Financial Planner Test
When looking to fill a financial planner position, it's important to make sure that the candidate has the skills necessary to do the job. A financial planner skills test can help ensure that the candidate is a good fit for the position.
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What is a financial planner skills test?
A financial planner skills test is a job-specific assessment that forms part of an effective recruitment process, helping employers make well-informed hiring decisions.
The test uses a variety of question types to evaluate the key skills and knowledge required for the financial planning profession. These questions are written by subject matter experts and cover topics like numerical reasoning, MS Excel proficiency, analytical thinking, decision making and communication.
The score reports provided allow hiring teams to better determine how well-suited a candidate is for the role, and whether they should be put through to the interview stage.
What are the benefits of using the financial planner skills test for pre-screening?
A financial planner carries a lot of responsibility on their shoulders. Clients put trust in them to make the best possible money management recommendations, whether they relate to consolidating debt, saving for retirement or managing an investment portfolio.
To offer this guidance, a financial planner needs a specific skill set. They must be able to understand financial markets and forecasts, identify trends and analyze opportunities for risk and growth potential. They must be able to present findings, articulately convey complex information, and understand the objectives of those they plan for.
This is a skill set difficult to identify through resumes alone. Many of the essential requirements are practical, and so impossible to judge without practical evaluation.
The financial planner skills test is an effective solution here. Technical questions allow you to see things like numerical aptitude, problem solving and analytical skills in action, whilst situational judgment and personality questions delve into key behaviors like accountability.
You can administer the test quickly and at scale, making it both cost and time efficient - particularly when dealing with high-volume recruitment. Once all applicants have completed the test, you can separate them by skill level using objective, easily comparable score report data.
All of this makes the financial planner skills test a highly effective screening tool. By assessing candidates in a practical nature you can confidently shortlist those with the greatest potential, and thus those most likely to add value to your organization as an employee.
The financial analyst test is also a useful recruitment tool if you’re hiring for any of the following roles:
- Finance manager
- Accountant
- Investment advisor
- Supply chain manager
How our test measures financial planner skills
Test questions are designed to assess industry-specific technical skills, soft skills, aptitude and suitable personality dimensions. Our data-driven approach provides results that enable you to determine how suited is a candidate for the role.
Depending on the type of question, the format of the test may vary. Multiple-choice questions are used to measure aptitude, technical skills and soft skills, while agreement on a Likert scale assesses suitable personality dimensions. Skills tests ensure that candidates are being evaluated in a precise and impartial manner, their results demonstrating the true knowledge and potential of each test taker.
The characteristics required to be a financial planner were determined by looking at the skills and abilities listed in the US Department of Labor’s O*NET database, which collects data from professionals in various fields.
O*NET is the largest database of its kind, providing detailed information about occupations and the requirements for each role.
Our team of I/O psychologists and psychometrics worked closely with subject-matter experts to create an extensive question bank that can be used to test multiple candidates. We also conducted rigorous field testing with a representative sample of candidates to ensure that the questions were reliable and valid.
Test scores are averaged together to give an overall score. The average score is compared to other candidates' scores to ensure there is no bias toward certain candidates.
Our financial planner test is constantly updated and optimized to ensure the best experience and results.
Financial Planner Test FAQs
What aptitudes and skills are necessary for a financial planner?
Financial planning is a complex profession that requires a range of skills and aptitudes. Numerical reasoning and critical analysis are essential, but so are soft skills like communication, time management and presentation skills. This combination allows a financial planner to build a rapport with clients whilst delivering effective strategies.
What are the differences between a financial planner and a financial advisor?
The key difference between a financial planner and a financial advisor is that advisors typically manage and invest money on behalf of large organizations, whereas a financial planner works with individuals, planning long-term money management strategies to help them achieve their financial goals.
Can I see what the test is like?
Yes, of course. You can try the test for free by signing up for a free trial.
Are these tests available in my plan?
We have a range of plans available. The difference between the plans is the number of test attempts permitted, not the type of tests. All our plans include our full test suite comprising all tests and all levels.