The vast majority of large retail banks and insurance and actuarial employers hold assessment centres as part of their recruitment process. The assessment centre is usually the final stage and brings together the most promising candidates to undergo a number of tasks and exercises individually and in groups.
How long do insurance and retail banking assessment centres last?
Assessment centres in financial services typically last a day or, more rarely now, two. Previous candidates at the Aviva assessment centre have had dinner the night before and Swiss Re has traditionally held its assessment centres in Zurich over a weekend.
Answering the assessors’ unspoken question: will you embarrass us if we put you in front of clients?
All retail banking, insurance and actuarial jobs involve a lot of contact with clients and customers. Assessors need to be sure that you can act professionally and create a good impression of the organisation. You can reassure them of this by being polite and appropriate in the informal lunch and coffee breaks and when asking questions of the graduate employees they bring to meet you.
What tests and exercises can I expect at assessment days for retail banks and insurance companies?
You can expect a mixture of tasks that will vary each year and, often, according to the specific programme you’re applying for. Most assessment centres include a mixture of the following:
Group exercises: These can range from discussion tasks to case studies (see below). For example, a previous task that Aon is said to have set for applicants involved being stranded on a desert island and having to prioritise a list of ten items.
Whatever task you’re given, the golden rule is not to be a loud-mouthed bully, shouting down the ideas of others, but not to sit silently in the corner either. If you’re worried that something you were going to say has already been said, say that you agree and build on the idea with something else. Volunteering to be note-taker or in charge of keeping people to time will impress.
Case study exercises – either individually or in a group: This is where you are given an exercise that simulates the sort of decisions you would be making as an employee. In an insurance or retail banking case study, you might be asked to analyse potential financial products (eg saving accounts, insurance policies) and decide which one you would recommend be brought to market (ie be put on sale to customers).
Presentations – on your own or in groups: You are usually asked to present your case study findings jointly in your teams to assessors and your fellow candidates. However, you might be asked to do an individual presentation on a given topic: for example, in the past, Aviva has given candidates an hour to prepare a presentation on an insurance company that has just been valued. Alternatively, you might be asked to prepare a presentation in advance – on a topic of your choosing or a given one, such as your thoughts on something that’s happened in the industry.
When preparing for your presentations remember that the assessors won’t be looking for highly technical analysis or knowledge. They will instead focus on how you think and how you come across during the presentation.
Aptitude tests – numerical, logical thinking and written: You might be expected to do a round of tests, even if you have previously done them as part of your initial application. This is to get a true estimation of your capabilities – there is no option of having someone else to help you with the questions!
The Aviva assessment centre has previously made use of ‘fast-track exercises’ where candidates are required to spot trends in a series of questions.
Interviews with senior managers: Most employers use a member of their HR team to conduct a telephone interview earlier in the application process, but it is standard for you to sit at least one face-to-face interview with a member of senior management – and this is usually held on the assessment day.
How are you assessed at assessment days?
Assessors (usually graduate recruiters and senior managers in the business) will score your performance against a list of set competencies – you can get a good idea about what these are by looking at the skills and competencies they tell you they seek.
- Information on the assessment centres at specific financial services employers
- The most important skills insurance, actuarial and retail banking recruiters expect from graduates
Note: they do not directly assess you against other candidates. In fact, Nationwide Building Society has said that if it had two vacancies and three candidates stood out it’d likely take all three.
Remember: the insurance and retail banking assessors are on your side
Does all of this sound scary? Don’t worry – assessors want you to do well and will do their best to put you at ease. As one finance recruiter told us anonymously: ‘Nobody wants them to fail! We have invested so much money in the recruitment process leading up to the assessment centre; we genuinely want them to do well and be the right people for us to recruit.’
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