A cutting bit adapted to cut wood or metal is disclosed. The cutting bit is prepared by a process which includes the step of performing a forming operation on a metal blank so as to create a formed metal part that includes (i) a shaft having a polygonal shaped drive surface and defining an axis, (ii) a body having a proximal end and a distal end, the proximal end of the body being attached to the shaft, the body further having a first shoulder and a second shoulder at the distal end thereof, the first shoulder defining a first cutting edge segment, and the second shoulder defining a second cutting edge segment, the axis extending between the first cutting edge segment and the second cutting edge segment, (iii) a central cutting member extending from the body so that the central cutting member is aligned with the axis, (iv) a first cutting spur extending from the distal end of the body, the first cutting edge segment being interposed between the first cutting spur and the axis, and (v) a second cutting spur extending from the distal end of the body, the second cutting edge segment being interposed between the second cutting spur and the axis. The process of preparing the cutting bit further includes the step of performing a carburization operation on the formed metal part after the first step so as to create the cutting bit. The cutting bit is particularly useful in performing a drilling operation on a metal construction wall stud to form a hole therein.