Skip to main content

FinTech Technical Assessments

A technical test, also known as a role-based test or domain test, is an assessment to understand candidates’ technical abilities, including their skill sets and responses to specific technical problems. It is a technical skills evaluation of prospective hires, which involves evaluating their domain expertise and job knowledge to determine their suitability for specific roles. A technical assessment aims to measure one’s proficiency in various technical skills, such as coding assessments, sales and marketing assessments, accounting, and finance assessments, etc.

A sure-fire way to determine if someone is the right choice for a job is to see him/ her perform the related duties. That is why technical assessments are deemed ideal to evaluate candidates’ suitability. However, technical assessments are not the only decisive factor in ascertaining a person’s suitability for a given position. You must quickly consider technical aptitude to evaluate objectively and comprehensively.

These tests can be administered to individuals as the first step in the recruitment process to filter out unsuitable candidates. Such assessments can help recruiters figure out which candidates are suitable for the role, and which are not.

An increasing number of companies in the FinTech sector employ these tests to identify and select candidates whose technical talents and personalities match what is required for specific positions.

They can test a range of abilities for several types of tasks including:

  • Critical thinking
  • Abstract reasoning
  • Spatial ability
  • Logical reasoning ability
  • Problem-solving ability
  • The ability to solve domain-specific technical questions
  • The ability to perform numerical computation and numerical estimation
  • An inclination to learn, retain and implement information as and when needed

Some companies will do the technical assessment before or after depending on which stage, they deem more valuable. It is important to meet the candidates and then to add the technical assessment at some point in the interview process. If you’re requiring candidates to complete a technical assessment as a first step before even meeting them, you may be possibly screening out star candidates. Even though Technical assessments are amazing to qualify a candidates skills, only by meeting the candidate are you able to see if they suit the company’s culture.

What You Need To Know Before Choosing A Technical Assessment Tool

Not every recruiting pre-hire skills assessment tool or test is the same or apply to each job, even when looking for developers. Before searching, learn all you need to know about your businesses or the department’s technical assessment and needs, not just performance and recruitment requirements.

Not every method offers recruiters with all relevant information to a potential job hire. Hiring assessment tools may use slightly different methods and techniques like hypothetical scenarios, multiple choice questions, and measured performance. They aim to achieve the same thing – to help you learn about a candidate’s performance, identify the suitable, and determine skill set alongside the interview.

Some Thoughts On Technical Assessments From Our Consultants

“Technical assessments should never be the first round of interviews, and that a cultural assessment and introduction to the company/role should always come before asking a candidate to take a couple of hours of their time to complete an assessment.” Alex Meehan, Engineering, Storm2.

“Most of my candidates have preferred a live in person technical assessment as it is often less time consuming. I have also had candidates that get really stressed out by in person technical assessments and underperform.”Jacob Stinton, Engineering, Storm2.

Online Talent Assessment Tests Available

What unique skills and problem-solving capabilities could they bring to your business?

  • Candidate mental ability assessments: are they a logical or emotional tech problem solver? How do they learn? Under certain circumstances the right-left brain issue is important
  • Personality tests: Determining their personality type, the most famous being the Myers-Briggs Test. Introverts and extroverts may perform different by task and in each job role
  • Situational judgment assessments: using actual or simulated scenarios to assess soft skills and how a candidate would react under certain circumstances. How do they handle job stress?

The culture fit for an organization is vital for a company’s missions and value and it is difficult to assess this through an online interaction. Whilst candidates are completing an online test, it is also possible for them to have an interaction with the managers and other employees at the company to see whether they have a suitable fit with the organization.

Coding Technical Assessments

Coding technical assessments are beneficial for assessing the candidates’ coding abilities. They can help recruiters filter out unsuitable candidates in the initial rounds of the hiring process, ensuring that candidates who pass this stage meet the minimum requirements which match the competency of the role.

turned-on MacBook Pro wit programming codes display

Different Types Of Coding Technical Tests

  • Front-end Development
  • Back-end Development
  • Database Development
  • Full-Stack Development
  • Data Science Development recruitment process an
  • Software Testing
  • DevOps

Common Problems With The Take Home Assessments

  1. It’s hard to verify how much time the candidate spent on the task, and how much help they received. A candidate could ‘cheat’ by outsourcing the task or getting help from a friend.
  2. It’s easy to get swamped with submissions or receive none. For onsite interviews, you can verify quickly during the invite stage how likely a candidate is to attend. It’s harder to estimate how many candidates will complete a take home assignment. Many might agree to it only to find out afterwards that they do not have the time, or do not like the assignment. If you send out too many, you might receive too many submissions in return, putting your engineering team under pressure to try to evaluate objectively and quickly all of them.

Are There Any Other Ways Of Testing Potential Candidates?

The answer to this question is yes. There are so many ways to assess developers and there is not a one-size-fits-all approach to the recruitment process.

Your Partner in Growth

As the FinTech industry continues to grow, so does the need for talent to facilitate this. At Storm2 we have specialized in connecting FinTech talent with disruptive FinTech players such as yourself. We can assist in any stage of your growth by connecting you with the right people. Don’t hesitate to get in touch and we would be more than happy to see how we can help and support you in your journey.