Open Exam Prep

Open Exam Prep

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

  • [SIE] 28, Mutual Fund Share Classes

    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 fee structures of Class A, Class B, and Class C mutual fund shares.

    - How investors can use breakpoints to receive reduced front-end sales charges.

    - The difference between a Letter of Intent (LOI) and Rights of Accumulation (ROA) for qualifying for breakpoints.

    - Why different share classes are suitable for different investor time horizons and investment amounts.

    - How to identify common exam traps, including suitability questions and the prohibited practice of breakpoint sales.


    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818

    5 min
  • [SIE] 27, Mutual Funds - Structure and Pricing

    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 definition of an open-end investment company and how it differs from other securities.

    - How to calculate a mutual fund's Net Asset Value (NAV).

    - The concept of forward pricing and its application to all mutual fund transactions.

    - The difference between the Public Offering Price (POP) for purchases and the NAV for redemptions.

    - Common exam traps, such as timing of pricing and the distinction between NAV and POP.


    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818

    4 min
  • [SIE] 26, Money Market Instruments
    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 core characteristics of money market instruments: short-maturity, high-quality, and high-liquidity.
    - Why corporations issue commercial paper with maturities of 270 days or less.
    - How banker's acceptances are used to facilitate international trade and import/export financing.
    - The mechanics of a repurchase agreement (repo) and who is considered the borrower.
    - Common traps and key distinctions between these instruments as tested on the SIE exam.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 25, Bond Risks - Call, Inflation, and Liquidity
    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 relationship between falling interest rates and an issuer's decision to call a bond.
    - How callable bonds create reinvestment risk for investors.
    - The definition of purchasing power risk and its impact on fixed-income investments.
    - How liquidity risk varies significantly between different types of bonds, such as Treasuries and municipal bonds.
    - A mnemonic to help distinguish between call, inflation, and liquidity risks on the exam.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 24, Bond Risks - Interest Rate and Credit
    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 interest rate changes inversely affect existing bond prices.
    - Using duration to measure a bond's price sensitivity to interest rate risk.
    - The two key factors that increase a bond's duration and price volatility.
    - The function of credit rating agencies in assessing an issuer's default risk.
    - The critical difference between investment-grade and speculative-grade (junk) bonds.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 23, Municipal Bond 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 federal tax-exempt status of municipal bond interest.
    - How state and local taxes apply to in-state versus out-of-state bonds.
    - How to calculate the tax-equivalent yield to compare muni and corporate bonds.
    - The role of the Alternative Minimum Tax (AMT) for private activity bonds.
    - The important distinction between tax-free interest and taxable capital gains.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 22, Municipal Bonds - Revenue Bonds
    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 difference between revenue bonds and general obligation (GO) bonds.
    - The role and importance of a feasibility study in assessing project viability.
    - What a rate covenant is and how it protects bondholders.
    - The detailed priority of payments in a net revenue pledge's flow of funds.
    - A mnemonic to help remember the flow of funds for the exam.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 21, Municipal Bonds - General Obligation
    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 General Obligation (GO) bonds and revenue bonds.
    - Why GO bonds are uniquely backed by the full faith, credit, and taxing power of the issuer.
    - The critical role of voter approval before a municipality can issue new GO bond debt.
    - The key factors used to perform credit analysis on a GO bond, focusing on the issuer's economic health.
    - How to identify common exam traps, such as confusing the analytical factors for GO and revenue bonds.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    4 min
  • [SIE] 20, Government Agency Securities
    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 GNMA, FNMA, and FHLMC.
    - Why GNMA securities are considered free from credit risk.
    - How mortgage-backed securities pass payments from homeowners to investors.
    - What prepayment risk is and why it occurs when interest rates fall.
    - How to identify common traps and question types related to agency securities on the exam.
    For more resources visit https://open-exam-prep.com/ and connect on LinkedIn at https://linkedin.com/in/chenran818
    5 min
  • [SIE] 19, U.S. Treasury Securities
    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:
    - Differentiating T-bills, T-notes, and T-bonds by maturity and interest payment structure.
    - How to interpret and calculate the price of T-notes and T-bonds quoted in 32nds.
    - The unique tax treatment of U.S. Treasury securities: federally taxable but exempt from state and local taxes.
    - Understanding how Treasury Inflation-Protected Securities (TIPS) work and the concept of "phantom income."
    - The key characteristics of Treasury securities, including their high safety and liquidity.
    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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