So cut the crap, how to study for SIM-UOL?? Before you read on, please go and read about my
disclaimer. Not everything that work for me will work for you.
So here are my tips (some might seem counter-intuitive at first..):
1) Do NOT study everything.
In the UOL programme, the exam is structured such that you do not need to study 100% of the topics in order to be able to attempt for 100 marks. For most papers, they will have like 4 questions from section A, 4 questions from Section B, and you can choose 4 out of the 8 questions to answer, attempting at least 1 from each section.
For most exams, each question will be from one or two topics. This flexibility lets you choose what to answer. This flexibility also allow you to choose what to study.
However, for anything that you studied, you must have as close as FULL knowledge of it. If you have 50% knowledge of it, it is as good as not studying it.
2a) Spot topics
Seriously, the flexibility in choosing questions allows you to spot topics. So how to spot?
Download the past-year papers of the last 5 years (if you can do more, even better). Compare all 10 papers (5 years of zone A and B), and categorize the topics under:
Cat (a): topics that comes out almost all the time (about 9-10 out of 10)
e.g Markov Process under MSM, Options under CF, Game Theory under Microeconomics
Cat (b): topics that comes out most of the time (about 6-8 out of 10)
e.g Monopoly under Microeconomics
Cat (c): topics that comes out some of the time (about 4-5 out of 10)
Cat (d): topics that hardly ever comes out
e.g Government and public choice under Microeconomics
You will find that, there will be at least 1 (usually 2), that comes under (a), 2-4 that comes under (b). These are the topics that you MUST study first!!!!
2b) Spot Patterns
This is probably less helpful, but there are some instances where you will spot some patterns. Patterns such as:
- The question will only appear every alternate year
- The question will never appear in consecutive years.
- The question will always appear, but either in zone a or b.
Spotting patterns may help you prepare what questions will or will not be asked.
For example, topic 2 (problem structuring and problem structuring methods) under Management Science Methods is a cat (a) topic. Under topic 2, they will always test questions with regards to SODA/JOURNEY, SSM or SC. If you do an analysis of past year papers, you will notice that they will NEVER test the same thing in consecutive years. That means if they test SODA/JOURNEY in 2014, they will only test SSM or SC in 2015.
3) Ensure you give yourself a chance to attempt 90%-100% of the paper
That means, for each past-year paper, you must try to be able to attempt at least 90%-100% of the paper. For instance, that does not mean 8 questions you can attempt all 8, it means you can attempt 4 out of the 8.
If you go in the exam hall with the aim of getting a pass (40 marks), you will definitely fail.
4) Choosing which topic to cover
As mentioned in 2), You MUST study the ones in Cat (a) and (b). But,
What if a topic in cat (a) or (b) is too difficult for me to understand?
In mandarin we say 勉强是没有幸福. It applies here too, you are doing last minute studying, every day and hour counts. Rather than spend 3 days and NOT understanding a cat (a) topic, i rather you take the time to study 2 cat (c) topics.
For me, topic 5 (production, cost and profit maximisation) in Microeconomics simply makes no sense despite being a cat (b), so i skipped it.
What if after studying all cat (a) and (b), i still can't attempt 90% of the paper?
Then no choice, you need to study 1 to 2 topics under cat (c). Choose the topics that are easier to understand and/or takes a short time to study. For example, chapter 5 (efficient market) in Corporate Finance.
What to choose between a hard-to-understand cat (b) vs a easy-to-understand cat (c)?
Choose the cat (c). Since you are going to spot topics, you need to be very sure of the topic you covered. If you have a fuzzy knowledge of a topic going into exam, that is as good as entering a warzone with a gun without bullets. You rather bring a cat (c) hand knife rather than a cat (b) bullet-less gun.
5) Ask yourself questions
For everything that you studied, ask yourself questions. Questions like:
- What are the pros and cons (i find this very useful, for everything you studied, you can always ask yourself the pros and cons)
- What happens if the scenario changes
- What are some real-life examples
Asking yourself questions will help you expand your knowledge, allow yourself to remember the topics better and also help you give a better answer in exam.
6) Google and Youtube are your best teachers
You can find almost all of your queries over the internet. I got all my Game Theory knowledge from Youtube. When i was doubtful about black-scholes option pricing model from Corporate Finance, i went to youtube for help as well.
For example,
this video helped me understand what grim trigger in Game Theory was about.
There are many guides on Youtube, they provide some of the best explanations, and it is free!
