A financial analyst is a key role for any firm. Nowadays, financial analysts are the highest paid employees in any firm irrespective of place, turnover or production capacity. To hire a suitable candidate for this position, assessments for verbal ability, reasoning ability, numerical ability and data analysis skills can be done. In general, a financial analyst is expected to be experts in managing a budget, study about reasoning and feasibilities periodically, tackle complex situations and calculations, manage resources and communicate with clients effectively and pleasantly.
A lot of aptitude tests for finance jobs for positions of financial analysts and managers are available online nowadays. These tests help to check high reasoning and logical skills, verbal and nonverbal data interpretation skills, numerical ability and orientation towards details. In most cases, the process of assessing the candidates will be automatic to ensure high quality and highly capable candidates reach the final round of interview. This kind of tests is helpful to save the cost and time of recruitment process. The online aptitude tests are time and budget efficient and well-crafted with the support of content contributed by experts in various fields.
Generally, these online tests are available to fulfill the needs of a wide range of clients. This aptitude and data analysis tests are focussed on specific roles like financial analysts and financial managers. The targeted candidates for these tests are expected to be with 2 to 5 years of work experience. Financial analysts and senior financial managers are the key job profiles these assessments applicable for.
Syllabus of these assessments consists of basics of data analysis and numerical skills like ratios and proportions, time and work, interests, partnerships, etc. Reasoning ability assessments cover topics about relationships, analogy, abstract reasoning, arguments, cause, and effect etc. Test of comprehensions, grammar, etc. are taken to assess the verbal ability of the candidate.
Reasoning ability test helps to assess the ability of an individual to analyze and perceive the given information from different perspectives.
Critical Thinking assessment helps to analyze the capability of the candidate to think out-of-the-box to solve various problems and to assess the effectiveness of the opposing argument to test the validity of the proposition.
Abstract Reasoning test is helpful to analyze the ability of a person to quickly identify patterns and the logical rule underlying those patterns to arrive at solutions.
Attention to Detail and analytical skills of a person shows the capability to capture every minute detail and present the work in a clear, complete, precise and easy to understand language.
Verbal Ability test is the most important one to assess the ability of the financial analyst to understand word meanings, word relationships and also interpret detailed information.
Arithmetic or numerical ability, also known as quantitative aptitude test shows the ability to perceive and process numbers and related symbols to perform basic arithmetic operations.
Data Analysis test shows the ability to structure observations that are obtained from different data sources.
Statistical Analysis test assesses knowledge of candidate on various statistical concepts and his/her ability to analyze data using those concepts.
The above are the competencies for a candidate to fulfill his or her duties as an efficient financial analyst.