FIAT Exam at ML
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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?
Thanks!
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.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?
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.
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$.i failed that test in 1990. but today a successful indy advisor. is this a great country or what?
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?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.
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.
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?