Which specific tests should you use?
The following tests are useful in measuring the quality of your hires for banking positions:
- Numerical Reasoning
- Abstract Reasoning
- Verbal Reasoning
- Job Knowledge Test
A numerical reasoning test measures potential employees ability to apply numerical understanding in a realistic context. Faced with a series of timed, mathematical questions, candidates must work to solve them quickly and accurately.
Numerical reasoning tests require a good understanding of core mathematics, all useful for a banker to be skilled in. However, the emphasis is placed on showcasing the ability to interpret data and statistics in the form of graphs and tables to find the correct answer.
Abstract reasoning tests measure a candidate's ability to think with fluid intelligence, predicting outcomes and trends with confidence. Candidates with good abstract reasoning skills will be able to find relationships between patterns, shapes or data, then apply that relationship to predict what comes next.
Naturally, this is a sought after skill for banking roles, enabling employees to predict financial markets and effectively maximise their clients' wealth.
Personality tests can be used to understand whether a candidate is a good cultural and team fit – for example how well they will build rapport with clients, how well they'll fit into the team, and if they are aligned with company values.
The personality traits a candidate is tested will relate to qualities you'd expect for a client-facing role such as bank assistant, teller or financial planner. A perfect banking professional would demonstrate skills in the following, which a personality test can identify:
Verbal reasoning tests measure a candidate's ability to digest large volumes of written and oral information, identifying if the information is true, implied truth or completely false.
Candidates scoring highly on this test have outstanding communication skills that will lend themselves to building client relationships, understanding requirements, processing information and following procedures.
Job Knowledge Test
Job knowledge tests are industry-specific and measure how accustomed a candidate is to the world of banking. It will look at consumer and commercial trends, current affairs relating to banking and financial regulations. This identifies candidates who are most prepared with the latest knowledge to aid them in succeeding.