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: • Characteristics and voting rights of common stock versus preferred stock. • How cumulative, straight, participating, and callable preferred stock function. • Mechanics of convertible preferred stock and calculating conversion parity. • Corporate liquidation priority across debt, preferred, and common equity. • Key test traps surrounding cumulative preferred stock and cumulative voting. For additional study materials, practice questions, and exam preparation support, visit https://open-exam-prep.com/practice/series66 and subscribe to our YouTube channel at https://www.youtube.com/@Open-exam-prep. Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.nasaa.org/exams/general-exam-information/series-66-exam-content-outline/