If you are studying for the R02 exam you will know that the study text covers investments, and although the area of investments may be familiar to you if you are already providing financial advice, there is still a lot of knowledge and understanding required to gain a pass in the actual exam.

Our ‘Top Tips for Success’ aims to help you get the best out of your study time and help improve your chances of passing this exam at your first sitting. As approximately 40% of people sitting the exam fail at each sitting, it is important to have a good understanding of the exam structure and content early in your study schedule.

So, let’s start by looking at the R02 exam itself:

• The assessment is 100 questions
• 72 questions are multiple choice with a single response answer
• 28 questions are multiple choice but with a multiple response answer
• Two hours are allowed
• The nominal pass mark is 65%
• Previous pass rates can be viewed here
• The recommended minimum number of study hours is 60

1. I will only be examined on actual investment products

This is not true. Although the syllabus covers many different products, you will also be examined on your understanding and ability to apply a range of concepts and formulas that underpin how the products work and perform.

2. All sections of the syllabus are examined equally

This is definitely not true. Chapter 1 and 6 are the most heavily examined. Chapter 1 has 28 questions (11 multiple response) and chapter 6 has 22 questions (7 multiple response). These two chapters therefore account for a half of all of the questions in the exam, so are vital areas of knowledge.

3. There will not be a lot of actual calculations involved

Normally over 20% of the questions will require a calculation. Score well requires you to fully understand how your intended calculator works and how to carry out calculations using the ‘scientific’ functions available on it.

4. I need an in-depth understanding of all the formulas that are covered in the study text

The formulas will be tested – what they are, how they are used and what they show – but do not become obsessed with memorising every aspect of every formula at the expense of other vital areas in the syllabus.

5. I should never guess if I am unsure, and it is better to leave a question unanswered than guess and be wrong

Definitely no. There is no negative marking in the exam, so you do not lose marks for wrong answers. You may be able to narrow the answer options down in the single response questions to two options, giving you have a 50:50 chance of being correct and gaining another mark and being one step close to a pass.

The CII recommends a minimum of 60 hours of study to prepare for the R02 exam. You may find you need slightly less if you have prior knowledge of some aspects of investments, but you are still going to have to put in a significant amount of studying.

Several things are key to successful studying – it is not always how much you do, but what you do: quality can be better than quantity. Firstly, it is important to have a plan and stick to it. It is also important to introduce variety and mix up your study techniques to help to keep it fresh and interesting. Study in short bursts, with breaks, and acknowledge your progress with rewards to keep you motivated.

Our “Learning to Learn” package contains valuable advice and useful strategies to help you discover how you learn best, and to maximise the effectiveness of your study time. You can find out more about these short courses here.

It is important, however, to bear in mind, that it is impossible to test the full R02 syllabus in 2 hours. As well as learning the facts in each chapter, you need to understand the practical application of these facts in various situations and scenarios – the ‘why’ as well as the ‘what’.

• Use practice questions at the start, during, and at the end of each study period – this will help to identify your areas of weakness to focus on going forward
• Become familiar with the format and types of questions asked in the exam – complete the CII Exam Guide/Mock exams under exam conditions at least once
• Keep practising with as many questions as you can. This not only helps to cement information in your memory, but also increases your confidence in how to tackle them effectively
• Focus your study time and energy on the chapters where most of the questions come from
• Read the question fully and very carefully. The information provided in the question is designed to help you know what the correct answer is or how to eliminate the wrong answers. It is not there simply to ‘pad’ the question out with unnecessary information

• Leave any question unanswered, guess if you have to
• Spend more than 1 minute on each question. This will give you 20 minutes at the end to go back to any questions you were unsure of and revisit the multiple response questions. If you can’t decide on the correct answer after 1 minute move on

The assessment questions in the Wizard Learning “R02 Gap Analysis and Assessment Tool” provides a bank of 300 practice questions, with the similar mix and weightings for each Learning Outcome as in the R02 exam.

You can choose either a 25-question test, 50-question test or 100-question test in either ‘revision style’ (where you will see the correct answer after each question is completed), or ‘exam style’ (where you will see your results at the end). An on-screen clock shows the expected and elapsed time for each assessment, but you can take as long as you need.

The questions are selected at random for each test from the question bank and will not repeat until all questions have been viewed.

Each test includes similar weightings per Learning Outcome that you will receive in the actual exam. Your end of test results then show not only your total marks, but also the marks scored against each Learning Outcome. All incorrectly answered questions show the correct answer and explanation, and a reference to the location of the information in our online course.

• The full directory of Wizard Learning training materials can be found here including our R02 online course and R02 gap assessment package.
• Additional tips are available here