Common myths surrounding UPSC preparation include the belief that one must be a genius to succeed, or that coaching is essential for clearing the exam. Additionally, many think that a vast amount of studying is the key to success, while in reality, a focused and strategic approach is often more effective. Another myth is the idea that only certain subjects can lead to success, which overlooks the fact that diverse backgrounds can excel. Ultimately, understanding the exam's structure and effective time management are crucial rather than adhering to these misconceptions.