Thinking about working at Bank of America? If so, you might need to take a short online test first.
Bank of America assessment test is like a multiple-choice quiz to check whether you are suitable for the job with three main types: aptitude, behavioral and job-skills test.
Except for the personality test, you only have less than a minute for each question, which is very challenging.
This article will give you all the information you need about the test, plus some tips and practice resources to help you ace it. Keep reading to learn more!
Table of Contents
Overview of Bank of America
Bank of America is one of the biggest investment banks in the whole world. It is based in the United States and has a global presence.
For those interested in banking, Bank of America is a dream company to pursue.
The company opens recruitment for different jobs, like bank tellers who help you at the bank, customer service representatives who answer your questions, and even investment bankers and wealth managers who help with big money decisions.
Overview of Bank of America assessment test
The second recruitment step
To join this company, Bank of America assessment test is a challenge you have to face.
The test usually happens after you fill out an online application, but before you join the video interview and assessment center.
Through the test, the company can check how well you can think about problems, understand written information, and work with numbers. They also want to know your personality to decide if you are fit enough for the job you applied for.
However, please note that not all recruitment programs of Bank of America include online assessment. It depends on what kind of program you are applying for and where the branch is located.
Multiple-choice test with three main types
You will do the whole test online on a platform called Glider or Kenexa, just like playing a brain game on your computer.
The test has three main types in multiple-choice format (MCQs), but which one you receive will depend on the role you apply for:
- Aptitude test: check how smart you are
- Behavioral test: check how your personality and culture fit with the company
- Job-skills test: check your job skills
45 seconds for each question
You usually have about 60 minutes to finish around 75 questions, but it might change according to where or when you apply. Each part of the test has its own time limit, except for the one about your culture fit.
The questions in Bank of America's assessment tests are not super hard, but you have to be quick! You only get about 45 seconds to answer each question, so be ready to think and work fast.
Bank of America aptitude test
Bank of America's aptitude tests come in three sub-types, each measuring different skills:
Numerical reasoning test
This part of the test focuses on your ability to work with numbers. They might show you information like charts, graphs, or even tables filled with numbers and words.
Your job is to look at all this data, filter the most relevant ones and find the right answer.
You will have 20 questions to tackle in around 20 minutes, which might seem tricky. But here is the good news: Bank of America lets you use a calculator, so you can practice using this tool to increase your speed!
Correct answer: B. 20.33%
Explain:
Calculate the change by using the percentage change (growth rate) formula on the price per unit in 2018 and 2019.
The price per unit in 2018 was $1,365,800 / 20,000 = $68.29.
The price per unit in 2019 was $1,643,500 / 20,000 = $82.175.
The price per unit has changed by (82.175 - 68.29) / 68.29 = 20.33%.
Tip:
Because the unit number didn't change, if we let X be the number of units, we'll have the price per unit in 2018 and 2019 be 1365.8 / X and 1643.5 / X respectively (Let's take out the thousands for now, just for simplicity).
The price per unit has changed by:
(1,643.5 / X - 1,365.8 / X) ÷ 1,365.8 / X
= (1,643.5 - 1,365.8) ÷ 1,365.8
= 20.33%.
Therefore, if the unit didn't change, the change in price per unit would equal the change in revenue/sales.
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Verbal reasoning test
This section looks at your language skills and critical thinking.
You will read some passages and answer about 24 questions in 20 minutes.
The questions will ask if the statement is “true”, “false” or “cannot say” based on what you read.
Correct answer: C. CANNOT SAY
Explain:
The paragraph mentions a finding about the employee. However, there is no information about this method being applied in companies. Therefore, the answer is CANNOT SAY.
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Logical reasoning test (inductive reasoning)
Inductive reasoning test is one type of logical reasoning test. You can see some people also call it the abstract reasoning test.
In this part, you will see a series of shapes or figures and figure out the missing one in the sequence. There is a pattern, but it is your job to crack the code.
This test typically includes 14 questions, and you will have around 12 minutes to answer them.
Correct answer: C
Explanation:
Elements: There are three elements: trapezoid, cross with a white circle and black rectangle.
Rules: There are three rules: alternation, rotation and movement.
- The trapezoid flips and alternates position between the bottom left corner and the second right position.
- The cross rotates 45 degrees clockwise each time.
- The black rectangle alternates between vertical and horizontal each time. The black rectangle moves along the diagonal line of the square.
So the missing figure must have a trapezoid at the bottom left, cross with an arrow heading down and a vertical black rectangle at the bottom right.
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Bank of America behavioral test
The most special feature of Bank of America test is its behavioral test, which includes situational judgement test and personality test.
Situational judgement test
This one puts you in imaginary work situations and asks what you would do in this case.
You will need to pick the best action or rank different responses based on how effective they would be.
Please note that these situations are like ones you might find in a bank. Thus, doing some research about the banking industry can make it easier for you to solve the cases.
