Trader tests are designed to assess candidates on the requisite skills and competencies needed to be a successful trader, helping to ensure employers shortlist the most suitable candidates.
A trader test is a pre-employment assessment that can be used during the application process for a role as a trader. As an unbiased way of assessing suitability, skills tests like the trader test are invaluable to recruitment teams.
These tests are usually used after the initial applications have been sorted, to narrow down a potentially overwhelming pool of similarly qualified candidates. They are simple to administer, easy for the applicants to complete, and provide straightforward results that can be used to objectively decide on the most successful candidates to take forward.
Using this test can help ensure that the candidates who have applied for the advertised trader role have the required skills and competencies to be a good fit for the job.
In a short assessment, applicants have to answer questions that are relevant to the skills needed to be a good trader.
Applicants receive a link to complete the test in their own time, usually via email. When they have completed the assessment, the recruitment team will be able to see empirical evidence of what the candidate knows, the skills they have, and the competencies that will make them a great employee.
Working in the financial sector can be a tough but rewarding career – and when it comes to financial trading, not everyone has what it takes to be successful.
There are a number of qualifications that a candidate could have, which on paper would make them an ideal candidate for the advertised role. A degree in accounting, finance, or economics might be a good starting point, but that does not demonstrate working knowledge, competency, or the soft skills that could be considered a big part of a trader's arsenal.
Even experience in the financial industry is not a guarantee of success as a trader, and that is why a trader test is a reliable way to ensure the candidate has the right skills.
Of course, you can expect a trader test to look at both hard and soft skills: a trader that lacks basic numeracy is not going to get far, and one that cannot work under pressure is not going to enjoy the fast-paced role.
Finding out whether a candidate is skilful enough alongside the required qualifications is not easy. Even with in-depth interviews, it can be hard to ensure they have enough experience and knowledge alongside the theoretical stuff they learned.
Using a trader test gives an employer the best chance to take forward candidates that are ideally suited, in practical terms, for a role as a trader.
Results for the Trader Test along with other assessments the candidate takes will be compiled to produce a candidate report.
The report is automatically generated and available both online and as a downloadable pdf so they can be shared with other team members and employees alike.
Candidates will need to answer a range of questions that measure industry-specific technical skills where applicable, soft skills (e.g. interpersonal), aptitude (e.g. numerical reasoning) and relevant personality dimensions (e.g. stress tolerance). The results present a holistic view of how well suited each candidate is for the job at hand, using a data-driven approach.
The format varies by type of question, including multiple-choice for aptitude and technical skills, situational judgement for soft skills and agreement on a Likert scale for the personality dimensions. This approach ensures candidates are being assessed in an accurate and fair manner, and that results reflect the true underlying qualities of each candidate.
The characteristics, abilities and knowledge necessary to be a trader were identified using the US Department of Labor's comprehensive O*NET database. O*NET is the leading source of occupational information that is constantly updated by collecting data from employees in specific job roles.
During the development process, test questions were rigorously analysed to maximise reliability and validity in line with industry best practices. They were created by our team of I/O psychologists and psychometricians – who collaborated with subject-matter-experts – and field-tested with a representative sample of job applicants who have varying experience, just like you might find in a talent pool.
Each test is reviewed by a panel of individuals representing diverse backgrounds to check for any sensitivity, fairness, face validity and accessibility issues. This ensures each candidate has a fair chance of demonstrating their true level of expertise.
Our trader test is monitored to ensure it is up-to-date and optimised for performance.
Validated
Neuroworx provides evidence-based recommendations for tests to use for over 750 jobs. Our recommendation engine leverages data from the Occupational Information Network (O*NET) developed by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA).
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Origins
Most trader roles require some formal degree in economics, finance, or accountancy – although maths, politics and business degrees are also useful. The skills include good working numerical knowledge.
Traders also need great communication skills, the ability to work well under pressure, and both physical and mental stamina. This is not a job for those who do not thrive in a fast-paced, high-stakes environment.
Aside from skills tests, there are several aptitude tests that might be useful in identifying a good trader from a pool of applicants. Basic numeracy and literacy can be tested through numerical reasoning and verbal reasoning assessments, while logical thinking and decision making might be tested through logical reasoning.
Psychometric testing around work behaviour using situational judgement tests can be used here, and some forms of personality test can help an organisation find applicants who are mentally suited to the rigours of this type of role.
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