BMKDE,
The pass rates on this exam in 2014 were a 47% pass rate for first timers and a 25% pass rate for second timers. These are very similar to the pass rates for the year before I took the metallurgy exam. This is a particularly tough one to study for because there are no review manuals available for it. So deciding what to study is a real shot in the dark. I took the Metallurgy PE exam in October 2004 and like you I was in a position where I didn't know exactly what to study. So I decided to put together a binder filled with what I felt was useful and pertinent data for the exam. Most of this data was not used directly, but filling this binder forced me to review the subjects that formed its contents. I actually studied for the exam for only two weeks. This was the first time that I sat for the PE exam, and I passed.
The critical aspects that I found on this exam were time management and having the necessary reference books at hand. I was wary of spending too much time answering questions that were outside of my area of expertise. I left these types of questions for last, and went through the exam and answered each question that I felt was within the limits of my ability. I didn't find very many that were easily answered. On my second run through the questions in the morning session, I eliminated answers that I believed could be proven wrong, and used my reference books a great deal to try and decide on the correct choice. For the third round through the first half of the test, I simply made an educated guess. For random choices, I expected to get 25% of the answers right, since there were only 4 choices for each question.
I brought in two cardboard boxes filled with reference books, and realized during the first part of the test that I didn't have enough material. There was one question that still stands out in my mind that I could have easily answered, but was not able to because the reference books that I had brought in did not have the appropriate diagram for selecting the answer. And it was something that could not be determined without the correct chart. So during the lunch break, I left the testing facility and drove to work and got three more reference books. It was a good thing that I did that, because one of those additional references was critical in answering a question or two on the second part of the exam. The second half of the test was in my opinion much more difficult than the morning session. When I walked out I honestly thought that I had failed it, but after some reflection I realized that I did stand a chance of passing.
My strategy worked. The best advice that I got from any of the contributors in this forum is this: don't panic. If you get too flustered, just sit back and breathe. Use your references, and manage your time wisely. During the last 10 or 15 minutes, go through the remaining questions and make an educated guess at what you believe the answer should be. For random selections you should get 25% of them right. This approach worked for me, and I hope that it helps you as well.
I would suggest including the following into your preparation strategy:
1.) Get a good night's sleep the two days before the exam.
2.) Do NOT cram the last few days before you sit for the exam. If you don't know it by now, you won't learn it the last two days.
3.) Bring in a lot of reference books. I brought in too few when I took the exam, and even though I knew exactly how to solve one of the problems, I got it wrong because I didn't have the appropriate reference table in any of the books that I brought with me. During the lunch break you will have the opportunity to leave the test site. If you need to, use this time to go get more reference books.
4.) Breathe. You will likely get very stressed when you read some of these questions and realize that you don't have a clue how to figure them out. Don't let that kill your strategy.
Good luck!
Maui