The spelling of the phrase "study at sly" may seem unusual, but it follows the standard English phonetic rules. The "s" sound is represented by the letter "s" while the "t" sound is represented by the letter "t." The middle sound is a long "i" followed by a consonant blend "sl," which is represented by the letters "y." Therefore, the phonetic transcription of "study at sly" is /ˈstʌdi ət slaɪ/. While the spelling may be unconventional, it is still easily decipherable with the help of phonetics.