers for SIPC coverage. 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 9 · 3 min

    Series 7 Exam Prep 63, Market Makers, Specialists, and Trading Venues

    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 function of market makers as liquidity providers and the obligation of a 'firm quote'. - How a Designated Market Maker (DMM) on the NYSE operates in a dual capacity as either an agent or a principal. - The key differences between a stock exchange like the NYSE and an OTC quotation system. - The role of Alternative Trading Systems (ATS) and Electronic Communication Networks (ECNs) in modern trading. - Common Series 7 exam traps, including nominal quotes and the prohibited practice of 'backing away'. 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 8 · 3 min

    Series 7 Exam Prep 62, Primary and Secondary Markets

    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 market is where new securities are created and sold, with proceeds going directly to the issuing company. - The secondary market is where investors trade existing securities among themselves, and the issuer is not involved. - A firm acts as an agent (broker) when connecting buyers and sellers for a commission, and as a dealer (principal) when trading for its own account, profiting from the spread. - Exchanges are centralized auction markets, while over-the-counter (OTC) markets are decentralized, negotiated markets. - Market makers are dealers who provide liquidity by continuously quoting buy (bid) and sell (ask) prices, which enables smoother and more efficient trade execution. 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 7 · 3 min

    Series 7 Exam Prep 61, ACATS and Account Transfers

    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 roles of the carrying and receiving firms in an ACATS transfer. - The critical one-day validation and three-day transfer timeline. - Common reasons for a transfer to be rejected, such as mismatched account information. - How nontransferable assets like proprietary products are handled during a transfer. - The rules surrounding account freezes and partial transfers. 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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