Whether you’re studying for the energy risk professional exam or any other exam, one old saying always holds true: Take a shortcut if you know it. In other words: Forget perfection, go for efficiency.
Now what exactly does that mean regarding the ERP? I am of course not advocating that you neglect your studying and hope for the best at the exam, not by any means. What I am trying to drive home is that it really makes no sense whatsoever to obsess over the learning material to the point of getting burnt out and losing interest altogether, but that it’s more important of knowing the most important concepts, and having them at your disposal in the exam.
Just think of learning a new language: Does it matter whether your grammar is perfect, or is it more important that you can order in a restaurant, buy a train ticket or ask directions to the bathroom? You get the point. It’s the same with studying for the ERP. Yes, you must know about all of the concept covered in the original GARP readings. You also have to understand how to apply mathematical formulas to solve for energy related problems. But at the end of the day, you must not be an absolute expert in all of them. You must know enough to pass in the time you have available to prepare for the exam. Remember: You don’t need a 100% score to pass, 70% will do. Out of 140 questions that is still 42 mistakes that you’re allowed to make.
To study more efficiently, I really encourage you to take advantage of the study help and practice material for the energy risk professional exam. If you can, enroll for a class or coaching, or make at least use of the study material that is available online. The classes are a little more expensive, but very good ERP study material (such as the ViveraRISK Concept Checkers for the ERP exam) is available online for the cost of a restaurant dinner for two. This little sacrifice will put you light years ahead in your ERP preparation. Also make sure you master exam strategy, as this is half the rent with the ERP. Solve practice exams and the ERP sample exams available from GARP. A good study plan will round out your toolkit for the ERP and you will be ready to go.
With multiple choice exams such as the ERP, the CFA, or the CAIA, you can be brilliantly prepared or an accomplished expert in the field and still fail the exam if you don’t know how to approach it to get answers fast and eliminated mistakes. Don’t let this happen to you and be smart about your preparation. I wish you all the best on your way to become an ERP!