The most important thing to remember about the CFI ticket is that it’s all about teaching, not flying. You will be judged more on your ability to impart learning to your student than on any demonstration of your own pilot skills. The Aviation Instructor's Handbook book is rather dry, and (considering that it’s supposed to be prepared by professionals who really know about teaching) not all that easy to learn from. However, the important data are there, and you’d best learn not only to parrot them, but to understand what they mean and apply them when you teach (and if you don’t recognize these “levels of learning” you’re not ready yet). You will have to be able to read the student’s mind to find out whether he’s really learned the material or not, and if not, WHY not. Then you must be able to figure out how to get past whatever barrier to understanding exists in that student’s mind. You’ll find that there are as many successful techniques as there are students, but there may only be one of those many that works for any one particular student. Being able to hit on one that will work quickly, before the student becomes discouraged, is the toughest part of flight instructing.
How to work through this? Get with some successful teachers, not necessarily pilots. I’m talking about someone you know who’s an experienced high school teacher, one that the kids remember long after graduation as the highlight of their experience. Talk about teaching and learning with this person. You might also consider some basic education courses at the local college.
Finally, here are a few points I put together to get your mind right for the initial CFI checkride:
1. You are a teacher, not a pilot. How you teach is far more important than how you fly the plane. It doesn't matter if you slightly screw up a maneuver, as long as you identify the screw-up as it happens, talk about why it happened, and then how to do it right.
2. Don't rush into any answers. When asked questions, show the examiner where the answer is written -- you're showing how to teach a student, not demonstrating your own superior knowledge. That means you should know COLD where to find the answers -- if asked about the red/green/white tower light gun signals, it shouldn't take you more than a few seconds to get to the right page in the AIM. And you should know instantly whether an answer to an FAR question is in Part 61 or Part 91 (HINT: If the rule applies no matter who's flying the plane, it's in 91. If not, it's in 61.)
3. Be relaxed and organized. When asked a to teach an item, take a moment to gather your thoughts and draw out any blackboard diagrams or itemized lists for the lesson. You're not on "Jeopardy" -- there's no one gonna beat you to the buzzer and steal your $200 prize.
4. Inventory your stuff before you go to the meet -- the checklist in the PTS is a good tool. Make sure you have all the source materials to teach as well as answer all the questions in the PTS.
5. Typically, during the oral, the examiner will jump on one topic and continue asking questions until you run out of answers. In the Air Force, we called this game "Stump the Dummy." As the questioner knows more than the questionee about the topic he selected (which is why the questioner selected it), the final outcome (the dummy is stumped) is never in doubt. The critical elements are how far the dummy can get before being stumped, and how he handles the situation -- straight knowledge, clear explanations, use of the book when appropriate or necessary, and no BS or tap-dancing when finally stumped.
6. Expect a long, grueling session. You're being given the authority to release others into the sky without anyone else's oversight. They want to make damn sure you can make good decisions in that respect. For that reason, I think the initial CFI is the most significant ride you'll ever take.
Good luck,
Ron Levy
CFI since 1973
) -- just like if a student asks you some left-field question that you don't know. Treat the examiner like a curious student and own the fact that you are responsible for giving high-quality and accurate instruction with EVERY answer and concept -- even the ones you don't know well. 
