Have you been up all night, fretting about the future? Then you must have been struck by a new epidemic in town. It’s called CAT, or the Common Admission Test, the gateway to the Indian Institutes of Management (IIMs).

But experts insist that you have nothing to worry about. “Take it as just another set of examinations, nothing to lose sleep over,” says Nakul Dugal, a management trainee at Nestle India Ltd. “A relaxed approach is the best way to bell the CAT,” emphasises Dugal, who graduated from IIM Lucknow this year.

The exam, to be held on November 16, tests the skills of candidates in five broad areas — verbal ability, reading comprehension, quantitative aptitude, data interpretation and analytical and logical reasoning. The number of questions asked and duration of the examination vary every year. This year the examination will be of three hours’ duration and a typical CAT question paper may have anywhere between 75 and 150 questions.

One must be a graduate with a minimum of 50 per cent in aggregate to appear for CAT. Those in their final year of college are also eligible to take the examination.

The experts urge you not to worry — but advise you to be prepared for it. “With two months left for this year’s CAT, do not approach any new subject. Make sure the reference material for the exam is adequately covered,” says R. Shivakumar, director (R&D), Career Launcher India Ltd, a leading competitive examination preparation institute.

He suggests that students spend 80 per cent of their time now taking mock tests and analysing their answers. A student should use the rest of the time to revise key concepts that he or she may be floundering in, he adds.

Dugal stresses the importance of preparing well. “Coaching, mock tests and a dedicated approach towards the examination will ensure success,” he says.

It’s never too early to start preparing. In fact, students planning to take the exam next year can start work right now. CAT questions have multiple answers and you have to choose the right one from a list of four to five alternatives. For every correct answer, you earn one mark; for every wrong answer, one-fourth of a mark is deducted from your score. “So guesswork should be avoided,” says Dugal.

Mock tests are of great help in preparing for the final exam. These tests help you gauge your understanding of a subject along with your time management skills in solving the paper. “The higher the number of tests you take, the higher will be your learning curve,” says Nikunj Shekhar, counsellor, Studyplaces.com, an online learning portal. So thoroughly analyse the results of the mock tests and identify your strengths and weaknesses. Then follow a structured and organised approach to turn your weak points into your strengths.

CAT is not a test of intelligence. Rather, it tests your general scholastic ability to figure out whether you have the potential to be a management graduate. The examination evaluates the candidate’s presence of mind as well as his or her ability to perform under pressure.

Every section in CAT is equally important as there are individual cut-offs for each. “Attempt easy questions first — the ones that you are able to solve in a minimum amount of time,” advises Shekhar.

The cut-off for each section varies every year. Usually a student should attempt 70 per cent of the questions with an 85 per cent accuracy rate to clear the cut-off score for every section. “Some may perceive quantitative skills as tough, while others may find the verbal ability questions difficult. In the last two CATs the most challenging part was the verbal ability section,” says Shivakumar.

The preparation for this exam should begin at least six to eight months in advance. Experts would ask you to put in at least three hours every day trying to solve mock tests and reading books to polish your language skills. Plan your schedule for a week, set targets and then assess yourself.

Though enroling in a coaching class is not mandatory, such classes do help one develop a disciplined approach. “Even during self-study it is recommended that you enrol in some testing and assessment programmes which will help you know where exactly you stand vis-à-vis your competition,” says Shivakumar. Also, if you plan to study without coaching, ensure that you stick to a disciplined schedule.

Once you have cleared the examination, the focus should be on the interview and group discussion (GD). After testing your technical and conceptual skills, the interview and GD will identify your strengths and weaknesses as an individual. Your reading habits will come in handy while preparing for this second stage of assessment.

During the interview, the panel will assess your self-awareness, clarity of thought and all other qualities that make a good manager. The GD is a methodology used by the IIMs to ascertain whether or not you will be a good team person.

In the GD the entire group is given a topic or situation and some time to think about it. Then the participants are asked to discuss the topic among themselves for 15-20 minutes. “Your awareness of issues around you and your ability to logically argue your points are evaluated. At the same time you are also expected to be a willing listener,” says Shivakumar.

With good preparation, you can climb every mountain. So go ahead and crack those three letters.