Correct answer: D. I express regret and assure him that I'll fill in as much information as possible, but emphasize that he must sign the check, as I cannot do it on his behalf.
Explanation:
This situation requires you to demonstrate professionalism and courtesy, even in challenging situations.
A. While customer satisfaction is important, prioritizing the bank's policies and procedures is essential. Signing the check for the customer is not permissible.
B. By explaining regulations and the rationale behind your decision, you demonstrate adherence to procedures and may help the customer understand the situation better.
C. While complying with regulations, this option lacks empathy. It doesn't address the customer's immediate concern or offer assistance.
D. This response balances empathy for the customer's stress with adherence to regulations. It demonstrates a willingness to assist while maintaining professionalism.
Both B and D uphold regulations, but D goes further by showing empathy and a proactive approach to help the customer. Therefore, D is the preferred choice.
Personality test
Unlike common assessment tests, Bank of America test asks you to answer 45 questions about yourself after completing all the other test parts.
This part looks at three things:
- What you're like
- How you act at work
- How you talk to others
Bank of America wants to see if you are a good match for their team and the way they do things. There are no right or wrong answers for this part, so just be yourself!
Bank of America job-skills test
Bank of America also has a test to check if you have the skills needed for specific jobs. However, this test does not appear in all cases. It is only required for certain positions or recruitment programs.
For example, if you want to work as a bank teller, personal banker, or customer service representative, they might ask you questions about handling tricky customers, talking on the phone, or dealing with money.
For some jobs, like business analysts, they will customize the test just for that role. It might include questions about numbers, reading, logical reasoning, and even pretend situations that a business analyst may face in a workday.
Pass rate of Bank of America test
Bank of America's pass rates are not shared publicly.
However, an estimate suggests they might be around 40%, which means about 40 out of every 100 people who take the test pass it.
This number can change over time because Bank of America might change how they organize the recruitment or what they are looking for in new hires.
So, if you are trying to get a job there, just do your best on the test to increase your chances of success.
Tips for Bank of America test
Master basic knowledge and theory
When preparing for the Bank of America test, it's important to start with the basics.
Make sure you're comfortable with basic math concepts like algebra terms in English, especially if English isn't your first language.
Learn about percentages, ratios, and fractions, as well as weighted averages.
Also, get familiar with common business metrics such as margins, growth rates, and cash flow. They can give you a deeper understanding of how businesses work.
Practice interpreting common types of charts by looking at reports from consulting firms:
- Line graphs
- Bar/column charts
- Stacked area, stacked bar/column
- Pie charts
- Tree maps
- Histograms
- Scatter plots, bubble charts
- Mekko charts
Lastly, learn basic terms used in financial statements, as you are applying for banking industry.
Practice active reading
You can practice by reading articles about the business or finance industry. After reading, try to summarize the main points in your own words. This helps you understand the material better.
Also, try to identify the arguments the author is making. Think about why they're saying what they're saying and whether you agree with them.
By practicing active reading, you'll improve your comprehension skills and be better prepared for the test.
Manage your revision time
It is important that you should strategically arrange your revision time.
Start by figuring out what you're good at and what you need to work on.
Then, focus on practicing the areas where you're not as strong or where the questions are worth more points. You can also consider practicing the numerical tests first, as these are easier to improve by learning the formulas.
It's also a good idea to set up a routine for studying. Try to do at least one test every day to stay consistent and make progress.
Familiarize yourself with Bank of America's values
When applying for a company, you need to get to know what Bank of America cares about. It can help you answer questions better, especially ones about how you'd handle different situations at work.
So, take some time to learn about Bank of America's values. It could make a difference in how you do on the test!
Practice with reliable sources
First of all, you can try practicing with GMAT tests because they are quite similar to the Bank of America test, especially for numerical and verbal reasoning. You can easily find GMAT simulation tests with study guides on the internet (e.g: London Business School, Hult International Business School,…)
If you want to learn more about business, you can take online courses on platforms like Coursera, Khan Academy or LinkedIn Learning. These courses cover a wide range of topics and can help you build up your knowledge base.
Finally, don't forget about online forums and communities where people talk about their experiences and tips for the Bank of America test. You can also connect with others applying for Bank of America jobs on LinkedIn.
Frequently asked questions
Can I retake the assessment tests if I don't pass?
Yes, you can. However, Bank of America often requires you to wait for at least a year before retaking the test.
Will I receive feedback/scores after completing the assessment tests?
Due to the large number of candidates, Bank of America cannot provide specific feedback or scores on individual performance. Instead, you only receive general information about their results or next steps in the hiring process.
How long should I prepare for the assessment tests?
The time needed to prepare for Bank of America's assessment tests varies depending on factors such as the test's complexity and your familiarity with the content.
It is a good idea to get ready at least 1 month before the test. The more time you spend preparing, the better you'll do. Giving yourself enough time to get comfortable with the test format will increase your chances of success in the assessment process.
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