Note: The ERP exam used to contain 180 questions, but as of 2014, GARP has changed to format to 140 questions spread over 8 hours total. The Practice Exam and this article have been accordingly updated to the new format.
Solving as many practice questions as possible is the best way to prepare for the Energy Risk Professional exam in the last stage of preparation. This will point out areas of weakness and will simulate the exam experience. Next to knowing about the important topics covered in the readings, you must also make sure you can manage your time effectively, and you should know what to do in case a question comes up you did not expect.
When I prepared for the ERP in November 2010, I often spent too much time on the math questions, solving them until the end, just to go through the entire exercise. In some cases it is possible to find the right solution by just excluding the answers that do not work. You can also deduct the right answer from the question, for example by determining the approximate value and then comparing that with the answers provided.
Here is a small check list that you could use when you solve practice exams:
- Solve the practice exam about two weeks before the actual exam. This will give you enough time to look up the topics you would like to look up again.
- Make sure you stick to the right time window: Each session lasts 4 hours, you want 1 hour of review time in each session . This leaves you with 3 hours for 70 questions in each session. This will allow you to spend about 2:40 minutes per question on average. In order to have enough time, you should be faster than that though because you want to go through the questions again and find errors that you made. As a rule of thumb, never spend more than 3:30 minutes per question.
- Do not use the practice material to look up answers to the questions when you solve the exam. This defeats the entire purpose. If you are pressed for time, you should still solve the exam without the answers visible to you. When you are finished and check the answers, work through all the answers very diligently to refresh the concepts.
- Use only the allowed calculators during the practice exam.
- Mark an answer for each question on the first go. Even if you are not sure if it’s right, still mark the one you think may be correct and then move on. This is very important: In case you do run out of time, you would not want to have left any answers blank.
- Take a break between the two exam sessions. Each session lasts for 4 hours, so it is unrealistic to work through the entire 140 questions and still be highly concentrated. Take a break of at least 60 minutes in between.
- GARP is well-known for confusing exam questions. If you encounter a question you did not expect or that you never heard about, be not surprised. Just apply common wisdom and logic, and exclude the answers you think are wrong.
I hope this helps you preparing for the exam. If you would like to check out the practice exam on energyriskprofessional.com, please click here or on the picture below.
As always, let me know if you have any questions. I wish you all the best for your ERP exam!