Preparing for examinations

Reciting/Memorising from lecture notes

The aim is not to memorise and recite what you think is the most relevant bit of the lecture notes as accurately as possible. The aim is to answer the question that has been set. You will be required to think hard during the examination, using all that you have been taught in this and other courses, as well as knowledge from your own reading. Rather than memorising paragraphs of texts and figures for the examination it is best to prepare by practicing drafting answers to sample exam questions.This will ensure your work is in line with the Good Academic Practice Policy.

Originality

High marks will be awarded for original thought that is sensible – and hopefully correct – and for the use of information from additional reading. This is easily noticed by the marker amongst a large amount of lecture note repetition.

Meaning

Deciding what the question means is a key aspect of answering some questions. Good students are distinguished by their ability to correctly interpret the question. So part of your answer may sometimes involve some discussion of how the question can be interpreted, and why you have chosen to interpret it in the way you have.

Argument

It is not enough to reproduce the relevant facts; you must use these facts in an argument that answers the question. Most students do not need to know a lot more to get higher marks. By just using what they already know in a better argument they could get substantially higher marks. You may think the facts you have written down 'speak for themselves' and provide all that is needed for an intelligent person to answer the question, but if you have not shown how they can be used to answer the question, you will not get very good marks. For example, the observation that apples fall to the ground is not the same thing as the theory of gravity.

Write it down

You only get marks for what you have written down, not what you could have written down, or what you meant to write down. For example, sometimes students miss out the word 'not', which has a dramatic effect on the meaning. More generally, students often fail to fully explain their argument.

Relevance

Strongly resist the temptation to stray off the point or answer a question you have prepared, which is not the current question you are undertaking in the exam. You will get very few marks for irrelevant material, even if it is all correct. It demonstrates a failure to properly understand the question. Extra marks will be given for candidates who are able to select only those parts of what they have been taught that are directly relevant to answering the question.

Correct answer

The examiner is often less interested in whether your answer to a question is 'Yes' or 'No', but in how you have arrived at your answer. Indeed, either yes or no may be acceptable answers when properly justified by a well-structured argument.

References

You do not need to memorise (and quote in your answer) the names of the authors of a large number of journal papers etc. What is important is that you understand the contribution to knowledge a paper has made, and can make use of this knowledge, where relevant. However, if you are able to remember key information such as the author's name or the date of publication of a source to which you refer, the marker may find this information useful and it may help to underpin your answer.

Diagrams

They are easy and quick to draw, usually indicate an understanding of the problem, and often assist candidates in analysing the problem, leading to a better answer. Remember to label your axes and curves.

Handwriting and English

Only students with special needs may be allowed to write down their answers. You will only get marks for what the examiner can read, and so you will not get marks for illegible or incomprehensible material. Therefore, it is worthwhile writing a bit more slowly so the meaning and handwriting are clear.

Mathematics

In general, outside of statistics courses, unless you are asked for a proof, substantial amounts of mathematics are not required or expected in answers. However, in a question on say CAPM, a brief mathematical statement of the SML may be beneficial. If you do use some mathematics, then briefly define your symbols.

Numerical questions

Numerical questions versus essay questions. There is a risk return trade-off in making this choice – numeric questions tend to have a higher average mark, but also a much higher variance of marks.

Method

Most of the marks are usually allocated for showing a correct and clear sequence of calculations. A lucky guess of the correct numerical answer will get few marks. If your method is correct showing your workings also means that if you make a slip in your calculations, you will still get good marks.

Omissions

You may think a piece of information is missing from the question. In this case, state clearly any assumptions you make. Examiners may omit some assumptions which are necessary to properly answer the question, but the deliberate omission of numbers necessary to answer the question is rare.

Length of answers

Very short answers, such as 'Yes' or 'No' will score very few marks.

Fuller answers

Given the constraints that your answer is (a) legible, (b) clearly expressed in good English, (c) directly relevant to answering the question and (d) correct; then a fuller answer will usually score higher marks. However, repetition will not lead to higher marks.

Fundamental mistakes

Lengthening your answer by making statements which demonstrate you do not understand fundamental concepts may lead to lower marks than if you had not written this material.

Conclusions

Try to have a final paragraph which concludes your answer and summarises your main points.