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PODCAST

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

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All Episodes

03:48

Series 7 Exam Prep 53, Long Margin Calculations

Open Exam Prep ·

2026/07/30

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

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04:09

Series 7 Exam Prep 52, Margin Account Fundamentals

Open Exam Prep ·

2026/07/29

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

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03:39

Series 7 Exam Prep 51, Options Taxation and Exercise

Open Exam Prep ·

2026/07/28

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

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02:48

Series 7 Exam Prep 50, Options Disclosure and Account...

Open Exam Prep ·

2026/07/27

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

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04:45

Series 7 Exam Prep 49, Options Hedging and Income...

Open Exam Prep ·

2026/07/26

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

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03:12

Series 7 Exam Prep 48, Straddles and Combinations

Open Exam Prep ·

2026/07/25

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. -

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03:17

Series 7 Exam Prep 47, Options Spreads

Open Exam Prep ·

2026/07/24

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

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04:15

Series 7 Exam Prep 46, Covered Calls and Protective Puts

Open Exam Prep ·

2026/07/23

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

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03:25

Series 7 Exam Prep 45, Short Calls and Short Puts

Open Exam Prep ·

2026/07/22

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: - Selling an option creates an obligation to either sell stock (short call) or buy stock (short put). - The maximum gain for any short option position is always

en

03:36

Series 7 Exam Prep 44, Long Calls and Long Puts

Open Exam Prep ·

2026/07/21

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

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03:31

Series 7 Exam Prep 43, Options Contract Basics

Open Exam Prep ·

2026/07/20

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

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03:08

Series 7 Exam Prep 42, Variable Life and Insurance...

Open Exam Prep ·

2026/07/19

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. -

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05:29

Series 7 Exam Prep 41, Variable Annuity Suitability...

Open Exam Prep ·

2026/07/18

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

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02:53

Series 7 Exam Prep 40, Variable Annuities Basics

Open Exam Prep ·

2026/07/17

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

en

03:14

Series 7 Exam Prep 39, ETFs, Closed-End Funds, and UITs

Open Exam Prep ·

2026/07/16

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 ETFs and Closed-End Funds trade intraday on exchanges, unlike mutual funds which price once daily at NAV. - Why an ETF's price stays close to its NAV due to the

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02:53

Series 7 Exam Prep 38, Mutual Fund Taxation and...

Open Exam Prep ·

2026/07/15

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 mutual fund distributions are taxable to the shareholder in the year received, even if they are reinvested. - The distinction between dividend distributions,

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03:24

Series 7 Exam Prep 37, Mutual Fund Share Classes and...

Open Exam Prep ·

2026/07/14

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: - Class A shares are for long-term investors with large investment amounts due to front-end loads and breakpoint discounts. - Class B shares are suitable for long-term

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03:08

Series 7 Exam Prep 36, Mutual Fund Structure and NAV

Open Exam Prep ·

2026/07/13

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: - Open-end mutual funds continuously issue and redeem shares directly with investors. - All mutual fund orders are subject to the forward pricing rule, executing at

en

04:03

Series 7 Exam Prep 35, Alternative Investments and...

Open Exam Prep ·

2026/07/12

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 specific income and net worth thresholds that define accredited investors and qualified purchasers for the Series 7 exam. - How lock-up periods create liquidity

en

03:28

Series 7 Exam Prep 34, Direct Participation Programs

Open Exam Prep ·

2026/07/11

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 distinct roles and liability of general partners (unlimited liability, active management) versus limited partners (limited liability, passive investors). - That

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