My advice may not be the best to everyone. My Masters Thesis has a major section on ITIL so for me it is more then just the ITIL Expert but also having a a very deep and through understanding of the concepts and structure of ITIL. Not everyone will need or even may not want to go so deep.
This said my studying approach is fairly simple...read. Read a lot; for foundations I read:
1) ITIL V3 Exam Prep Questions, Answers, & Explanations: 620+ ITIL Foundation Questions with Detailed Solutions
by Mr Christopher Scordo
by Tim Malone, Ivanka Menken, Gerard Blokdij
by Van Haren Publishing
This is most likely more then one needs to read to pass the Foundation Exam.
Now about the exam itself. If you have ever taken any type of IT exam (Microsoft, Cisco etc.) then this will seem about normal. A-D multiple choice, one correct answer and three wrong answers, some of the wrong answers are fairly obvious and others are not so much. My advice here is the usual read slowly and carefully. They like to flip definitions for example: Service Warranty and Service Utility (so do not jump to conclusions).
The exam is 40 questions and you need to get a 70% to pass. The computer will tell you at the end of the exam how you did and which areas you scored what level in. For me the exam was not very difficult, but I am used to taking tests so my experience may not be the same for everyone.
In conclusion, read and study the concepts there is some memorization but not a lot. The first book I cited was a huge help my use of it was to look at the answers and questions rather then actually take lots of tests. I worked on understanding the concepts behind the answers.
Over all this is not a difficult exam and you will need to pass it to move onto the intermediate exams and finally to the last exam to reach your ITIL Expert.
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