Ran Chen, EA, CFP®

Open Exam Prep

Education EN ↓ 349 episodes

Open Exam Prep: Mastering Financial ExamsThe 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 and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down...

Author

Ran Chen, EA, CFP®

Episodes

[Tax] 4, Inherited Property Basis 11.03.2025 3:44

Basis is FMV at date of death or alternate valuation date; holding period is always long-term. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 3, Adjustments to Basis 11.03.2025 3:46

Increases include capital improvements; decreases include Section 179 and depreciation. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Tax] 1, Types of Assets 11.03.2025 3:54

Capital, Section 1231, and Ordinary Income Assets. Capital assets include most personal and investment assets, while Section 1231 covers depreciable business property. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparatio...

[Tax] 2, Cost Basis 11.03.2025 3:46

Original cost basis includes purchase price, FMV of exchanged property, sales tax, freight, installation, and testing costs. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https:/...

[Retirement] 28, 457 Plans 31.12.2024 4:03

Nonqualified deferred compensation plans for government and tax-exempt entities, with special catch-up provisions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Retirement] 27, 403(b) Plans 31.12.2024 4:03

Available to public schools and certain nonprofits, with unique contribution limits and catch-up provisions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep....

[Retirement] 26, SIMPLE Plans 31.12.2024 3:56

Designed for small employers, allowing employee deferrals and employer contributions, with specific eligibility and contribution limits. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Vi...

[Retirement] 30, Stock Options 31.12.2024 3:50

Include ISOs and NQSOs, providing employees the right to purchase stock at a set price, with specific tax treatments. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-e...

[Retirement] 29, Nonqualified Plans 31.12.2024 3:57

Offer benefits to select employees without the restrictions of qualified plans, often involving deferred compensation. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-...

[Retirement] 23, Roth vs. Traditional IRAs 30.12.2024 3:48

Roth IRAs offer tax-free withdrawals and no required minimum distributions, while traditional IRAs offer tax-deferred growth. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https:...

[Retirement] 22, Distribution Rules 30.12.2024 4:03

Qualified plans have specific rules for distributions, including penalties for early withdrawals and required minimum distributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit:...

[Retirement] 21, ESOPs 30.12.2024 3:44

Employee stock ownership plans provide stock to employees, with special rules for voting rights and distributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Retirement] 25, Roth IRA Conversions 30.12.2024 3:47

Allow conversion of traditional IRAs to Roth IRAs, with tax implications based on the conversion amount. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Retirement] 24, IRA Contribution Limits 30.12.2024 3:51

Contributions are limited by earned income and age, with catch-up contributions allowed for those over 50. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Retirement] 15, Actuarial Requirements 29.12.2024 4:18

Defined benefit and cash balance plans require actuarial calculations to determine funding needs. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Retirement] 14, Pension Plan Types 29.12.2024 4:04

Include defined benefit, cash balance, money purchase, and target benefit plans, each with unique funding and benefit structures. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: ht...

[Retirement] 13, Plan Limits 29.12.2024 4:01

Contribution limits for defined contribution plans are capped at the lesser of 100% of compensation or a specified dollar amount. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: ht...

[Retirement] 12, Top-Heavy Plans 29.12.2024 3:56

Require additional contributions for non-key employees if key employees hold more than 60% of plan assets. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Retirement] 11, Vesting Schedules 29.12.2024 3:58

Defined contribution plans often use a 2-6 year graduated or 3-year cliff vesting schedule. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Retirement] 20, Stock Bonus Plans 29.12.2024 3:48

Allow employers to contribute stock, with tax benefits for net unrealized appreciation on distributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Retirement] 18, 401(k) Plans 28.12.2024 3:51

Allow employee deferrals, often with employer matching, and are subject to ADP and ACP nondiscrimination tests. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-pr...

[Retirement] 17, Profit Sharing Plans 28.12.2024 3:58

Contributions are discretionary but must be substantial and recurring, with limits based on employer compensation. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Retirement] 16, Social Security Integration 28.12.2024 3:56

Allows plans to provide additional benefits to employees earning above the Social Security wage base. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Retirement] 10, Highly Compensated Employees 28.12.2024 3:55

Defined as owning more than 5% of the company or earning over a specified amount, affecting plan testing. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com...

[Retirement] 9, 50/40 Test 28.12.2024 3:46

Defined benefit plans must cover the lesser of 50 employees or 40% of all employees. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/