This article is relevant to anybody who wants to further their career in the financial services or insurance industry, whether you are at Certificate Level or Diploma Level
We’ve put together 7 simple study tips which will ensure you have the full background knowledge required regarding the exam itself, as well as essential information to ensure you study wisely so that you are able to pass your exam first time. Here we go...
Tip #1 : Everything you need to know is NOT in the manual!
Yes, you did read that correctly. The CII manual (that big binder for your exam) does NOT contain everything you need to know. Not many people realise this, but the CII manual does NOT contain the entire syllabus. That is why we often come out of an exam thinking “that was a weird question, I’m sure I’ve never read anything about that topic”. That small (but hugely important) fact is written somewhere in the smallprint on the CII website and in the exam manuals, but does anybody honestly read every single word in the blurb at the beginning? I know I don’t!
I’m not saying you will fail your exam if you only use the manual, however you increase your chances of struggling with a few of the questions… which means you are narrowing your opportunity to pass. It’s your call!
To get the most up-to-date syllabus for the CII exam you are sitting, visit the CII at http://www.cii.co.uk
Tip #2: Get the updates to the CII manual
Just because the CII have sent you the appropriate manual for your exam, doesn’t mean there won’t be changes.
The CII publish any updates on their website. You need to go to http://www.cii.co.uk and navigate to the relevant exam. You can then find the updates under two separate links ‘Qualification updates’ and ‘Learning Solutions updates’. You must keep checking these for any changes.
Usually the updates aren’t massive, but it could mean that you have literally no idea how to answer a few of the questions in your exam. That narrows the chances of success
Tip #3: Know which tax year is being examined
Just because we are currently in one tax year, doesn’t mean that is the tax year the CII are currently examining!
The CII only start examining the NEW tax year (and any relevant changes as a result) on 1 September of that tax year.
For example, if it is 14th July 2009, this means we are in tax year 2009/10. However, you will be examined based on tax year 2008/09.
If it is 31 August 2009, you will be examined based on tax year 2008/09.
If it is 1 September 2009, you will be examined based on tax year 2009/10.
All tax tables provided in the exam will be updated so you will receive the correct ones. However, if you are not familiar with the figures you may get confused – and this is the last thing you need when sitting your exam.
This also means that any past exam papers or learning resources that are not ‘current’ will most likely be based on old tax years. This doesn’t mean they are not useful. They ARE useful as the general calculation methods needed will nearly always be the same. It will just be some of the basic figures that may differ.
For example, in tax year 2007/08 the capital gains tax annual exemption limit for individuals was £9,200. In tax year 2008/09 it increased to £9,600.
A bit of reassurance – the learning resources that Brand Financial Training provide at www.brandft.co.uk are always based on the current tax year being examined. We then normally provide ‘lapover’ dates approximately a month before a new tax year is examined so that you purchase the correct tax year for your exam.
Tip #4: Know when you should start studying
This varies from person to person. Some people like to give themselves a good six months of study before sitting the exam, others like to schedule their entire life so that they can focus on studying solidly for the full two weeks before the exam. You need to do what works best for you.
What I will say is - don’t leave it too late. Don’t underestimate the amount that has to be learnt. Better to start early than to start too late.
I would advise ordering the course material six months in advance, and then reading it over. That should give you a good guide as to how much effort you are going to have to put in, and therefore when you should start your study.
Tip #5: Study in short bursts – 30 minutes at a time is plenty
There have been numerous scientific studies done regarding the attention spans we have. It’s a fact that sitting down for a marathon study session is not going to achieve as much as sitting down for blocks of 20 or 30 minutes.
If you are studying, be honest with yourself. Is it ‘going in’? If not, STOP! Take a break for ten minutes, and then start again.
Also, if you are having one of those days when you just aren’t making progress, don’t torture yourself by ploughing on. If you’re not learning what you’re studying, it’s a pointless exercise. Your time would be put to better use by doing something else, and returning to your study either later in the day or the following day when you have regained your focus.
Tip #6: Do not underestimate the power of additional learning resources
Personally, I find using learning resources other than the CII study text the best way of studying. Take mock exam questions for example. I find them really really useful. I even do the SAME mock exam question papers more than once (I have been known to do the same mock exam paper three times).
The CII tend to provide only one mock exam paper per exam but thankfully we also provide 3 full sets at http://www.brandft.co.uk
Other learning resources you may be able to get your hands on are workbooks, calculation sheets, audio masterclasses and online training program. Make the most of them. They are a great way of studying.
My personal experience has proven that you can NEVER get your hands on enough learning resources.
A word of warning – Recently our customers have told me that the ‘real’ CII exams are noticeably tougher than even the CII’s own mock exam papers, or that the ‘real’ exam was much easier! You will find a variation in exam difficulty. Some will seem easy, others will seem hard. It’s just down to luck what type of paper you get on your exam day. However, if you don’t do all you can beforehand, you will almost certainly find the exam very difficult. Don’t make it harder than it needs to be!
Tip #7: Don’t bore yourself to death
Think. How else can you learn?
There are often one-day face-to-face revision courses available but these don’t come cheaply – especially if it’s you that is paying for them – and you have to factor in travel costs and sometimes accommodation. They also don’t work in the way that we as humans work – to concentrate on a single subject for the entire day, remaining 100% focused is impossible. But that’s what full day revision sessions require of you. If they work for you, great. If not, there are other methods.
If any of your colleagues are studying for the same exam, it is worth setting up study groups. This will help you to discuss topics and learn from each other. It can make good use of your lunch hour!
Other methods I find useful is reading the manual once, re-reading it and making notes and/or highlighting points as I go along. Then condensing my notes again and again until they ultimately end up on a few sides of A4…. Not bad comparing the size of a few sheets of A4 to the CII Manual!
Mindmapping is also a great technique. You can learn all about it at http://www.michaelonmindmapping.com
And don’t forget at Brand Financial Training we provide a variety of learning resources to suit your timescales, learning style and budget. Visit www.brandft.co.uk or email us at enquiries@brandft.co.uk for more information.
That’s it! Good luck!
PS. Think about why you are doing this exam. Write it in big letters and stick it on your wall, put it on a post-it note and stick it on the front of your study materials. Give yourself something positive to focus on!
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