Does this thing matter? Is it worth putting in the time? If I've taken basic accounting classes is there a need to study? Does your employer see it? There are some old threads on this but nothing recently.
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Someone posted about "failing" this test recently that started a small discussion on it.
I have an accounting background from school and would say the exam difficulty is roughly equivalent to what you would encounter in an introductory financial accounting course. From what I recall, there are maybe 2-3 questions that might seem difficult for someone who doesn't have a basic background in accounting. Even those are pretty simple--they might just be testing your knowledge on curricula some may consider nonessential, such as how AOCI flows onto the balance sheet. The only kind of "finance" on the exam involves simple time value of money calculations, such as determining the present value of a bond.
If you go through the accounting primer book that TTS provided, you will be fine. To answer your other question, the test is used as a benchmarking tool to gauge your grasp of fundamentals before starting training. I don't know the specific breakdown, but falling below a certain % results in a few additional days of training immediately prior to when the full analyst class begins.
Would you happen to know what the failing grade here is?
I don't know the exact %. Depending on what bank you are starting FT training with, you should already know the implications of your score based on the final start date you were provided. I know at my bank incoming analysts that did not meet the minimum requirement are starting training 2 days earlier than the start date initially provided to us.
I'd echo what GreekRX said. Just took it after skimming through the TTS acct book for 15 mins and felt like the quiz was easy. Finished it with ~25 mins left. Some questions were straightforward, some required a bit of calculation, and 1 or 2 were odd/tricky and I almost got them wrong due to over thinking.
training the street quiz (Originally Posted: 03/24/2015)
For BB pre-training program, would I be in a trouble for scoring somewhat bad on Training the Street accounting assessment? I have 0 accounting background, and I got a few questions incorrect (think I got 50~70% range). Anyone with similar experience?
No. The banks split employees into either an introductory training course, which starts at the basics, or an intermediate training course that cover the same material but with greater depth.
In my experience, this did not impact group placement.
Yo Red3. Thank you very much for your input.
Just wondering if you guys can comment on the quality of Training the Street versus Wall Street Prep?
TTS Pre Accounting Test (Originally Posted: 04/19/2011)
Before starting my training as a full time analyst, I was asked to take a Pre Accounting Test from TTS. Did someone already take it? I read that it is easy, but since I'm an econ major I would appreciate if someone that already took it can give me more details about it!
Thanks!
It's easy...for an accounting or finance major. Don't stress about it. Even if you don't pass you'll just have to attend a one or two day bootcamp. I'd avoid trying to glean tips and answers from others because if you don't know the basic stuff that's on it you will struggle through training. It's just designed to see if you can keep up with the material that will be taught in the beginning of actual training.
Training the Street Accounting Pre-Test (Originally Posted: 06/10/2014)
Can anybody tell me how difficult this test is? I have done the practice problems without any trouble and wanted to know if its similar to that. Also, is the timing hard or is it doable in a given time period?
bump
Training the Street Pre-Instruction Accounting Assessment (Originally Posted: 03/29/2010)
Has anyone taken this? How hard or easy is it and does one need to study for it? I know it's an assessment, meaning that you shouldn't study for it, but I don't want to get caught off-guard. FYI I've taken up to intermediate accounting. Example topics to know might be helpful.
bump
If you're referring to the accounting exam your firm has you take for assessment prior to FT IBD training, then don't bother studying, it's the easiest test you'll ever take. If you have any sort of accounting coursework, then it is a breeze.
As long as you know how to account for investments using the full equity method and are comfortable with eliminating entries for consolidated financial statements, you should be fine. That's about 75% of the test.
Full equity method?
Failed Pre-Training Test- FT (Originally Posted: 05/05/2014)
Hey WSO,
It's been a rough past month for me personally, and now I'm caught up in the middle of finals. I skimmed the TTS accounting prep book here and there when I could, but a few days ago failed the accounting assessment for pre-training.
Should I be concerned heading into training coming up? Will this affect group placement? Honestly, I'm never one to make excuses and I take full responsibility for this, but if it weren't for this past month + finals then I have absolute confidence I would pass with flying colors.
Just was wondering if this affects my standing since training begins next month and if I'll be flagged as someone to keep an eye on because of a poor score. Just don't want to be labeled something I'm not and then have it affect my placement.
Please let me know your thoughts and other tips you may have for FT Training at a BB in NYC.
Can you retake?
I wouldn't worry too much if you're not an accounting or finance major. Large banks sometimes have two training classes and this helps to place them in the advanced class v one for liberal art majors or science majors etc. You might be required to do an extra class or two of accounting but when it comes to the tests during training, don't fuck them up. They can affect placement.
Fortunately or unfortunately, however you look at it, I'm a finance major from a state school and taken a few accounting classes back in Sophomore year.
I should be able to catch up and sit through with the advance level hopefully as I hope they overlook this for me considering my grades. But kind of like as I mentioned before, I sort of just winged it after skimming through the TTS book.
The test was easy now that I think about, but I was over-thinking the answers and probably not taking it during the best time - I took it right after I left a final exam after pulling an all-nighter on Friday night. I really should've gotten 70% at least after I looked at some I got wrong. Really dumb of me.
I cannot retake and don't mind doing a day or 2 of bootcamp, but I just don't want to be affected by this going into Training. I have full confidence in myself I won't fuck up again.
Think this one blip would hurt me for placement though, assuming that I do well in training?
This shouldn't be an issue unless you bomb the rest of training. You'll have to take a remedial though.
Thanks for the feedback guys!
Anything else I should keep in mind? Any other thoughts & opinions?
tests during training does not matter, as along you pass your series exams
This is exactly what I was looking for. Required to take a TTS pre accounting exam, and I know its part of my BB firms general analyst program, but I know I won't necessarily be involved in a lot of valuation modeling.
Curious, I am looking to transfer into the IBD group of my firm within a year or two...will my score even really be a factor when I try and transfer or not at all? In a cap markets grp.
So...question...have a friend that is in the big 4....good friends...would I really be cheating myself if he helped me on the exam? Yes, I am incriminating myself online. In a cap markets group...not true IBD so dont think accounting is used much if any. Thoughts guys?
I took the exam when TTS made it available last month. I have an accounting background from school and would say the exam difficulty is roughly equivalent to what you would encounter in an introductory financial accounting course. From what I recall, there are maybe 2-3 questions that might seem difficult for someone who doesn't have a basic background in accounting. Even those are pretty simple--they might just be testing your knowledge on curricula some may consider nonessential, such as how AOCI flows onto the balance sheet.
If you go through the accounting primer book that TTS provided, you will be fine. For your own sake, don't cut corners on something so elementary. Regardless of what group you are working at, having a basic grasp of financial accounting will be valuable.
Im interested in this as well. I am an incoming analyst for a BB in London, although training is in New York. I have to take a pre training test through AMT - would this be the same as the above? In regards to prep, do you think its necessary for someone who was a simple Econ major with no real work experience? Any comments on general difficulty would be appreciated as well.
Thanks!
Is this AMT test where they include the quizzes on IS and BS? If so, it's really straight forward.
Yea I ended up taking it last night, it was indeed very straight forward.
I got a 22% on my first test during training and a ton of people I know got 0% (if you're using AMT, watch out for some formatting instructions that your training analysts might take very fucking literally). I also never showed up to training on time and missed one of the last tests as well because I was literally too drunk to make it to class when I woke up that morning. I think i stumbled in around 2:00
i also failed 2 finance classes while attending an [!]ohmigosh[!] STATE SCHOOL
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