Morgan’s Top Tips to Prepare You for the FP&A Exam (Part 1): Revision Time
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Make sure you have enough time to study: drawing up a study plan is a great way to make sure you utilize your hours wisely. Split your time to reflect the percentage of test questions for each knowledge domain.
Mind the gaps
Focus more on those knowledge domains in which you feel weakest. If you want to identify those weak areas, take the AFP pre-test that’s part of the Learning System.
Reach out to other candidates to discuss possible test questions. This interaction will help you go deeper in your understanding of concepts.
Location, location, location
Where you study is important. Make sure it’s a place that lets you study for lengths of time without being disturbed.
Get to know the exam format, question structures and all the technical aspects of the test well ahead of exam day.
Practice with pressure
Try to take practice test runs but give yourself half the time you would have on exam day. This gets you in the swing of having time to go back and review.
Flash cards are a great resource to reinforce everything you’ve learned. They’re also easy to make yourself.
The tests contain two types of questions: multiple choice and task-based simulations. Task-based simulations (TBS) contain spreadsheets for which you might have to make a calculation or make an analysis based on a data table.
TBS have four areas: one for the problem statement, one for the answer, one for the stimulus material, and one that is an open spreadsheet work area. In the answer area you must type your answers in the box(s) provided. You can reference or copy any data from the stimulus area, but you can’t change any of it or type in any of its cells. The open spreadsheet work area is for you to use to calculate your answers.
On all TBS items at least one of the tabs is for the problem itself and contains the four areas mentioned above. You may also find additional tabs that show more instructions or additional background material. Take note that these items may require one or more responses.
For a TBS question you may be asked to provide a free numeric response (which means you have to enter a specific value in the answer box), or a selected response (which means you will be asked to select your answer from a pop up box).
Spreadsheet items are scored as correct or incorrect, but take note that to be scored as correct, you must place a correct response in every answer box provided.
Multiple choice items have a set of navigation buttons (next, previous, help, end exam, navigation, etc) at the top. You will also find other buttons for Cut, Copy and Paste at the top of the window, as well as a scratch spreadsheet button. This last one opens up a blank spreadsheet that you can use for calculations or notes as you work your way through an item. Be careful not to close it until you’re ready though, as all information is lost on exit.
Know your sheets
Since the exam spreadsheets don’t have all the functions of commercially available spreadsheets, we highly recommend you check out of the spreadsheet tutorial that is available on the FP&A website ahead of the exam.
Read on for more tips. Morgan’s Top Tips to Prepare You for the FP&A Exam (Part 2): Exam Time