This brief guide is designed to help candidates who are preparing for examinations run by the Institute. It gives general guidance as well as hints on how to deal with multiple choice questions and questions requiring a narrative answer.

Final Preparation for the examination
In the exam centre
Answering multiple choice questions
Answering case studies and narrative questions
Short answer questions
At the end of the exam

Final preparation for the examination

• Plan your private study and avoid last minute panic. Decide how much time you can spend each day/week on private study and stick to it! Allow extra time for difficult topics & don't glance over topics you think you know about.
• Study when your mind is receptive.
• Spend short sessions reading - if you set aside 2 hours, have at least 2 short breaks. Don't spend all weekend studying; include some relaxation.
• Don't just read, think about the issues and your practical experience of them.
• Write notes on your studies using your own words. Make them clear and accurate and give references to related reading.
• Test yourself answering questions in the study packs
• Whenever possible, read round the subject (particularly current press coverage) to broaden your understanding.
• Make sure you know the products, instruments and techniques covered in the syllabus. Do not simply rely on your knowledge of those you use at work.
• When Examiners' reports are published, these should be read carefully so that you can avoid making similar mistakes when you sit the examination.

In the Exam

• Wear comfortable clothing with layers you can take off or put on depending on the temperature.
• Listen to the Invigilator's announcements
• Make sure you complete the personal details part of the Answer Sheet or Answer Book as instructed.
• Read the questions CAREFULLY and THINK BEFORE YOU ANSWER.

Answering multiple choice questions.

• Remember you have only about one minute to answer each question and only one answer is correct.
• It can be difficult to erase incorrect answers on the Answer Sheet and it wastes time, so make sure you select the correct answer before marking the sheet. If you are unsure of an answer, leave it and return to it later.
• Multiple choice questions are set out randomly so do not assume one question follows on from the previous one.
• Do not make assumptions when answering multiple choice questions, answer the questions as written.
• Questions are not designed to trick candidates. Questions will use 'normally' to ensure candidates understand that they are being tested on the generality of a type of product and not on their knowledge of unusual products. Questions also vary in standard of knowledge required and are set out randomly on the paper. Candidates should not worry if, after a difficult question, they find a very easy question.
• Make sure you have answered all the questions and double check your answers.

Answering case studies and narrative questions

• Papers that require you to write your answer, draw on your technical knowledge, your time management skills and your ability to order and present views in a coherent, structured fashion. You will need to identify the relevant issues, summarise data and present recommendations, sometimes in a manner which a layman can understand.
• Read the questions before you read the related case study to identify important information. Highlight relevant points if this helps.
• Check the marks per question and work out how long you should spend on each question to respond in appropriate depth.
• Think what the question is testing and make sure your answer responds to the question posed, not one you would have liked the examiner to ask!
• Plan your answer and perhaps set it out in rough draft.
• If you are asked to evaluate an existing portfolio of investments then you must look at the specific client's position relating to:
  • Marginal rate of income tax
  • Any liability to capital gains tax both now and on any disposals;
  • Any inheritance tax liabilities either now (e.g. from PETs) or on any investments that may be passed on to another person either by transfer or sale and transfer of the monetary amount realised;
  • Always bear in mind the client's specific wishes e.g. minimisation of paperwork, attitude to risk, planning towards a specific event such as retirement.
• Make sure your response is in the format required - e.g. a letter to a non technical client. If no format is specified you can use bullet points, you are not required to present an essay. However, bullet points must be relevant, coherent and presented in a logical order and where appropriate you should present an introduction and conclusion.
• With calculations, show your workings, as well as the answer, as they may score you marks even if the answer is incorrect. You should also identify the questions that the workings relate to and indicate the final answer clearly.
• State your assumptions and check they do not conflict with information given in the case study.
• Answer the case you find easiest first but DO NOT spend more time on it than the marks awarded indicate.
• Number your answers clearly. If you need to return to an answer to finish it, leave space to do this, do not expect an examiner to look for answers scattered throughout the answer book. At the end of the exam, list the questions you answered, in the order you answered them, on the front sheet.
• Write legibly, if your handwriting is poor, write on every other line. Do not write in capitals unless you find this your easiest style.
• Leave space in the answer book between your answers - in case you need to add further points. Leave space between paragraphs, leave margins all round. Avoid making the page look crowded and messy.
• Go for quality not quantity. Present a concise, coherent, well structured answer, WAFFLE DOES NOT EARN MARKS.
• Make your answers look professional:

• Give headings
• Line-up columns of numbers
• Reference diagrams and tables
• Draw on the full range of your studies
• Justify your answers with evidence, reasons
• Set out your points in a logical order, be objective
• Give reasons for making your recommendations
• Reference workings to the answers when appropriate
• Demonstrate that you can take a strategic view of a client's circumstances.

Short answer questions

Short answer questions often sit alongside case studies and it is important to allocate your time according to the marks per question. A two mark question does not merit a four page answer and, even if brilliant, it will not lead to more marks being awarded.

At the end of the exam

Plan to allow a few minutes before the end of the exam to read through your answers and correct any minor mistakes.
If you identify a major error, do a quick note to the examiner identifying where you went wrong and if time allows, some bullet point corrections.
Make sure you have completed all the necessary details on the answer book.