The field of finance and banking is large and diverse. Encompassing everything from basic money management to multi-national investment banks, as the world of finance and investment becomes more global, career opportunities will expand and grow. Investment banks handle more stocks and finance, and function under slightly different regulations than regular banks. When pursuing a job in finance there are opportunities for job-seekers at every stage in their career. There are undergraduate internships, as well as graduate scheme opportunities. There are entry-level positions in local branches as tellers and more advanced positions as branch managers, and financial planners. Those looking to work in investment and stocks may find positions with multi-national investment banks as associates, financial analysts, and managing directors. Many finance companies allow room to grow in your career and may have opportunities to relocate. Working in finance provides the opportunity to become eligible for benefits packages that may include:
Medical coverage
Employee assistance
Childcare assistance
Retirement plans
Education assistance
What Is the Recruitment Process in Finance Industry?
Application
Most financial institutions now require online applications. You are able to create an account and save your information, so you are able to submit for more than one position at a time. You will need to upload an updated CV or resume, along with a cover letter tailored for the position you are interested in. Many of the positions with finance companies, particularly large investment banks are highly competitive, and they receive a high volume of applications. Make sure your cover letter is eye-catching, yet professional to help it stand out. Applications will ask for work experience, your educational background. There may be some short-form sections where you can expand on your answers. Keep these concise but give relevant details that will give substance to your application. To narrow the field of applicants there may be online assessment tests immediately following submission of your application.
online Assessment for Finance
The online assessment tests are used to ensure that only the most qualified applicants are moved along to the interview stage. The tests you will need to complete will be based on the position that you have applied for. You may need to take more than one test based on the level of the job, and the type of financial institution you are seeking employment with. Some of the tests that are commonly given to job-seekers in the financial sector are:
Personality Assessment – These psychometric tests are commonly given to help develop a personality profile of the applicants. Financial institutions have an idea of the personality type that is best suited to their business. The personality tests are multiple-choice, and your answers are used to determine your dominant personality traits.
Situational Judgment Test (SJT) – This test will present the test taker with real-life situations that commonly occur on the job. You will need to choose the answer that is closest to the way you would respond.
Mathematics Test – This test is usually given to applicants for teller positions to make sure their mathematics skills are adequate. Some tests may increase in difficulty as you answer and will vary from basic arithmetic like addition and subtraction to more advanced skills like fractions and percentages. These tests may be timed
Verbal Reasoning Test – Since many positions in finance require being able to read reports and follow verbal directions given quickly, your reading comprehension and language abilities will be assessed. These tests are multiple-choice and consist of written passages that you will be questioned about. Verbal reasoning tests are often timed.
Numerical Reasoning Test – The numerical reasoning test differs from the mathematics test in that it is testing your skill at interpreting numerical data, versus your skill with mathematical functions. Financial analysts work with graphs and need to be able to quickly decipher the information. This multiple-choice test will show the hiring team if you have the necessary level of skill. These tests are timed as a measure of how well you perform under pressure.
Logical Reasoning Test – Finance firms need to be confident that you will make the best decisions for the company and the customer. Logical reasoning tests will measure your skill in interpreting non-numerical data. You will be given sequences and patterns to complete and will have multiple answers to choose from. Logical reasoning tests are timed.
Interviews
Finance firms vary in hiring processes, so the interviewing process may be slightly different from one company to another. Some financial institutions will initially contact you to conduct a phone screening. During a phone interview, you will be asked basic questions about your CV or resume. They will ask about your education and may touch on your relevant skills. Other companies may prefer to do a virtual interview. These may also be given if you are relocating for a position. If you are participating in a virtual interview you will be given a link to the interview and must complete it within a certain time frame. You will have about 3 minutes to answer each question. Some companies will allow you to re-record your answers, some will only allow one take for the entire interview. In-person interviews may be given one on one, or as a panel from the team you are interviewing to work with. These interviews are situational and behavioral, focusing on how you will function on the job, as well as how you handle specific situations that you may come across. These interviews are typically done using the STAR method. You describe a situation, explain the task you were presented with, what were the actions you took, and what was the result. This gives a thorough look at your work style, how you handle challenges, and if you are able to learn and adapt from your mistakes.
Assessment Centers
Assessment centers are commonly used by investment banks, especially for those applying for graduate scheme positions. At an assessment Center, the hiring team can observe how well you function on a team, what your strengths are, and how well you implement the necessary job skills. You may be asked to retake any assessment tests you were given previously. This will verify that the test scores are consistent. This helps ensure that job candidates are not cheating on the tests since most are not done in testing centers. The activities you are required to perform during the assessment day may differ by company, but the most common exercises given during assessment centers are:
Group presentation – Candidates will be divided into groups and given reports to analyze. You will then be asked to put together a presentation during which every member of the group must present part of your analysis and solutions.
Roleplaying – You may be asked to role-play a difficult scenario that is part of the job you applied for. This may be with a member of the management team, or with another candidate.
Group Discussion – You will be given reports to analyze and discuss as a group. Groups will be monitored to see the level of participation of all the candidates. Which people are effective listeners, and contribute, while still allowing others to present their ideas. Notes will be made on who talks over others, and who seems too nervous to participate.
How to Prepare for Finance Pre-Employment Tests?
In this competitive industry, with a high volume of applicants, you need to make sure you stand out. This starts with the online assessment tests. You don’t just want to pass them, you want to pass them with high scores to draw attention to your application. To do this you will need to prepare in advance and practice the skills you will need to display. Logic puzzles, Sudoku, and crosswords are good ways to practice your logical reasoning skills, and practice reading comprehension. Exposure to different styles of graphs through online sources can help you with your numerical reasoning. It may seem impossible to prepare for a personality test, but nothing could be further from the truth. While you want to be honest in your responses if you have studied the company and the job you will have a good idea of what they are looking for, and which answers are preferable. Remember, how you approach your professional life can differ from how you perform in your daily life.
When the time comes to take the tests make sure you have enough time to fully concentrate, and not feel rushed. Check your internet connection, to make sure it is strong, and make sure you take the tests from a pc or laptop. Many online test systems are not compatible with tablets or smartphones. Read the directions thoroughly so you are certain of what you are being asked to do on each test section. Be prepared and be confident, and you will be ready for a job at the finance company of your choice.
