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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 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

  • August 6 · 3 min

    Series 7 Exam Prep 60, Customer Confirmations and Account Statements

    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: - Trade confirmations must be sent at or before the settlement date (T+1 for most securities). - Firms must disclose their capacity on the confirmation: agent (commission) or principal (markup/markdown). - Account statements must be sent at least quarterly, unless the account holds penny stocks, which requires monthly statements. - For bond trades, the confirmation must disclose the yield to worst. - Customer account records must be kept for six years after the account is closed. 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 5 · 2 min

    Series 7 Exam Prep 59, Settlement, Ex-Dividend, and Due Bills

    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: - Regular-way settlement for most securities is now T+1 (trade date plus one business day). - The ex-dividend date is now the same as the record date, and you must purchase a stock *before* the ex-date to receive the dividend. - The DERP mnemonic helps recall the dividend timeline: Declaration, Ex-dividend, Record, and Payable. - An investor purchasing a stock via cash settlement on the record date is entitled to the dividend, a common exam exception. - A due bill is an instrument used to ensure a buyer receives a dividend they are entitled to if a trade settles late. 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 4 · 3 min

    Series 7 Exam Prep 58, Short Sales and Regulation SHO

    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 mechanics of a short sale, including the concept of borrowing and returning shares. - The critical requirements of Regulation SHO, including the 'locate,' order marking, and mandatory close-out rules. - The distinction between using short sales for speculation versus hedging a long position. - The dynamics of a short squeeze and how it creates significant risk for short sellers. - The most critical exam trap: understanding that the maximum loss on an unhedged short sale is unlimited. 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 3 · 3 min

    Series 7 Exam Prep 57, Order Handling and Best Execution

    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 best execution is the best overall outcome for a customer, not just the best price, considering factors like speed and likelihood of execution. - The critical difference between a binding 'firm quote' and a non-binding, informational 'subject quote' or 'nominal quote'. - That customer orders always have priority over a firm's proprietary trades at the same price, a concept known as the priority of public orders. - How broker-dealers must use a firm-level error account to correct order entry mistakes, ensuring the customer is always made whole. - Key prohibited trading practices like 'trading ahead' of customer orders and 'front-running' based on non-public block trade information.

  • August 2 · 3 min

    Series 7 Exam Prep 56, Order Types

    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: - Market orders guarantee execution, while limit orders guarantee a specific price or better. - Stop orders are triggered by a trade at or through the stop price, at which point they become market orders to be executed at the next available price. - Stop-limit orders are also triggered at the stop price, but they become limit orders, adding a layer of price control but risking non-execution in a fast market. - The mnemonic 'SLOBS over BLISS' helps remember order placement: Sell Limits and Buy Stops are placed above the market, while Buy Limits and Sell Stops are placed below. - Key differences in order qualifiers: Fill-or-Kill (FOK) must be filled entirely and immediately, Immediate-or-Cancel (IOC) allows for partial fills, and All-or-None (AON) must be filled entirely but not necessarily immediately. 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 1 · 4 min

    Series 7 Exam Prep 55, Portfolio Margin and Special Margin Risks

    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 concept of portfolio margin and how it differs from standard margin accounts. - The specific rules and risks associated with day trading, including the definition of a pattern day trader and the minimum equity requirements. - How concentrated positions and low-priced securities are handled in a margin account, including their special margin requirements. - The margin treatment of options, distinguishing between standard options and LEAPS. - The key suitability factors that determine whether margin trading is appropriate for an investor, focusing on risk tolerance and financial resources. 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

  • July 31 · 4 min

    Series 7 Exam Prep 54, Short Margin Calculations

    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 fundamental short margin account formula: Credit Balance - Short Market Value = Equity. - How to calculate the initial credit balance by combining short sale proceeds and the Regulation T deposit. - The impact of rising and falling stock prices on the equity in a short margin account. - How to determine the FINRA minimum maintenance requirement, which is 30% of the Short Market Value. - The calculation for Special Memorandum Account (SMA) and how it's created from excess equity. 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

  • July 30 · 3 min

    Series 7 Exam Prep 53, Long Margin Calculations

    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 fundamental long margin formula: LMV - Debit = Equity. - How to calculate the initial Regulation T requirement of 50% and FINRA's minimum initial deposit. - The ongoing minimum maintenance requirement of 25% of the Long Market Value. - How excess equity creates a Special Memorandum Account (SMA) and 2-to-1 buying power. - The rules and implications of a restricted margin account. 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

