# Series 7 Exam Prep 17, Preferred Stock Features

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-17-preferred-stock-features
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-17-preferred-stock-features.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-06-24T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-7-exam-prep-17-preferred-stock-features
Audio file: https://episodes.captivate.fm/episode/f09ca98f-2322-4004-8e8b-a956e633d53d.mp3
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JSON: https://stenobird.com/v1/public/podcasts/open-exam-prep-7140559/episodes/series-7-exam-prep-17-preferred-stock-features
Duration seconds: 239

## Resource

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 hybrid nature of preferred stock, combining features of both equity and debt, and its priority over common stock for dividends and in liquidation. - The critical difference between cumulative preferred, where missed dividends accrue and must be paid, and non-cumulative, where they are forfeited. - How callable features benefit the issuer by allowing them to redeem shares when rates fall, while convertible features benefit the investor by offering upside potential. - The characteristics of participating preferred stock, which can earn extra dividends, and adjustable-rate preferred, which has a variable dividend tied to a benchmark, affecting its price stability. - Key exam traps, including confusing issuer vs. investor benefits and performing dividend calculations without confirming the par value. 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

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## Transcript

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