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Step 1
Know the breakdown and weights of each topic as they will appear on the exam. Some topics are weighted more heavily than others. Your study guide will likely have these breakdowns listed in the beginning of your study guide. Know the topics breakdown. In the words of the great Brad Hamilton, “Learn it. Know it. Live it.” You should, therefore, spend more time on the subjects that carry the most weight on the exam. For example, municipal securities accounts for just about the most number of questions of any topic on the exam (roughly 40-55 questions). Margin is just about the least number of questions (roughly 5-15). Why spend lots of time on margins when you can get so many more points on munis? Seems to make sense, right? Don’t under estimate this. In every class I have ever taught, there is more than one student who wants extra help on margins. You could miss every single margins question on the exam and still get a 94%. Think about it.
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Step 2
There are essentially three types of questions on the exam in terms of difficulty; easy, medium and difficult. You don’t know the break down or in what order they will come or which ones they are, but there will be lots of each. You want to make sure you can answer the easy ones correctly almost always; and that means not making mistakes, not rushing through a question, etc. You also want to get most of the medium questions right. The thing about the difficult questions is this. You are not going to answer them all correctly. That is a fact, and that is why they are so difficult. Accept it. Expect it. Don’t let it get you down. And do not spend too much time on them. This is a long exam and time management is an issue. Spending too much time on difficult questions might mean not being able to get to all the easy questions.
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Step 3
Understand the numbers. There are 250 questions on the exam (there are 10 additional questions that are not graded, but you don’t know which ones they are). A passing score is 70%. You can miss 75 questions and still pass. Let me repeat. You can miss 75 questions and still pass. Think of it this way, if you can miss 75 questions, you might go through a stretch on the exam in which you will miss 10 questions in a row seven different times. If you are not expecting that, it is easy to get discouraged during the exam. Don’t get discouraged. Be strong. Expect those stretches. A positive attitude and mental preparation are key ingredients to success.
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Step 4
Get a good night sleep, the night before the night before. You will likely be stressed, anxious or nervous the night before the exam, which could cause you to lose sleep. This is normal. But if you have 8-10 hours of sleep the night before the night before, it will be much easier to handle the lack of sleep the night before the exam.
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Step 5
Expect to be nervous. Everyone is nervous. Yes, even those who seemed to sail through the study process and look so calm. The nervousness is just a sign that you are where you want to be and are striving for something great. Embrace your nerves.
