Like numerical reasoning tests, these tests involve questions that need financial knowledge, such as looking at profit and loss accounts and business statements. Most of the questions of these tests will be in tables, graphs and text format.
What Pattern are Financial Reasoning Tests?
Generally, a candidate is given a short description of a scenario followed by extracts of numerical data. Each question has a passage of around 150 to 250 words.
Below, we have put together a few steps that will help you succeed in these tests. So, without any further delay, let’s have a look at them.
Step 1: Read Questions Carefully
This is one of the silliest mistakes most candidates do when taking a test. Sometimes, it happens because they are not perfectly calm, well-rested or well-fed. So, keep your mind calm before the test and eat well. It will help you better focus on the test.
First, concentrate on the question and then look at the data beneath it. Carefully read the question; sometimes, graphs and charts divert your mind, resulting in not adequate understanding the question.
Step 2: Give More Elaborated Calculation
Unlike numerical reasoning tests, that need candidates to answer only three to five mathematical calculations, financial reasoning tests ask for elaborate calculations.
What may make these tests more complex is the vocabulary used within the passages. Ensure you’re aware of all the basic phrases used in the financial sector such as “market capitalization”, “profit margin”, etc.
In addition to this, these tests will also analyze your ability to solve the elaborated calculation. So, provide as elaborated calculation as possible.
Step 3: Stick to Timings
It is a crucial step you must follow if you want to succeed in financial reasoning tests. If you think you can’t answer a question, you should immediately move on another one you find easier.
Since most financial reasoning tests are negatively marked, it is worth going with the next question rather than giving wrong answer. You can come back to the difficult questions at the end if you have time.
Remember, the questions aren’t always in order of difficulty, so don’t worry if you find few initial questions complicated.
Step 4: Take Your Own Calculator
If you are taking your financial reasoning test at an assessment centre, you will probably have to use the calculator provided by them. However, you should take your own.
Since each second is vital in the test, familiarity with the buttons and the functions can save your time a lot.
Step 5: Practice, practice, practice
Do you know what separates successful candidates from unsuccessful ones? It is how much practice you do before appearing in a test.
Not only does practice, enhance your confidence and lower your stress level but also allow you to learn from your mistakes. The more you practice, the quicker you will be able to answer your questions.
Over the years, numerous financial firms have started carrying out financial reasoning tests to assess candidates in job interviews. So, prepare well in advance in your really want to see success.