I usually read the chapter(s) 2 days before the test, read notes and skim the book 1 day before, and then just casually read your notes for the small stuff day of the test.
I organize succinct study notes for each class based on the main points to know. I usually hand write them by going through the lectures, focusing on the main stuff I noted during the lecture. As I'm going through it I make sure I fully understand all the material.
After that, I study it until I know it in my sleep. I actively study, meaning I test myself as I go through the material to ensure that I'm remembering it by asking myself questions and thinking about the types of questions I'll probably get asked.
basically the most i've done is just read over my notes or the texbook over and over whenever i think of it until i've driven myself insane
for my general chem class i must've read all my notes over like a dozen times and i pulled a 98 on the final (to make up for a 64 on the last midterm)
this year i've got three math finals and a take-home art history final that i've already been working on for a couple of weeks; i'm only studying for one of them because i bombed the last midterm really hard
in humanities classes i have never fared well on final essays just because i'm bad at writing them, plus at least one class judged for length and nothing else
Personally, I retain a lot of the information during lectures. Most of my professors provide their Power Point slides online, and I follow along in class, adding any notes I feel necessary.
Sometimes I'll find myself studying throughout the semester, when tests aren't in the immediate future, but usually not. Most of the time, I go through my notes the night before, sleep on it, and study my notes again the following morning, and do any last minute cramming when I get to the classroom.
The 'most effective' method for studying is to both spread out your sessions, AND cram. Frequent, short study sessions leading up to the exam, followed by longer, cram-like sessions a day or two before the exam. Periodically testing yourself, like Reach does, drastically improves test scores as well.
Edit: This is for testing in general, not just finals.
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