FIAT Exam at ML

12 replies [Last post]
IsOldSpiceRightForMe's picture
Joined: 2008-04-14

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!

Trapper SS's picture
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Joined: 2007-01-23

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.

IsOldSpiceRightForMe's picture
Joined: 2008-04-14

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?
 

cubfan1404's picture
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Joined: 2007-08-02

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.

ezmoney's picture
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Joined: 2004-11-30

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

IsOldSpiceRightForMe's picture
Joined: 2008-04-14

ezmoney wrote: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$. 

IsOldSpiceRightForMe's picture
Joined: 2008-04-14

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? 

ML Wannabe's picture
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Joined: 2010-05-06

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.  

navet's picture
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Joined: 2010-02-25

So, you're an idiot?

KensLoveChild's picture
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Joined: 2009-03-11

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.

Phillyblazee's picture
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Joined: 2012-09-03

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?

Ulairi's picture
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Joined: 2011-11-17

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

ccon2000's picture
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Joined: 2012-07-10

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

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