Merrill Lynch Financial Advisor Trainee Interview Questions & Reviews
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Updated Jan 17, 2012 – Interview questions and reviews posted anonymously by interview candidates.
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Difficulty Rating [?] Based on 19 ratings 
“Average” Interview
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Interview Experience [?] Based on 19 ratings
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| 1–10 of 19 Merrill Lynch Interviews | Sort by |
Financial Advisor Trainee at Merrill Lynch
Posted Jan 17, 2012 — 1 of 1 people found this helpful
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3.0
Average Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Jan 2012 (took 2 months)
It seems that Financial Advisor positions with some of the big houses aren't getting filled that quickly. Morgan Stanley has been trying to fill some positions for a while, locally. I was invited to interview with Merrill Lynch. I still haven't had a face to face interview yet. I have however, had two phone interviews, and have had to take the "Prove it" exam. I guess that's the equivalent of the "FIAT" test. Challenging if you haven't brushed up on that type of math. A lot of decimals and fractions. Also, a large component of the test is economics. Good to brush up on GDP, etc., Stock splits.
Interview Questions
Other Details
I got the interview through a Recruiter and the interview consisted of a Phone Interview, an IQ/Intelligence Test and a Skills Test.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Dec 26, 2011 — 4 of 4 people found this helpful
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3.0
Average Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Dec 2011 (took 7+ weeks)
I applied on the BofA careers website and was contacted a few days later to take a personality test (CAT-Candidate Assessment Test). This basically measures whether you're the right sort of person for the job. About 2-3 days later an HR person contacted me to attend a career night at one of the branch offices. It was a great forum to see if this is the kind of work you really want to get into.
After that, the same HR person called to answer any other questions I had and to confirm my interest in proceeding and further exploring the opportunity. I was then asked to meet with a Director at the branch I was interested in. At the same time, I was asked to sit for a FIAT (Financial Information and Aptitude Test). You have to get a 17/30 to pass. I passed and was given a business plan (BP) template to complete. This is given to you in Word but I strongly recommend you submit it in PowerPoint. They don't require a specific format but by sending them a nice PPT booklet (~10 slides), I had already started to impress them.
The next step was to discuss this BP with the Director. I then sat with one of their experienced FA's to discuss parts of the BP and to convince them I knew what I was getting myself into. Do not be fooled, unless you get thumbs UP (no maybes and no thumbs down) from EVERY PERSON YOU SPEAK TO, you will not make it to the next stage.
Next was to speak with the branch Managing Director (or whatever other title they hold…pretty much the top dog at that office). It is the same conversation yet again only this time you will know on the spot whether you’ve made it or not. If you have, you’ll be asked to sit for a panel interview. If not, you’ll be shown the door with a nice pat on the back. Once they’ve asked you to sit for the panel interview you’ve pretty much nailed it. You still have to perform at that interview but it is really a second opinion to make sure you’re not being blatantly favored by anyone. Like any panel interview, you better have yourself prepared otherwise you’ll fall flat on your face 3 feet from the finish line of a marathon (which is what this process is). The reason I say that is the final question of the 30 minute interview was “In 30 seconds, tell us why we should hire you over all the other people that want this job.”
Interview Questions
Negotiation Details
Nothing to negotiate. You're given a choice of which package to take and you choose one.
Other Details
I Applied Online and the interview consisted of a Phone Interview, a 1:1 Interview, a Group/Panel Interview, a Skills Test, a Personality Test and a Background Check.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Oct 10, 2011
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3.0
Average Interview
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Overall Positive Experience
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Interviewed and No Offer
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Interviewed Sep 2011 (took 3 weeks)
Got referred, spoke 1 on 1 with the branch manager, then took the the financial aptitude test along with a personality test. Next got invited back to speak with a couple of the financial advisors currently in the program. Last got invited to Career Night.
Interview Questions
Other Details
The interview consisted of a 1:1 Interview, a Skills Test and a Personality Test.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Sep 8, 2011 — 2 of 2 people found this helpful
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3.0
Average Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Sep 2011 in Austin, TX (took 2 months)
After applying online for the position a recruiter emailed me to set up an initial test time. The test was the FIAT like everyone else has mentioned on this sight. