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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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  • Avg 4 min
  • English

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Episodes 105

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  • July 21 · 3 min

    Series 7 Exam Prep 44, Long Calls and Long 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 long call is a bullish strategy with unlimited maximum gain and a maximum loss limited to the premium paid. - A long put is a bearish strategy where the maximum gain is the strike price minus the premium, and the maximum loss is the premium paid. - The breakeven point for a long call is calculated by adding the premium to the strike price (Strike + Premium). - The breakeven point for a long put is calculated by subtracting the premium from the strike price (Strike - Premium). - Use the mnemonic "Call Up, Put Down" to remember the breakeven calculations: for calls, you add the premium to the strike; for puts, you subtract. 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 20 · 3 min

    Series 7 Exam Prep 43, Options Contract Basics

    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 call option gives the buyer the right to buy a stock, while a put option gives the right to sell. - An option's premium is composed of its intrinsic value (the in-the-money amount) and its time value. - A call is 'in-the-money' when the market price is above the strike price; a put is 'in-the-money' when the market price is below the strike price. - Exercise is the act of the buyer using their right, while assignment is the seller being obligated to fulfill the contract. - Options trading requires special account approval and risk disclosure due to the complexity and potential for significant 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

  • July 19 · 3 min

    Series 7 Exam Prep 42, Variable Life and Insurance 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: - That in variable insurance products, the policyholder bears the investment risk, and the cash value fluctuates based on the performance of the separate account. - The key difference between Variable Life (fixed premiums) and Variable Universal Life (flexible premiums and death benefits). - That the separate account holds the investment subaccounts for variable contracts, segregated from the insurer's general account. - Since variable contracts are securities, they must be sold with a prospectus and require both insurance and securities licenses to sell. - While the cash value is not guaranteed, a variable life policy has a minimum guaranteed death benefit. 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 18 · 5 min

    Series 7 Exam Prep 41, Variable Annuity Suitability and Exchanges

    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 FINRA Rule 2330 is the critical regulation for variable annuity recommendations and the specific customer information required. - How to identify and analyze common exam traps related to deferred sales charges (CDSCs), bonus credits, and different share classes. - The key tax consequences of variable annuity withdrawals, including ordinary income treatment, LIFO accounting for earnings, and early withdrawal penalties. - The stringent suitability considerations for 1035 exchanges, including the 36-month rule and the need to demonstrate a clear client benefit. - The heightened suitability standards for senior investors and the crucial role of principal review and approval in the sales process.

  • July 17 · 2 min

    Series 7 Exam Prep 40, Variable Annuities Basics

    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 variable annuity premiums are invested in a separate account, meaning the contract owner bears the investment risk. - How accumulation units are purchased during the pay-in phase and convert to a fixed number of annuity units at annuitization, resulting in a variable payout. - That all growth within a variable annuity is tax-deferred, with withdrawals taxed as ordinary income. - About key costs like surrender charges for early withdrawals and mortality and expense (M&E) charges that cover insurance guarantees. - Why variable annuities are only suitable for long-term retirement goals and generally not for seniors or those needing liquidity. 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 101–105 of 105 episodes