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Every failure is an opportunity to learn. Mistakes also teach you a lot but it’s even better if you can learn from the mistakes done by the others so that you do not have to bear the pain of the mistake.Since aspirants from many different sectors apply for the exams,all might not have an idea about banking and finance, certain mistakes one needs to avoid, especially when the aspirant is from a different background is:
Fear of your non-banking and non-finance background excessively. One needs to accept the fact and start working on it. Most of them clear it without any experience in it.
Fear of UPSC veterans and MBA aspirants. The exam is taken by many of the UPSC aspirants and MBA in Finance people along with many other highly qualified candidates. Even in the selected candidates many of them are from either of these backgrounds. If you do not possess any of these you can still clear the exam. Temperament is what that matters in the long run.
Most of the time the aspirants lacks proper and complete information that is needed.Try to collect as much as information possible. It is not going to make any difference if you have multiple sources for same topic. One solid source is more than enough. It will simplify your preparation.
Starting late with the preparation is another problem that the candidates usually face. You don’t need for the notification to be out. Start preparing from the day youdecide you want to appear for the exam it may be this/next year. It needs a lot of time to be dedicated.
Not able to balance both Phase I and Phase II preparation is a major mistake that can be committed. Once you have decided to appear for the exam, plan out your syllabus; make a proper schedule to cover all the portions. Once you appear for the Phase-I of this examination it gives you very little time to start your preparation with Phase –II. Balancing both phase-I and phase-II preparation is the key to clear the exam.
Reading all the books mentioned in the notification by RBI which is not required.
Not giving enough emphasis on the current affairs.
Not studying the numerical part in the finance section.
Not getting proper guidance from an experienced mentor.
Not practising enough multiple choice questions and not practising enough mock papers.
Not reading newspapers thinking that they would do it at the last moment or at the end of the preparation.
Thinking that you already know economics and hence not preparing well for the economics and finance for phase 2.
Not being able to distinguish between what is important and what is not.
Getting overwhelmed by the huge syllabus.
Ignoring importance of quant in pre. Also, ignoring importance of finance topics such as ratios for mains exam.
Keeping in mind the points mentioned here, prepare for the exam.
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