So I finally passed the AIP exam last week after failing by 4 points the first time around. Honestly I thought I had it the first attempt — I'd been in the industry for three years and figured my on-the-job experience would carry me. It really doesn't. The way the exam frames questions around INCOTERMS, documentary credit cycles, and trade finance instruments is very specific and you need to actually study the terminology.
What made the difference for me the second time was finding a solid AIP practice test and drilling it repeatedly. I probably did 300+ practice questions total over about six weeks. I also went through the official study guide cover to cover, which I'll admit I skimmed the first time. The sections on Letters of Credit and collections tripped me up the most — the nuances between different documentary credit types are brutal.
Posting this because I couldn't find much firsthand advice when I was prepping. Happy to answer questions if anyone's in the middle of studying right now.