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do you work for a bulge bracket?
also interested
For the most part, these tests are used to split up the incoming analyst training class based on prior skill level. There is usually an "advanced" training class (usually consists of people with finance/accounting majors, prior internships etc.) and a "normal" class (liberal arts majors).
I find that this (splitting the class) is usually done at larger banks with larger analysts classes and is less common at the boutiques. The tests are pretty much universal to help guide the curriculum (they may gloss over certain topics if they feel the overall class understands it).
HAving said that, the exams that they give at the end of training are incredibly important. The scores are used to cull the class (at some banks) and distributed to the industry groups in order to aid analyst placement. You want to make sure to pay attention and take good notes and study for the tests during and after training. [And please do not fail to pass your Series 7]
Sounds good, southy. Thanks for the info.
Yes, I work for a BB.
Accounting Pre-Test for IB (Originally Posted: 03/25/2011)
I have to take an accounting Pre-Test coming up in the next month for my bank, I'm assuming all of the banks that use Training the Street have similar if not the same Pre-Tests. Any insight on the structure or difficulty of the tests? Is it mostly all journal entries/building the three statements or are there short answer portions? And would it be more on par with an Intro Accounting Test or Intermediate/Advanced accounting?
Thanks
Also interested in this.
^Also interested...I just found out I have to take one as well. I think our training class is going through TTS as well so maybe they are linked.
Look guys, if I can give you one piece of advise, it's don't stress out AT ALL about the pre-training materials or even the actual training once you start. You will learn everything when you hit the desk, believe me. That being said, that online accounting test is ridiculously easy...but if you miss every single question nobody will ever know or care. I'm convinced all of that pre-learning is just to manipulate you into taking everything too seriously. Enjoy your life before banking, it is an extreme waste of time to try and "prepare" before you start.
Accounting Assessment (Originally Posted: 03/27/2007)
How closely do banks look at this? I assume it has nothing to do with comp. or ranking among analysts but what are your opinions?
anything?
You should plan to do well on it. If it's your initial assessment, it may determine which accounting class you are stratified into. If it's the one during training, then it will help determine whether you get the placement you want.
This is my initial assessment and my bank already placed me into a group. I am not concerned with the amount of review I have to do, as I am pretty rusty, I just would like to know how much of pre-training my group will look at.
I have a feeling this has no impact on my ranking among peers but it never hurts to ask.
Still, I would definitely do as well as possible on it. They sent it to you for a reason. Not knowing what that reason is makes it even more suspicious. Standardized tests are used for stratification, and whenever you're stratified you want to be in the top group.
I agree. Thank you.
Which bank is this?
your group prob wont look at anything pre-training...theyll look at your test scores from training however - dont stress about accoutning crap before training - i had to do an accounting exercise before training so i did it on the plane to NYC. the bank never even asked for it
My bank used an accounting pre-exam mailed to us in the spring in order to stratify us into accounting classes.
Accounting Entrance Exam for training (Originally Posted: 04/14/2011)
Hello,
Has any one taken the accounting pre entrance exam for the this summer training. If you can share your thoughts.
It is fairly straightforward and pretty easy. It is mainly a regurgitation of your intro accounting class with maybe some intermediate topics mixed in. Nothing to stress over.
did u take it for this summer?
does anyone know when these tests are typically given out to incoming analysts?
I know some banks make you take it before training so u are placed in the right accounting class
MS IBD Accounting Test (Originally Posted: 05/02/2010)
Anybody know how incoming analysts' scores on the online accounting test determine start dates? I'm fairly confident that June 23rd is the very earliest, with higher scores probably starting later?
not to hijack the threat, i'd like to add another question:
(QUESTION 2) If one passes the exam, might it still be useful to attend the bootcamp?
I feel like it would be nice to meet the new analysts, go out in the city, take care of administrative stuff, and of course refresh on ACCT/FNCE basics.
how rigorous is the training exactly?
Pre-FT Accounting Assessment (Originally Posted: 04/05/2011)
I have to complete an accounting assessment prior to FT training. How hard or advanced are these assessments usually? I have taken up to intermediate accounting in college. Is that enough to ensure a good score?
bump
I haven't taken any sort of assessment like this, but if you have taken Intermediate i've got to think you're good. Just brush up a bit on accountingcoach.com prior to the assessment. Make sure you remember how depreciation affects the statements (especially cash flows) and that kind of stuff. Intermediate I and II are significantly more difficult than any sort of accounting you would have to know for IB. You definitely won't be calculating Pension Benefit Obligation or any of that stuff.
Thanks! So you don't think there will be a lot of of questions regarding the percentage-of-completion method, the cost recovery method, inter-company transaction elimination, treasury stock cost-method and par value-method, etc.? The reason I'm asking is because while I did touch on these topics in class like 2 years ago, I hardly remember them now and am curious if I should review them or not.
Pre-FT Accounting Test (Originally Posted: 04/23/2010)
I understand that all of the BBs make you take an accounting test before beginning (if you fail, you have to do any extra week of training).
Is it important to pass this test? Also, how useful/pleasant is the extra week of training?
Thanks
My friend at Barcap got a 72. He is going to the boot camp session- in the end if you don't have the background, or just want a refresher, it is probably a good idea to go to boot camp and get the experience. He didn't make it out to be that big of a deal. For people who don't have a business background it only makes sense to do poorly on an accounting exam.
It isn't a huge deal. The pre-training materials aren't used for evaluation, but many BBs use the training week programs to begin evaluating new analysts (at least that was the impression I was given).
It only matters a little. During the analyst training program, the kids who were helping the other kids learn NPV and the principles of accrual accounting were quickly recognized as being relatively smart. This can sometimes pay off 2-3 years down the road if you want to switch groups- it's a lot easier to pull for a friend from the analyst program if they were the one who taught you finance in the first place- and you know they're pretty smart and competent at this stuff.
When I was doing the training (this was pre-crash), many of the analysts didn't take it that seriously, and did just fine later on. The one thing that can be fatal, though, is the Series 7/63 Exam. If you can't pass the Series 7, it's tough to keep working for the bank in a productive capacity. Don't start panicking about it yet; just remember that you've got to study at home once they give you the materials; otherwise, you might not pass.
That said, studying up on basic accrual accounting and the financial statements right now might not hurt that much. You'll need it if you want to get a CFA or MBA. Don't go into a frenzy, but if you have some time, you might want to look and see if there's anything in OpenCourseware where you can learn this stuff for free. (Any state school or better-known private school should be perfectly fine).
^what the hell is this...
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