Are you confused about how macroeconomics differs from micro? Are taxation laws too hard to remember? Undoubtedly, finance is a complicated subject. It draws on many topics, including math, accounting, marketing, business, data science, and much more. In short, finance requires a lot of focus and concentration from students.
You have to become a master of numbers to make sense of data. Likewise, you have to focus on practical application to ensure what you are learning can get applied in real-world situations.
While getting a finance degree may seem challenging, it prepares students for many job opportunities. Besides banks and financial institutions, you can work in biotech, communication, and even pharmaceuticals. After all, every company has a hustling finance department.
Moreover, the demand for finance professionals will continue to increase in the coming ten years. However, first things first. You have to learn the ropes and master fundamentals to graduate. If you are having trouble getting around numbers, let us help you. Here we list six excellent tips for finance students to ace their exams.
1. Organize & Gather Study Material
Students have to enroll in different courses, from financial modeling to business management. As a result, they have notes and piles of papers lying around their study desk. That’s not only demotivating, but it wastes a lot of time.
Therefore, the first step to acing your exams is gathering and organizing all the study material. After class, you have to make a separate collection of revision and reading notes. Thus, when the exam is around the corner, you will have all your notes neatly organized.
It will make it easy to memorize what you need to remember and skim through every topic. Besides this, look for exam resources online. For instance, if you choose to appear for the chartered financial analyst (CFA), look for Wiley CFA exam prep material.
You can find everything from past papers, practice questions, and exam notes. All you have to do is create separate folders so you don’t face difficulty finding study material.
2. Divide Big Concepts
Are you studying the International Accounting Standards (IAS)? There are plenty of IAS regulations, and keeping up with all of them can be challenging. Instead of overwhelming yourself, try breaking the study material into smaller chunks. Perhaps, you can complete two IAS regulations in a day with practical application. Also, test yourself after completing the topic to ensure you have grasped the concept. You can ask yourself questions and write down the answers.
Similarly, some students take time to understand the structure of financial statements. Well, you can also divide that into smaller chunks. First, understand what goes on the asset side – current and fixed assets. Next up, move to the liability section and finish it with equity. Dividing these concepts into smaller chunks will give a better understanding and strengthen your financial concepts.
3. Create Flashcards
One of the top tips for finance students is to rewrite crucial facts and concepts. For that, flashcards are the best option. It lets you question yourself without anyone’s help. You can note questions on one side of the papers and answers on the other, helping you learn better.
Moreover, you can also create digital flashcards through the study apps. It is another way to learn and organize the study material with minimal effort. However, most students think flashcards don’t help with extensive topics, whereas the truth is you have to find your way around. If you are studying tax laws, mention the article numbers on flashcards. It would serve as a cue, allowing you to memorize them quickly.
4. Focus on Practical Knowledge
Today, most colleges are moving away from conventional learning models that require students to memorize. Educators want students to move towards practical learning, allowing them to apply their knowledge in the workplace.
Therefore, students should focus more on the practical application of their knowledge. Instead of memorizing key concepts and theories, you should learn how to apply them in real-world situations. For that, use practice exercises and past exam papers.
For instance, if you are learning to consolidate the financial statements of two companies, consider doing it for real. You can pick annual reports of companies listed on the stock exchange and try consolidating them. It would help you become more engaged and interested in the topic since you can apply your financial concepts practically. Alongside making you an effective learner, it will prepare you for the professional world.
5. Practice Past Papers
Have you gone through old exams? Practicing past papers is one of the most effective ways to prepare for an exam. The old tests allow students to see the format and formulation of questions. They can also see what topics the examiner tests most often and the kind of questions they ask. As a result, they would know what to expect and ace the exam.
Moreover, practicing old exams can help them with time management. You can time yourself and see whether you can finish the paper timely. If you lag, you can work on the writing speed to ensure you don’t face this problem on exam day. It would fully prepare you for the actual exam, guaranteeing you pass with flying colors.
6. Cut out Distractions
In the corporate world, there aren’t many work breaks. You have to manage your time wisely while working around multiple meetings. That might be impossible if you easily get distracted. Most students close their books the minute their cellphone rings.
Likewise, others have an urge to check social media every other minute. It is not only unhealthy but extremely distracting, affecting your study schedule. Therefore, learn how to minimize distractions.
For starters, put your phone away. You can turn off the Wi-Fi or lock your phone inside a cupboard. Similarly, close all distracting websites from your desktop and avoid looking at the screen until you finish studying. You can also create a separate study space at a quiet spot. It will allow you to focus and concentrate better.
Truthfully, exams bring students a lot of stress and anxiety, mainly when they appear for a technical degree like finance. Some students can’t juggle between numbers and theories, whereas others face problems with time management. With dedication and loads of practice, every student can ace their exams.
You have to cut out all distractions, organize your study material, and brush up on your concepts. These few things will prepare you for even the toughest exams while ensuring you succeed.
Arnab is a passionate blogger. He shares sentient blogs on topics like current affairs, business, lifestyle, health, etc. To get more of his contributions, follow Smart Business Daily.