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FIAT Exam at ML

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May 6, 2008 6:12 pm

I applied at ML and got a letter inviting me to take a FIAT (Financial Information Aptitude Test) exam.  Does anyone know what kind of questions are on this exam or any other information about it?

May 6, 2008 8:35 pm

Yup - it’s not bad.  Brush up on your basic math.  It’s got a lot of math story problems with fractions, etc.  Also some pretty basic economics questions.  Just remember how to do division & fractions by hand, and your should be fine.  Can’t use a calculator.

Then there's a section about your personality (which you can't really practice for) and experience.
May 6, 2008 9:04 pm

I'm pretty good at math, but without a calculator???  I haven't done that in 15 years, haha.  How tough are the division problems?  Is it something like 14937/984624 or more like 6/8?

May 10, 2008 2:39 am

What’s 5/16 plus 1/2?  If you had to think very long before saying 13/16, start brushing up before you take the test.  It’s not terribly difficult but everything is done in terms of 1/8’s, 1/4’s and 1/16’s…it’s an old test, a trip back to the days when stocks were traded in “teenies” rather than cents.

May 10, 2008 10:59 am

i failed that test in 1990. but today a successful indy advisor. is this a great country or what?

May 10, 2008 4:03 pm

i failed that test in 1990. but today a successful indy advisor. is this a great country or what?

  Yeah I don't see how adding fractions without a calculator is as important now as it was before it was switched over to cents.  Anyway, thanks for the info, I'll try to brush up on that.  If I don't do well I'll be trying to follow in your footsteps ez$. 
May 16, 2008 12:56 pm

Man talk about something that sucks.  I took the FIAT exam on Monday of this week.  I wore my best suit, got their early, was very friendly and polite, and felt like I did very good on the exam.  I finished the exam on Monday at 11:30 a.m.  The lady was very nice and asked how I thought I did, and told her there were some tough questions but overall I felt like I did well.  She was very nice and told me I could call by around the end of the week to get the results.  Then, the very next day my mail arrives at 11 a.m. and there’s a letter from ML that says:

  "Your resume for employment with Merrill Lynch has been given careful consideration, we regret to inform you that we are unable to offer you a position."   I called this morning to follow up like they said I should but the lady wasn't to friendly and just said "I don't get those results, you should be contacted by mail about a week after the test."   They had to send that letter out before or possibily during the time I was taking the exam, what's up with that? 
May 6, 2010 4:30 pm

I just finished the FIAT test about an hour ago. I was told by the nice lady that she will call me with the results. The boss said I will receive a letter either way so I'm not sure what to expect next.

The math questions are pretty much as described above. I don't think I did well on the financial knowledge questions. (They are mostly economic questions.)  However, out of the 55 questions only 35 have to be correct. That's about 64%. I would say that only 25% of the questions were "knowledge" questions so there is a glimmer of hope. 

The personality test starts off asking about your work history then goes into a work scenario line of questioning. There are a few questions about methodologies that I had problems with. They tell you at the beginning of the test that they are checking to see if you're consistent so expect repetition. 

May 6, 2010 10:01 pm

So, you're an idiot?

May 7, 2010 1:43 am

You had to ask if he is an idiot?? 

For one, his name "ML Wannabe" should be clue enough.  Secondly, he responds to a two year old post.

Sep 4, 2012 12:07 am

I just took the Fiat exam and all together it took me about 3 hours to double check and make sure I answered the questions correctly. Any feedback?

Sep 4, 2012 1:21 pm

It’s designed to see if you can pass the series 7. it’s not difficult.

Sep 25, 2012 4:20 am

who cares about this joke of a test…take the 7 and be done with it