Open Exam Prep

By Ran Chen, EA, CFP®Education Courses

Open Exam Prep episodes

January 25 [SIE] 48, Margin Accounts - Basics
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- The function of a margin account and the concept of leverage.
- The difference between the mandatory credit and hypothecation agreements.
- How to calculate the 50% initial requirement under Federal Reserve Regulation T.
- How to determine whether the Regulation T or FINRA minimum deposit requirement applies.
- A mnemonic to retain the 50% rule and the payment deadline for margin calls.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 24 [SIE] 47, Employer-Sponsored Retirement Plans
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam exam.
In this episode you will learn:
- The key differences between 401(k), 403(b), and 457 plans based on employer type.
- How employer matching contributions work as an incentive for employees to save.
- The two primary types of vesting schedules: cliff and graded, and what they mean for owning employer funds.
- The rules and potential tax consequences associated with taking a loan from a retirement plan.
- A simple mnemonic to remember which plan corresponds to for-profit, non-profit, and government employers.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 23 [SIE] 46, Traditional and Roth IRAs
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- Understand the fundamental tax difference: Traditional IRAs are pre-tax with taxable withdrawals, while Roth IRAs are post-tax with tax-free qualified withdrawals.
- Learn the 2024 IRA contribution limits, including the additional catch-up amount for individuals age 50 and over.
- Distinguish between Roth IRA income limits for contributions and Traditional IRA income limits for deductibility when covered by a workplace plan.
- Identify the 10% early withdrawal penalty before age 59 and a half and key exceptions like death, disability, and first-time home purchases.
- Grasp how withdrawals are taxed: the entire withdrawal from a deductible Traditional IRA is taxed as ordinary income, while only earnings from a non-qualified Roth withdrawal are taxed.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
5 min
January 22 [SIE] 45, Customer Account Types - Business and Fiduciary
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- The specific documentation required to open corporate, partnership, and trust accounts.
- The fundamental responsibilities of a fiduciary under the Prudent Investor Rule.
- Key features of custodial accounts (UGMA/UTMA), including ownership, control, and tax implications.
- Prohibited activities in fiduciary accounts, such as a custodian using account funds for parental obligations.
- Common exam traps, like an unauthorized corporate officer attempting to place a trade or a trustee ignoring the trust's specific limitations.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 21 [SIE] 44, Customer Account Types - Individual and Joint
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- The defining characteristics of an individual brokerage account.
- How assets in an individual account are handled upon the owner's death.
- The features of a Joint Tenants with Rights of Survivorship (JTWROS) account.
- The key differences in ownership and asset distribution for a Tenants in Common (TIC) account.
- A mnemonic to easily distinguish between JTWROS and TIC for exam purposes.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 20 [SIE] 43, Alternative Investments
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- What defines a hedge fund, including its aggressive strategies and "2 and 20" fee structure.
- The key differences between private equity and hedge funds, particularly the long-term investment horizon.
- The nature of structured products like Exchange-Traded Notes (ETNs) and their embedded credit risk.
- The specific income and net worth thresholds an individual must meet to be considered an accredited investor.
- The primary risks of alternative investments, focusing on illiquidity, complex strategies, and high fees.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 19 [SIE] 42, Direct Participation Programs
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- The structure and purpose of Direct Participation Programs (DPPs).
- The definition of pass-through taxation and how it avoids double taxation.
- The role and unlimited liability of a General Partner (GP).
- The passive nature and limited liability protection of a Limited Partner (LP).
- Common exam traps, including how a Limited Partner can lose their liability protection.

For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 18 [SIE] 41, REITs
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- The "75-75-90" rule for a REIT to maintain its tax-advantaged status.
- How REITs avoid corporate taxation through the conduit or pass-through theory.
- The key differences between Equity REITs (rent income) and Mortgage REITs (interest income).
- The tax treatment of REIT dividends as ordinary income, not qualified dividends.
- Why publicly traded REITs offer greater liquidity compared to direct property ownership.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 17 [SIE] 40, Options - Max Gain, Max Loss, Breakeven
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- How to calculate breakeven for call options by adding the premium to the strike price.
- How to calculate breakeven for put options by subtracting the premium from the strike price.
- Why a long option's maximum loss is always limited to the premium paid.
- The definition of unlimited risk and why it applies to uncovered short call writers.
- How to determine the maximum gain for both long and short option positions.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min
January 16 [SIE] 39, Options - Intrinsic and Time Value
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and CFP designation. He is passionate about opening up information to help everyone prepare better for financial certification exams. This episode covers content for the SIE Exam.
In this episode you will learn:
- The two components of an option's premium: intrinsic value and time value.
- How to determine if a call or put option is in-the-money, at-the-money, or out-of-the-money.
- The method for calculating an option's intrinsic value, and remembering it can never be negative.
- What time value represents and how it is affected by time to expiration.
- Common question formats and traps on the SIE exam related to option valuation.
For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
4 min

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