Rob Langrick, Head of the Bloomberg Institute, explains the Bloomberg Aptitude Test, a standardized test for identifying a student’s acumen for entering a career in the finance industry. This novel test is a prime example of higher education developments in alternative competencies.
Rob Langrick, Head of the Bloomberg Institute, joins Michael Waxman-Lenz, Co-founder and Advisory Board Member of Intead, to explain the Bloomberg Aptitude Test, a standardized test for identifying a student’s acumen for entering a career in the finance industry. This novel test is a prime example of higher education developments in alternative competencies.
The Bloomberg Institute developed the Bloomberg Aptitude Test to further their goal of creating an alternative financial career recruiting platform. With the GMAT, a standardized test for MBA admission, in mind, the Bloomberg Institute sought to create a means of distinguishing candidates for financial careers. The Bloomberg Aptitude Test allows test takers from across the world to show their acumen to work in finance.
Students are motivated to take the test because a test score provides entry into a database for first round finance career interviews. The Bloomberg Aptitude Test provides a self-knowledge piece; a student can easily see how he/she compares to peers. Those who have taken Economics 101, and regularly read the Wall Street Journal or the Financial Times are qualified to take the test.
The test is free of charge. It is currently administered at over 1000 universities in 60 countries. The two hour, 100 question test, was taken by over 190,000 students worldwide in 2014. At any point in time, over 1 million students aspire to a finance career.
There is great motivation for a university to administer the test. It helps the career services office to place students in finance careers. Furthermore, it levels the playing field by allowing a capable, qualified student from a less-well known institution to enter the finance job market with an advantage.
In the future we are likely to see similar tests for other fields and industries. This novel approach developed by the Bloomberg Institute works to the advantage of students, institutions, and hiring companies. Much as MOOCs and low cost or free online education have shaken traditional higher education models, tests and credentialing like the Bloomberg Aptitude Test have the potential to greatly alter and improve current hiring models. A student from a low tier institution with strong aptitude will now be given greater opportunities for future success—a positive by any measure.