Officially FMC is usually done as a mo3, but can be done as a bo1 or bo2, most FMCers don't like bo1 or bo2 as it doesn't allow them to get a mean, which is more valued than single results. You have some paper, pens, 3 cubes, and a scramble sheet with 1 hour to find the shortest solution and write it down, it feels very much like a standardized test. Any method can be used, but your final solution must be under 80 moves long. Some basic techniques include NISS (normal inverse scramble switch, hard to describe I think some others linked videos that describe it well), insertions, where you solve most of the cube then insert commutators in your solution that can cancel moves, and generally blockbuilding. World class solvers nowadays almost exclusively use DR (domino reduction) and HTR (half turn reduction), where you first do eo (reduce to state where you only need <U, D, R, L, F2, B2>) then DR (reduce to where you only need <U, D, R2, L2, F2, B2>) then finally HTR where you only need half turns to finish. Much of FMC is trial and error, you may try one start that doesn't give a good continuation, then try other starts or DRs or HTRs until you eventually get a lucky finish or lucky skeleton.
