From Theory to Practice: 8 Benefits to Simulation-based Recruitment in Finance
Introduction
Traditional theory-based applications, including CV screenings, interview-based assessments, and theory-based examinations are gradually holding less value as institutions and recruiters are valuing practical skills more and more and leveraging role-specific simulations to attract, assess and upskill the best candidates.
Traditional theory-based applications, including CV screenings, interview-based assessments, and theory-based examinations are gradually holding less value as institutions and recruiters are valuing practical skills more and more, and leveraging role-specific simulations to attract, assess and upskill the best candidates.
Why the shift?
For instance, CV screenings often focus on qualifications and experience without delving into practical skills, whereas interview-based assessments, can be subjective and may not fully capture a candidate's ability to handle real-world challenges.
Likewise, although theory-based examinations test knowledge, they might not reflect a candidate's capacity to apply that knowledge in dynamic and practical scenarios. Leaving a gaping hole between theoretical knowledge and real-world application.
For instance, CV screenings often focus on qualifications and experience without delving into practical skills, whereas interview-based assessments, can be subjective and may not fully capture a candidate's ability to handle real-world challenges.
Likewise, although theory-based examinations test knowledge, they might not reflect a candidate's capacity to apply that knowledge in dynamic and practical scenarios. Leaving a gaping hole between theoretical knowledge and real-world application.
Enter role-specific simulations
By recreating controlled environments, recruiters gain insights into candidates' readiness for the challenges of their roles, offering a comprehensive evaluation that addresses limitations of traditional methods.
For example, our simulations are designed to be real-world, accessible, and assessed, allowing candidates from all backgrounds to showcase their potential allowing graduates to progress based on performance, as opposed to background, giving instiutions like Morgan Stanley - our recruitment partner - access to proven, diverse talent for their internship programmes.
One candidate who undertook an AmplifyME simulation as part of his interview process for a role in asset management said:
"The novel approach to this recruitment process has been refreshing, with the online simulation, feedback from the first interview and preparation guidance for the second stage. I feel like it's been easier to demonstrate my skills and suitability for the role, which is not easy with generic online assessments and pre-recorded interviews that are so abundant nowadays."
By recreating controlled environments, recruiters gain insights into candidates' readiness for the challenges of their roles, offering a comprehensive evaluation that addresses limitations of traditional methods.
For example, our simulations are designed to be real-world, accessible, and assessed, allowing candidates from all backgrounds to showcase their potential allowing graduates to progress based on performance, as opposed to background, giving instiutions like Morgan Stanley - our recruitment partner - access to proven, diverse talent for their internship programmes.
One candidate who undertook an AmplifyME simulation as part of his interview process for a role in asset management said:
"The novel approach to this recruitment process has been refreshing, with the online simulation, feedback from the first interview and preparation guidance for the second stage. I feel like it's been easier to demonstrate my skills and suitability for the role, which is not easy with generic online assessments and pre-recorded interviews that are so abundant nowadays."
Advantages of Simulation-Based Talent Recruitment in Finance
This ensures that the selected candidates possess the hands-on skills necessary to navigate the intricacies of their roles.
For example, all our Sales and Trading simulations measure a candidate’s approach to risk management, providing recruiters with a comparable risk management metric. In banking, we assess not only the correctness of a candidate’s financial model, but also the formulas that lie behind their output.
Our Markets simulations use real world events, from company specific announcements to headline inflation to challenge candidates. Our banking simulations use real company case studies, for example recent M&A transactions to bring the simulations to life.
This not only provides insights into a candidate's technical expertise but also ensures they can seamlessly integrate theoretical knowledge into their day-to-day tasks and operations.
This ensures that the selected candidates possess the hands-on skills necessary to navigate the intricacies of their roles.
For example, all our Sales and Trading simulations measure a candidate’s approach to risk management, providing recruiters with a comparable risk management metric. In banking, we assess not only the correctness of a candidate’s financial model, but also the formulas that lie behind their output.
Our Markets simulations use real world events, from company specific announcements to headline inflation to challenge candidates. Our banking simulations use real company case studies, for example recent M&A transactions to bring the simulations to life.
This not only provides insights into a candidate's technical expertise but also ensures they can seamlessly integrate theoretical knowledge into their day-to-day tasks and operations.
BGC
For example, our flagship Initial Public Offerings simulation provides candidates with the opportunity to showcase their technical skills, building a financial model and valuation for an IPO prospect. Later, candidates work in teams, preparing a roadshow presentation before managing a bookbuilding process.
5. Reduced Biases
The objective nature of simulations significantly reduces biases in the assessment process, ensuring a fair evaluation. Simulations focus on observable skills and actions, providing an unbiased platform to identify the most qualified candidates based on their actual abilities rather than subjective perceptions. In an age of AI, live simulations expose and illuminate real ability and potential, crucial for enabling hiring teams to make fair, data-driven decisions.
For example, our flagship Initial Public Offerings simulation provides candidates with the opportunity to showcase their technical skills, building a financial model and valuation for an IPO prospect. Later, candidates work in teams, preparing a roadshow presentation before managing a bookbuilding process.
5. Reduced Biases
The objective nature of simulations significantly reduces biases in the assessment process, ensuring a fair evaluation. Simulations focus on observable skills and actions, providing an unbiased platform to identify the most qualified candidates based on their actual abilities rather than subjective perceptions. In an age of AI, live simulations expose and illuminate real ability and potential, crucial for enabling hiring teams to make fair, data-driven decisions.
This not only enhances the assessment process but also contributes to a positive candidate experience making them more likely to remember your brand.
Revolutionising Recruitment Through Data-Driven Simulation
Discover how Citadel and Citadel Securities leverage our simulations to attract and upskill the best talent for their trading internships.
Discover how Citadel and Citadel Securities leverage our simulations to attract and upskill the best talent for their trading internships.
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