Doing well in exams is not just about knowing the information in a I-can-google-it way. The first time I wrote open-book exams (when you can take the answers in with you!) was when I did a diploma in financial planning. The exams were spread over four days, and while I had prepared, I was not as bullet-proof as I liked to be because I assumed I could look up answers. I got through day one with very little “margin for safety” and a heightened sense of respect. Having the books is not sufficient. Knowing you can look, knowing where to look, and knowing, are three very different levels of knowledge. Beyond exams, making money is often about taking complexity and being able to articulate a very clear, instantly recognisable, ask and offer. Delivering a punchy two-mark answer in the 30 seconds allocated. Not spending 5 minutes finding the answer. That is embodied knowledge. That demonstrates having engaged with the body of work, so deeply that you know the path to the stuff that matters. Real competitive advantages are open-books. Those with mastery have engaged so deeply they don’t need to hide. The answers are simple, and available, but require you to do the work.
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