Contributed by Jack Bohrer | University of Wisconsin-Madison, WI
If you are competing in the Collegiate DECA Corporate Finance or Financial Accounting events, you will need to take the Finance Cluster Exam.
Here are some tips to help you maximize your exam score:
1. Keep Moving
You have only 60 minutes to answer 100 questions, giving you, on average, just over 30 seconds per question. If you are unsure about a question after a few seconds, make your best guess and move on. All questions are worth the same amount, so it is essential that you get the easy ones right first before spending extra time on harder questions. To maximize your score, answer every question and return to the tougher ones if time permits.
2. Use Your Finance and Business Knowledge
Many questions on this exam are based on fundamental finance and business concepts. It can be beneficial to think back to what you have learned in your business classes, including financial statements, risk management and investment principles. Even if a question seems tricky, rely on your background knowledge to eliminate incorrect answers and increase your chances of selecting the right one.
3. Apply the Process of Elimination
The process of elimination is a great strategy to succeed on any test. This strategy works especially well on this exam, as often one or two answers are obviously incorrect. By quickly recognizing and eliminating the wrong choices, you significantly increase your chances of getting the question correct. When in doubt, use the process of elimination to make an educated guess.
4. Know Your Key Terms
Understanding financial terminology is crucial for success on this exam. Many questions include technical language about accounting, investments, risk management and business operations. To learn these terms, search “DECA Finance Cluster Exam Terms” on Quizlet to find numerous useful flashcard sets. Additionally, during the exam, you can use context clues in questions to infer the meanings of unfamiliar terms.
5. Take Timed Practice Tests
Finally, to best prepare for the exam, you need to take practice tests. These can be found both on the Collegiate DECA website and by searching “DECA Finance Cluster Exam” on Quizlet. Furthermore, just answering the questions is not enough. It is vital that you time yourself while you take the practice tests to ensure that your pace matches that of the real exam. You can also try practicing by giving yourself less time than allotted during the real exam to challenge yourself even more. Good luck with the exam!
