Finance Exam Prep

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 calculate holding-period return using periodic income and capital appreciation.
- The distinction between dividend yield and capital gain yield in total return.
- How to compute realized excess return relative to a nominal risk-free benchmark.
- The difference between ex ante required risk premiums and ex post realized excess returns.
- A simple decision rule and mnemonic for holding-period calculations.

This independent study resource is designed to supplement your study schedule for the CFA Level I exam. Access practice materials at https://open-exam-prep.com/practice/cfa-level1 and watch video explanations at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

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:
- Prohibitions under Standard VII(A) regarding disclosing confidential exam questions or compromising program integrity.
- Requirements for using the post-nominal CFA mark, including passing all exam levels and maintaining active membership.
- Rules governing candidate status representation on resumes and social media without using partial designations.
- Restrictions on promotional claims to prevent guaranteeing superior investment performance or analytical ability.
- How membership lapses affect the right to reference the charter and how to apply the PURE decision framework.

This independent preparation resource is designed to supplement your study journey: https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
- https://www.cfainstitute.org/standards/professionals/code-ethics-standards
- https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

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 Standard VI(B) establishes trade priority for clients, employers, and personal accounts.
* What constitutes beneficial ownership and personal pecuniary interest under CFA Institute standards.
* Best practices for firm compliance policies including pre-clearance, restricted lists, and blackout periods.
* Mandatory upfront disclosure requirements for referral fees and consideration under Standard VI(C).
* How to identify common traps regarding non-cash compensation and referral agreement timing.

For independent exam preparation resources, visit https://open-exam-prep.com/practice/cfa-level1 and watch video tutorials at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards
https://www.cfainstitute.org/standards/professionals/code-ethics-standards/standards-of-practice-vi-c

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:
- Core requirements of CFA Standard VI(A) regarding disclosure of potential and actual conflicts of interest.
- Why conflict disclosures must be prominent, delivered in plain language, and provided to clients, prospects, and employers.
- Common conflict scenarios involving personal stock ownership, corporate board service, and sales incentives.
- Why disclosure provides transparency but does not permit biased analysis or unsuitable recommendations.
- The practical Avoid, Disclose, Maintain decision rule for resolving conflict situations on the CFA exam.

This independent study resource helps candidates prepare for the CFA Level I exam. Practice questions and study tools are available at https://open-exam-prep.com/practice/cfa-level1 and video content is published on https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards
https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

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 distinguish historical facts from analytical opinions in research communications.
• The obligation to disclose investment process changes and material risk factors to clients.
• Key record retention rules and the CFA Institute seven-year recommendation when policies are silent.
• Why research files and analytical models created during employment remain firm property.
• An exam-relevant trap regarding departing analysts taking proprietary work product.

This independent study resource helps candidates prepare for the CFA Level I exam. Practice tools are available at https://open-exam-prep.com/practice/cfa-level1 and video tutorials at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
• https://www.cfainstitute.org/standards/professionals/code-ethics-standards

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:
- Core requirements of Standard V(A) Diligence and Reasonable Basis
- Why a reasonable basis does not require absolute certainty in investment outcomes
- Essential steps for evaluating and vetting third-party research reports
- How to address testing data, quantitative models, and overfitting risks
- A simple decision rule and exam trap analysis for research diligence

This independent study resource helps candidates prepare for the CFA Level I exam. Access more tools at https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf
https://www.cfainstitute.org/standards/professionals/code-ethics-standards

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:
- Key requirements of Standard IV(A) Loyalty regarding employer benefits and duty of care.
- Rules governing outside independent practice and competitive work for compensation.
- Standards under IV(B) Additional Compensation Arrangements for client bonuses and gifts.
- The distinction between permissible preparations to leave a firm and unethical client solicitation or unauthorized record removal.
- A straightforward decision rule for handling competitive side work and third-party compensation.

This independent audio study lesson complements your CFA study plan. Practice questions and video explanations are available at https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf
https://www.cfainstitute.org/standards/professionals/code-ethics-standards

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:
* Requirements for fair, accurate, and complete performance presentation under Standard III(D) in the 2027 CFA Level I curriculum.
* Why hiding unsuccessful terminated accounts in an aggregate strategy record creates survivorship bias.
* Transparency considerations including fee disclosures, benchmark consistency, and summary reporting.
* How Standard III(D) performance presentation principles relate to GIPS firmwide compliance.
* Essential traps and decision rules for evaluating historical return disclosures.

This independent prep content is designed to supplement your study plan. Access practice questions at https://open-exam-prep.com/practice/cfa-level1 and video tutorials at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards/standards-of-practice-iii-d
https://www.gipsstandards.org/standards/gips-standards-for-firms

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:
- Core requirements of CFA Standard III(C) on suitability and client Investment Policy Statements.
- How Standard III(C) mandates regular updates while guidance recommends annual review.
- Evaluating suitability within a whole-portfolio context versus pooled fund mandates.
- Compliance procedures for handling minor versus material unsolicited trade requests.
- Practical decision steps when a client insists on a material trade but refuses an IPS update.

This independent preparation resource helps candidates master CFA Level I concepts. Practice questions and AI tools are available at https://open-exam-prep.com/practice/cfa-level1 and video tutorials are available at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards
https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam

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 Standard III(B) Fair Dealing governs material changes in investment recommendations.
- Why fair dealing requires equal opportunity to act rather than identical individual service.
- The requirements for disclosing tiered or premium services to current and prospective clients.
- The duty to notify clients of updated ratings before executing trades based on outdated research.
- Practical decision rules to avoid selective disclosure traps under Standard III(B).

