Financial Reasoning Test
When one of the UK's leading financial bodies came to us to see if we could help find them something that measured financial astuteness (it wanted all new joiners to pass a basic financial literacy standard), boy did we search.
In fact we searched and searched, and searched some more, until we'd exhausted every avenue. The conclusion we came to was that there just wasn't the right solution out there.
That got us thinking... if what we were looking for didn't exist, the answer had to be to create it ourselves.
The result is our online Financial Reasoning Test. As you might expect from Mendas, this is not just an exercise that tests mathematical ability, far from it.
You don't need to be an accountant to take the test but you would need to be confident with the business pages of a broadsheet. In other words, staff need to know not just the numbers, but the language of business too. They then need to be able to apply their knowledge to the world around them. In fact we believe that by combining understanding of the question scenarios with understanding numbers, this rather neatly links verbal reasoning test with numerical reasoning tests in one.
This tests whether people are confident with numbers – that is, numbers that exist in the real world. No complex quadratic equations, pi or trigonometry here, just stuff that shows people can understand averages, gains and losses, percentages, shares, and numbers of the wider economy around them.
Of course, anyone who's done similar tests before knows people can simply guess the answers. So, with this in mind, we've deliberately made the 22 multiple-choice questions similar enough for candidates to have to work the answers out for themselves. We recognise that a business would rather have individuals in a role who are open, and highlight when they don't know the answer rather than just guess, so we even have a 'don't know' alternative if candidates are not sure of the correct response.
Off-the-shelf or Bespoke
We have successfully established the test, with thousands of individuals having completed it. We're pleased to say this tool is now available off-the-shelf to anyone who wants to assess the financial reasoning ability of their staff.
There isn't just a single set of questions either. Our in-house teams are continually developing banks of new questions, to make sure they apply to your business. But, if you want us to design specific questions just for you, we can do that too.
Find Out More
Please contact one of our team on +44 (0)20 7611 0870 to find out more.