We want to have a Financial Modelling Test as part of the hiring process. Do you have any recommendations?

It’s really valuable to have this as part of your process. We have clients that decide to approach this in different ways:

1️⃣Send the test with strict time limits to complete the test and return it. For example ask the candidates to confirm their availability for the test for say a 3 hour window. The test is then set at the agreed time and the candidate has to return the test by the end of the 3 hour window.
2️⃣Send the test and ask the candidate completes the test over an approx. 36 timeframe. The candidate needs to confirm their availability but should make it easier for them to juggle and complete over a weekend or alongside their current job.
3️⃣Ask the candidate to attend the offices to complete the test. This obviously ensures the candidate isn’t cheating however if they are in a role it can be tricky for them to attend the offices for 3 – 4 hour blocks of time.
4️⃣Ask the candidate to share their screen whilst they complete the test. However this can absorb additional resources and doesn’t totally eradicate the ability to cheat.

Further Tips
⏺ Make sure it’s made very clear to the candidates that it needs to be their own work, whether internet use will be permitted and if templates will be permitted. Usually our clients want the candidates to produce their own work but do allow internet access as that would be available in a work setting.
⏺ Be clear with the candidate what the test is expected to cover so they can have some confidence in doing the test.
⏺ Have the candidate discuss through their approach to the modelling test at the next stage in the process
⏺ Copy the recruiter into the test being sent and have the candidate confirm receipt. That way if the test isn’t received or goes to junk it can be resolved quickly. The recruiter can also check attachments are present and act as a further set of eyes.

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