Open Exam Prep

Open Exam Prep

By Ran Chen, EA, CFP®EducationCourses
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Open Exam Prep episodes

  • [SIE] 38, Put Options - Rights and Strategies
    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 right a put option grants to its owner.
    - Why buying a put option is considered a bearish strategy.
    - How to calculate the breakeven point and potential profit for a long put position.
    - How a protective put can be used as a hedging strategy to insure a stock position against losses.
    - A simple mnemonic to remember the market outlook associated with buying puts.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 37, Call Options - Rights and Strategies
    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 fundamental right of a call option buyer to purchase a stock at a set strike price.
    - How to calculate maximum gain, maximum loss, and breakeven for a long call position.
    - The motivations and unlimited risk associated with writing a naked (uncovered) call.
    - How a covered call strategy works to generate income on an existing stock position.
    - A simple mnemonic, "Call Up," to remember the breakeven formula and bullish sentiment for call buyers.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 36, Options - Introduction and Terminology
    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 fundamental difference between a call option and a put option.
    - The specific rights of an option buyer versus the obligations of an option seller.
    - How to define and apply key terms like strike price, premium, and expiration.
    - The market outlooks associated with buying and selling calls and puts.
    - How to avoid common exam traps, like forgetting the 100-share multiplier in calculations.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 35, Variable Life Insurance
    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 fundamental difference between variable life and variable universal life insurance.
    - Why the policyowner, not the insurer, assumes all investment risk.
    - How cash value accumulates and can be accessed through loans or withdrawals.
    - The distinction between the guaranteed minimum death benefit in VL and the flexible options in VUL.
    - Key regulatory requirements, including the delivery of a prospectus before sale.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 34, Variable Annuities - Features and Taxation
    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 variable annuity death benefit and how it protects beneficiaries.
    - How surrender charges are structured and create illiquidity for the contract owner.
    - The purpose of Mortality & Expense (M&E) risk charges and other administrative fees.
    - How tax-deferred growth allows investments to compound without annual taxation.
    - The LIFO (Last-In, First-Out) method for taxing withdrawals and the 10% penalty for distributions before age 59.5.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 33, Variable Annuities - 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:
    - Why variable annuities are considered hybrid products, regulated as both insurance and securities.
    - The role of the separate account and its subaccounts in providing investment exposure and variable returns.
    - How accumulation units function during the pay-in phase and why their number changes.
    - The process of annuitization and why the number of annuity units becomes fixed for the payout phase.
    - A mnemonic to distinguish between the changing number of accumulation units and the fixed number of annuity units.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 32, Closed-End Funds and UITs
    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 difference between a closed-end fund's IPO and its secondary market trading.
    - Why closed-end funds can trade at a premium or discount to their Net Asset Value (NAV).
    - How to calculate the price an investor pays for a closed-end fund on an exchange.
    - The defining features of a Unit Investment Trust (UIT), including its fixed portfolio.
    - How a UIT's termination date and lack of active management distinguish it from other investment companies.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 31, Exchange-Traded Funds (ETFs)
    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:
    - How ETFs are structured and trade intraday on exchanges like individual stocks.
    - The unique creation and redemption process involving Authorized Participants (APs).
    - The concept of "in-kind" transfers and why they are crucial to ETF operations.
    - The primary reason ETFs are generally more tax-efficient than mutual funds.
    - Common ways the SIE exam tests the differences between ETFs and mutual funds, especially on pricing and taxation.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 30, Types of Mutual Funds
    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 primary investment objectives of the four main mutual fund types: equity, bond, balanced, and money market funds.
    - How to differentiate between various sub-types, such as growth stock funds and income bond funds.
    - The core difference between active management and the passive management approach of index funds.
    - Common suitability questions on the SIE exam, matching investor profiles to the correct fund type.
    - Key traps to avoid, like confusing money market funds with FDIC-insured bank accounts and understanding the varying risk levels within bond funds.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 29, Mutual Fund Expenses and Disclosure
    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 key differences between Class A, B, and C mutual fund shares and their associated sales charges.
    - How 12b-1 fees are used for marketing and distribution and vary across different share classes.
    - The specific components of a mutual fund's expense ratio and the critical fees that are excluded from it.
    - The regulatory requirement for delivering a prospectus to investors at or before the point of sale.
    - The purpose of the Statement of Additional Information (SAI) and how its delivery rules differ from the prospectus.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min

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