  • July 29 · 4 min

    Series 7 Exam Prep 52, Margin Account Fundamentals

    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 formula for long margin accounts: Long Market Value (LMV) - Debit Register (DR) = Equity (EQ). - Regulation T requires an initial margin deposit of 50% of the purchase value for new margin positions. - How market value appreciation creates excess equity, which generates a Special Memorandum Account (SMA), a line of credit for the investor. - The difference between a restricted account (equity below 50%) and a maintenance margin call (equity below FINRA's 25% minimum). - How to calculate the market value at which a maintenance call will be triggered by dividing the debit balance by 0.75. 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

  • July 28 · 3 min

    Series 7 Exam Prep 51, Options Taxation and Exercise

    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 exercising an option is not an immediate taxable event; it adjusts the cost basis or sales proceeds of the stock. - The mnemonic "Call Up, Put Down" to remember that for calls you add the premium to the strike price, and for puts you subtract it. - How buying a protective put can reset the holding period of a stock held for one year or less. - The unique tax treatment of covered calls, where the stock's original cost basis is maintained upon assignment. - The special 60/40 tax rule for broad-based index options under Section 1256, where gains are 60% long-term and 40% short-term. 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

  • July 27 · 2 min

    Series 7 Exam Prep 50, Options Disclosure and Account Approval

    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 Options Disclosure Document (ODD) must be delivered to a client at or before the account is approved by a Registered Options Principal (ROP). - A client has 15 calendar days from the date of account approval to sign and return the options agreement. - If the signed options agreement is not returned within 15 days, the account is restricted to closing transactions only. - Only a qualified Registered Options Principal (ROP) can approve a new options account in writing before the first trade occurs. - All retail communications about options must be pre-approved by an ROP and must not contain misleading performance projections. 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

  • July 26 · 4 min

    Series 7 Exam Prep 49, Options Hedging and Income Strategies

    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 covered call is used to generate income on a long stock position, but it caps the potential upside gain. - A protective put acts like insurance for a long stock position, providing downside protection while allowing for unlimited potential gain. - A collar combines a protective put with a covered call to provide downside protection at a reduced cost, but it also limits upside potential. - A cash-secured put is a strategy used to acquire stock at a price below its current market value by selling a put option and setting aside the cash to purchase the shares. - How to calculate breakeven, maximum gain, and maximum loss for each of these core Series 7 options strategies. 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

  • July 25 · 3 min

    Series 7 Exam Prep 48, Straddles and Combinations

    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 long straddle (buying a call and a put) is for investors expecting high volatility, with unlimited gain potential and a maximum loss equal to the premiums paid. - A short straddle (selling a call and a put) is for investors expecting low volatility, with a maximum gain equal to the premiums received and unlimited loss potential. - Straddles have two breakeven points, calculated by adding and subtracting the total premium from the strike price. - Combinations are similar to straddles but involve options with different strike prices or expiration dates. - The mnemonic SILO helps remember the profit zones: Short Inside (you want the price between the breakevens) and Long Outside (you want the price beyond the breakevens). 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

  • July 24 · 3 min

    Series 7 Exam Prep 47, Options Spreads

    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 identify a spread as a debit or credit and its implications for max gain and loss. - The method for determining if a spread is bullish or bearish, even without given premiums. - Step-by-step calculations for maximum gain, maximum loss, and breakeven for both call and put spreads. - The difference between wanting a spread to widen versus narrow and its relation to exercise or expiration. - A mnemonic to easily remember the desired outcome for debit and credit spreads. 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

  • July 23 · 4 min

    Series 7 Exam Prep 46, Covered Calls and Protective Puts

    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 covered call is an income strategy where you sell a call against a stock you own, capping your upside but lowering your breakeven point. - The breakeven for a covered call is the stock's cost basis minus the premium received. - A protective put is a risk management strategy where you buy a put to set a floor on the potential loss of a stock you own. - The breakeven for a protective put is the stock's cost basis plus the premium paid. - Suitability is key: covered calls are for neutral-to-bullish investors seeking income, while protective puts are for bullish investors seeking downside protection. 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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