The next few blog posts will deal with last-minute preparations for people taking the AFP’s Certified Treasury Professional exam in the December 2014 – January 2015 window. People who are planning to sit for the CTP exam next summer have time to prepare a customized study program. We will discuss how to set up a study program starting next year.
How difficult is the exam?
The Certified Treasury Professional exam was conceived and written to test the knowledge of a relative newcomer to the field, not someone with many years of experience. The questions are intended to test knowledge over a broad range of concepts, practices, and techniques. You can expect questions of differing degrees of difficulty, but none of them will be impossible to answer.
As in most multiple-choice tests, there will usually be one incorrect answer that is close to being correct—this is the distracter. It will sound plausible or even be a correct statement that, while true, is irrelevant to the question. You should be able to narrow the answers for most questions to the correct one and the distracter. Remember, it pays to answer all the questions, even if you guess blindly, because there is no additional penalty for an incorrect answer.
Another difficulty many exam candidates face is testing fatigue. For many, it has been a long time since they had to sit for hours and concentrate on exam questions. One way to prepare is to simulate the time period and see how much stamina you have or when your mind begins to roam. You can try to incorporate a few mental gymnastics into your routine to be sure that you pay attention during the exam.
It is important to pace yourself as you take the exam by periodically checking your time. Don’t forget that 170 questions in 210 minutes means you have little more than one minute per question. Aim at giving yourself one minute or less per question so you have review time at the end.
If you find yourself really stumped, take your “best” shot and mark the question to come back to, for review. Remember, though, this means that you must have enough time after finishing the test to return to the tough questions.
Last minute study tips
- If you have trouble with formulas, be prepared to write them down on scratch paper right before you start the exam. This means that you’ll have to memorize them or work so many problems that the formulas are old hat to you.
- You can make your own study aids to help with difficult materials or to memorize lists. Many items in the body of knowledge are simple definitions, and the only way you can remember them is to memorize those that you have little familiarity with.
One method is to use a presentation program like Microsoft PowerPoint®. Each list or topic that you want to drill yourself on should be entered in question-and-answer format. For instance, to remember the roles of the Federal Reserve, enter “What are the [five] roles of the Fed?” Then include as answer bullets the five roles (supervising and regulating bank holding companies, state-chartered banks, etc.) as individual bullets.
Next, while still in PowerPoint, go to the “Slide Show” menu and select “Custom Animation,” Select “Text 2” (or whatever it is called), and the answer bullets should be selected. Click on “Animate” and “On Mouse Click.” Click on “Effects” to select how the bullets will appear. (I usually select “Appear.”) Then click on “OK.”
Now you have your study aid. When you initiate the slide show the question will appear, and each answer bullet will appear only when you click your mouse.
Another way is to write the question on one side of a large index card with the answers on the flip side. Then, you can ask yourself the question, and flip the card to find the answers. Flash cards can be used in small groups as well. You can even enlist a member of your staff or family to help by asking you the questions.
If you’re not a fan of DIY, TMExam.com offers study aids and practice exams.
The next blog post will offer tips on answering various types of multiple-choice questions.
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