If you’re seeking a career in investment banking or consulting, it’s almost a guarantee that you’ll encounter aptitude tests in the hiring process. They often come before you meet any member of a company’s hiring team, so you must pass them to proceed to the interview rounds. But what are the tests all about and why do top finance and consulting firms use them?
This guide to aptitude tests in consulting and finance will answer the top questions you may have about these assessments and give you proven tips for improving your test scores. Read on for the insights.
Aptitude tests are assessments that recruiters use in the hiring process to test your natural mental abilities and potential for success in specific tasks or roles. The general assumption behind the use of these tests is that measuring your inherent capabilities can tell if you have the intellectual capacity the firm is looking for, and how you’re likely to perform at a job.
Interestingly, it’s not just an assumption as several studies back their effectiveness. For instance, one study has shown that higher aptitude test scores are linked with better job performance in sales roles. The results are often consistent across various industries, including consulting and finance.
Thus, these tests target your cognitive abilities such as problem-solving, reasoning, and critical thinking. This means you shouldn’t expect the usual academic exams where you can memorize facts the night before and wing it. Instead, aptitude tests require no prior subject familiarity but rather assess natural strengths in various areas.
We’ve already hinted at one of the major reasons why consulting firms and investment banks use aptitude tests. That is, to predict how well you’re likely to perform at the job.
The other reason firms use aptitude tests in their recruitment processes is to filter out candidates. The top investment banking firms and consulting companies get thousands of applications for just a few hundred spots. These aptitude tests come just after the initial application submission and right before interviews to reduce the number of applicants who will get interviewed. Each firm has a minimum test score one must achieve to proceed to the interviews.
Besides, most firms love aptitude tests as they are nearly impossible to fake. While you can polish your resume or rehearse interview answers, aptitude tests show your raw processing power and analytical capabilities in real-time. So, companies see these assessments as a way to avoid costly hiring mistakes and spot the diamonds.
Here are some of the most common aptitude tests used in the finance and consulting industry:
👉 Resources like our stress question tool, mental math tool, or drills can help you prepare!
However, the whole online assessment stage of the hiring process for most firms might also include:
👉 Read our article about the Situational Judgement Test and find out more about this part of the hiring process.
Aptitude tests come in various forms. Therefore, each test is designed to assess specific mental capabilities or skills. Generally, aptitude tests assess the following abilities:
While you can’t “fake” your natural mental abilities, preparing for aptitude tests can improve your performance on these assessments significantly. After all, preparation is all about practicing with quality sample tests. Let’s take a look at some preparation strategies and why they work.
Master Test Formats and Question Styles
Learn the standard formats used in aptitude tests through repeated exposure to quality sample questions. Working through different types of aptitude questions regularly trains your brain to spot patterns and relationships faster. The science behind this is simple. The more you repeatedly encounter similar question structures, the more your mind develops neural pathways that make recognition almost automatic.
If you practice with various question types, you will build a mental library of problem-solving strategies. This means during the actual test, you'll spend less time figuring out what the question wants you to do and more time solving it. In turn, this will allow your natural abilities to shine through more effectively and improve your score potential.
Develop Systematic Problem-Solving Approaches
Once you’re aware of the common types of questions, learn and practice specific techniques for tackling them. For numerical questions, this might mean always checking units first and developing mental shortcuts while for verbal reasoning, it could be identifying keywords before analyzing the full text and using verbal reasoning frameworks.
These techniques aren't about memorization. Instead, they're useful in developing efficient problem-solving tactics.
Once you start applying such techniques regularly, it will rewire your brain to process information more efficiently. Then your improved problem-solving strategy helps you demonstrate these abilities more effectively, even under pressure.
Build Mental Strength
Aptitude tests are mentally demanding and often lengthy. Some can take up to one hour. If you practice often with full-length tests, you will build the concentration and endurance needed to maintain peak performance throughout the entire assessment.
Start with shorter practice sessions and gradually increase the duration. The progressive training helps your brain adapt to sustained problem-solving to ensure you can maintain focus when it matters most.
Work with Time Management Techniques
Most candidates fail aptitude tests because of time management issues. So, start practicing with timed mock aptitude tests to understand how long you spend on different question types. Such awareness helps you develop a personal pacing strategy to prevent the common mistake of spending too much time on challenging questions.
Once you develop a natural sense of timing, you’ll be able to attempt all questions within the time limit.
Review and Learn From Mistakes
Analyze incorrect answers from practice tests to understand where you went wrong. Look for patterns in your mistakes to identify areas needing more attention.
Then use the insights you gain to adjust your preparation strategy. The goal isn't to memorize answers but to understand and improve your problem-solving tactics.
Build Test-Taking Confidence
Preparing for aptitude tests by taking various practice tests helps you familiarize yourself with the test environment and reduce anxiety. It’s often more effective when you take full-length practice tests under realistic conditions. That’s because your mind stays clearer and more focused during the actual test when you know exactly what to expect.
The more comfortable you become with the test format and timing, the better you can access your natural abilities without stress interference. This isn't about changing your innate capabilities, but removing barriers that prevent you from showing them.
👉 A good way to build your test-taking confidence is to practice with peers! Take a look at our meeting board and connect with like-minded users!
Strengthen Core Mental Skills
Engage in daily mental exercises that enhance working memory, concentration, and mental agility. Simple activities like mental math, puzzle-solving, and logic games can significantly improve your cognitive processing speed.
These exercises don't artificially boost your intelligence, but they help optimize your brain's natural problem-solving capabilities. Think of it as training for a sport. You're not changing your natural athletic ability, but you're learning to use it more effectively.
👉 You can practice your skills with our Mental Math Tool!
Aptitude tests are a crucial part of the recruiting process in consulting and finance. They assess cognitive abilities such as numerical and logical reasoning as well as verbal analysis skills, providing companies with an objective way to evaluate candidates. Since these tests cannot be manipulated, they help firms identify top talent early and reduce the risk of bad hires.
With the right preparation, you can significantly improve your test performance. Regular practice with different test formats, developing effective problem-solving strategies and mastering time management are key to success. Additionally, building mental endurance and analyzing mistakes to learn from them can give you a strong advantage.
The more familiar you are with the types of questions, the more confident you'll become – and that confidence can make all the difference. Make use of available resources, practice under real test conditions, and connect with others to maximize your chances of launching a successful career! 🚀