This independent prep lesson is designed to supplement your study routine. For additional practice questions, visit https://open-exam-prep.com/practice/cfa-level1 and view video tutorials at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

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 scope of Standard I(C) Misrepresentation under the CFA Level I curriculum.
* How to distinguish recognized statistical reporting from third-party analytical research.
* Why research developed within a firm remains firm property when colleagues depart.
* How misrepresenting risks or guaranteeing investment returns violates professional conduct.
* Practical decision rules to prevent plagiarism and proper crediting practices in equity research.

This independent educational episode provides supplementary preparation for candidates studying for the CFA Level I examination. Practice additional questions at https://open-exam-prep.com/practice/cfa-level1 and subscribe to our YouTube channel at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
* https://www.cfainstitute.org/standards/professionals/code-ethics-standards
* https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

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 criteria for material nonpublic information under Standard II(A).
• How the mosaic approach permits combining public data and nonmaterial nonpublic clues.
• Why material nonpublic information cannot be sanitized by blending it into research reports.
• The distinction between broad public dissemination and selective insider disclosure.
• A two-step decision rule evaluating materiality and nonpublic status independently.

This independent study resource is not affiliated with or endorsed by CFA Institute. Explore more study material at https://open-exam-prep.com/practice/cfa-level1 and watch our videos at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

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 distinguish modest gifts from third-party benefits that impair independence under Standard I(B)
- Standard practices for issuer-paid travel and when corporate transportation is permissible
- Why disclosure alone does not cure compromised research or non-independent recommendations
- The key procedural differences between handling client gifts and third-party benefits
- How flat-fee arrangements protect research independence in issuer-paid coverage

For independent study resources, practice tools, and video explanations, explore https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/standards/professionals/code-ethics-standards
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

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 ethical expectations differ from mere legal compliance in investment decision making
* The core principle of Standard I(A) Knowledge of the Law regarding conflicting requirements
* Why members and candidates must always adhere to the stricter law, rule, or regulation
* Common exam traps involving rationalizations, disclosure limits, and local custom arguments
* A practical decision framework for identifying stakeholders and taking appropriate action including dissociation

This independent study resource is designed to supplement your candidate preparation for professional exams. For practice modules, visit https://open-exam-prep.com/practice/cfa-level1 and subscribe to our video channel at https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
* https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam
* https://www.cfainstitute.org/standards/professionals/code-ethics-standards

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 ten official 2027 CFA Level I topic names and weight ranges.
* How to construct a flexible study schedule based on topic weighting and spaced practice.
* Exam-relevant traps regarding topic pass thresholds and overall scoring.
* The distinction between core exam topics and required Practical Skills Modules.
* The Weight First Rule as flexible editorial guidance for allocating preparation time.

For independent practice questions and video prep tools, visit https://open-exam-prep.com/practice/cfa-level1 and https://www.youtube.com/@Open-exam-prep .

Sources checked: October 12, 2026
https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam
https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf

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:
- To differentiate Form 2848 (Power of Attorney) from Form 8821 (Tax Information Authorization) to avoid common exam traps.
- To master critical deadlines, especially the 90-day period to petition the Tax Court after a Notice of Deficiency.
- How to analyze taxpayer scenarios to select the most appropriate collection alternative: Installment Agreement, Currently Not Collectible, or Offer in Compromise.
- That Circular 230 duties, like obtaining a proper Power of Attorney, are the mandatory first steps in taxpayer representation.
- To implement an effective time-management strategy for the EA exam by answering easy questions first and flagging harder ones for review.

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

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 three e-file acknowledgment statuses and what an "Accepted" status truly means.
- How to use the "perfection period" to correct and retransmit rejected returns to preserve the original filing date.
- The critical difference between correcting a rejected return (never filed) and amending an accepted return with Form 1040-X.
- Common e-file rejection codes, such as a mismatched SSN/name or an incorrect prior-year AGI.
- The proper procedure and 60-day response window for taxpayers who receive an IRS math error notice.

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

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 crucial difference between the Practitioner PIN and Self-Select PIN methods for e-filing authorization.
- Why Form 8879 must be signed and dated by the taxpayer *before* the Electronic Return Originator (ERO) can transmit the return.
- The mandatory procedure for handling changes to a tax return *after* Form 8879 has already been signed.
- The specific record retention requirement for Form 8879, which is three years from the return's due date or filing date, whichever is later.
- Key ERO responsibilities, including identity verification and ensuring the taxpayer has reviewed the return's contents.

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

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 '11 or more' aggregate filing threshold that triggers the mandatory e-file requirement for a preparer or firm.
- Key exceptions to the e-file mandate, such as taxpayer choice to file on paper and how to document it with Form 8948.
- The components of the IRS suitability check for an EFIN application, including tax compliance, criminal background, and credit history.
- The distinct roles of an Electronic Return Originator (ERO) versus a Transmitter in the e-filing process.
- Critical responsibilities for EFIN holders, including the absolute prohibition on sharing credentials and the requirement to monitor account activity.

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

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:
- To always choose the simplest method for obtaining IRS records, typically starting with a tax transcript.
- The critical difference between a broad Freedom of Information Act (FOIA) request and a more personal Privacy Act request.
- Why proper taxpayer authorization, like Form 2848, is a non-negotiable prerequisite for accessing client records.
- To identify key FOIA exemptions that the IRS uses to redact or withhold information, such as internal deliberations and law enforcement files.
- The steps in the FOIA request and appeals process, including the 20-day response time and the 90-day window to appeal a denial.

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