ICAP PRC-2 Quantitative Analysis for Business exam-day guide
ICAP PRC-2 Quantitative Analysis for Business · Prepare for the day ahead.
Your checklist
Admission ticket / exam confirmation
Bring the confirmation email or admit card your provider issued. Confirm with the provider whether a printed copy is required or a digital copy is accepted, and check the exact venue address, arrival time and reporting instructions printed on it.
Acceptable photo identification
Bring the original government-issued photo ID in the name used on your registration. Confirm with the provider which ID types are accepted, whether photocopies or expired documents are refused, and whether a second piece of ID is recommended.
Approved calculator
PRC-2 is a quantitative paper, so a calculator is essential. Confirm with the provider the permitted models and functions (for example whether programmable or graphing calculators are allowed). If only non-programmable calculators are permitted, practise on exactly that model beforehand.
Spare batteries and a backup calculator
A dead calculator mid-paper is avoidable. Carry fresh batteries for your model and, if the provider permits, a second identical calculator. Confirm with the provider whether spare devices may be brought into the room.
Stationery permitted by the provider
Pens, pencils, eraser and sharpener as allowed. Confirm with the provider whether rough work is done on the question paper, in a supplied booklet, or on scratch paper that must be handed in, and whether pencil is acceptable for any answer sheet.
Watch (non-smart)
A simple analogue or basic digital watch helps you pace without relying on a wall clock that may be out of sight. Smart watches and any device with communication capability are normally prohibited; confirm with the provider.
Confirmation of permitted personal items
Confirm with the provider where bags, phones and notes must be stored and whether they can be accessed during breaks. Assume phones must be switched off and stored away from your desk.
Formula and table familiarity (not loose notes)
Check whether the provider supplies a formula sheet or statistical tables, and whether you may bring your own. If tables are supplied, learn now which distribution tables appear and how they are laid out, so you do not lose minutes hunting during the exam.
Travel and timing plan
Plan the route, allow a buffer for delays, and identify a fallback transport option. Aim to arrive ahead of the reporting time stated on your confirmation; confirm with the provider how late arrival is handled.
Water, snack and any medication
Confirm with the provider whether drinks, snacks and medication are allowed at the desk or only outside the room, and what the process is if you need to take medication during the exam.
Rest and logistics the day before
Protect sleep, avoid cramming new topics, and set two alarms. Re-read the provider's candidate instructions one final time so nothing on the day is a surprise.
Plan the day
Shift from learning to retrieval. Work through the syllabus topic by topic using the official weighting as your guide, and for each topic write the key formulas from memory, then check them. Rehearse the standard calculation types the paper is built on: time value of money and annuities, capital budgeting measures such as NPV and IRR, cost of capital including WACC, break-even and cost-volume-profit analysis, variance analysis, relevant costing and decision-making, basic regression and forecasting, and descriptive statistics with expected value and risk. Time yourself on mixed-topic question sets rather than single-topic drills, because the exam interleaves topics. Build one double-sided summary sheet of formulas, decision rules and common traps, and use only that sheet in the last 48 hours.
Re-read the provider's candidate instructions: venue, reporting time, ID requirements, permitted calculator, and rules on personal belongings and breaks. Confirm with the provider anything ambiguous. Prepare your bag, test your calculator, and buy spare batteries. Check your travel route and, if the exam is computer-based, confirm the test-centre location and any tutorial or interface information the provider publishes.
Do a light review of your summary sheet only, focusing on formulas you have written incorrectly in practice and on question types you have misread before. Do one short, low-stakes set of questions to stay sharp, then stop. Prepare clothes, ID, confirmation, calculator, batteries and stationery by the door. Eat normally, avoid late caffeine, and go to bed at a sensible hour. Do not start a new topic.
Eat a proper breakfast and arrive at the venue with a buffer before the reporting time. Leave the summary sheet behind if notes are not permitted in the room. Switch your phone off and store it as instructed. In the final minutes before the paper starts, write out the handful of formulas you most often misremember on the scratch material, if permitted, so they are ready to use. Read the front of the paper and the instructions carefully, including the number of questions, marks per question and time allowed.
Skim the whole paper or section to see the mix of topics and spot the questions you can do quickly. Note the time budget: divide total minutes by the number of questions to get an average, then allow extra for longer calculation questions. Answer the easiest questions first to bank marks and build confidence.
Work in passes. First pass: answer everything you can do cleanly. Second pass: return to questions requiring longer calculation. Final pass: check that every question has an answer, since there is normally no penalty for a wrong answer on a multiple-choice paper, but confirm with the provider whether that is the case. For calculations, write down the formula, substitute, compute, then sanity-check the result: does the sign make sense, is the NPV direction plausible, is the variance favourable or adverse, is the percentage in a believable range? Watch units, percentages versus decimals, and whether cash flows are at the start or end of a period. If a question is taking far too long, mark it and move on.
Stop starting new long calculations. Transfer or verify answers, check that no question is blank, and make sure your name and candidate details are completed as instructed. Use remaining time to re-check the questions you flagged as uncertain.
Rules to check
Bring the original photo ID in the name used at registration and present it when asked. If your ID is lost, damaged or in a different name, contact the provider before exam day; do not assume you will be admitted. Confirm with the provider what alternative identification, if any, is accepted.
Arrive by the reporting time on your confirmation. Late arrival may mean you are refused entry or given less time, and this varies by provider, so confirm the late-arrival policy with the provider rather than assuming you will be allowed in.
Follow the provider's rules on what may be at your desk. Phones, smart watches and notes are normally prohibited in the exam room. Confirm with the provider whether bags and devices can be stored and whether you can access them during breaks.
Use only a calculator that the provider permits. Confirm with the provider which models and functions are allowed. Using a prohibited device can lead to confiscation of the device or invalidation of your paper.
Do not communicate with other candidates during the exam, and do not attempt to copy, photograph or remove exam material. Any suspected misconduct is handled under the provider's disciplinary procedure, which can include cancellation of results.
If you need to leave the room, raise your hand and wait for instructions. Confirm with the provider whether supervised breaks are allowed and whether the clock stops. Time lost is usually not added back, so plan fluids and toilet breaks accordingly.
Scoring is normally based on the number of correct answers with no deduction for incorrect answers, but confirm this with the provider. If there is no negative marking, never leave a question blank: eliminate options and guess.
If you believe there is an error in a question or a disruption during the exam, note the details and report it to the invigilator immediately and to the provider afterwards, following their complaints procedure. Do not rely on raising it only after results are released.