I'm not sure what state your in, but in Maryland an "prep" course is offered through a college. It is considered a continuing education course so you do receive college credits for it. It's called the SHRM Learning Systems. It covers PHR and SPHR material. The class was conducted on a Saturday, so it fits into a busy schedule. Great tool to prep for the test as well as broaden your knowledge of the HR profession. I strongly suggest taking some type of course. The pass rate on the test is only 60%. My old boss who has over 5 years hands on experience as an HR Manager just took the test and failed. STUDY, STUDY, STUDY!
Yes, I took the test in Texas, and prepared through a study course. One thing that helped me pass was taking a second to understand the question. At times you will easily pick up that two of the answers have nothing to do with the question, therefore through process of elimination you have a better chance in increasing your score. Good luck!
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There is a discussion in the HR Coffee Chat that gives some great ideas on this subject. You can find it at http://community.blr.com/hr/forums/thread/3504.aspx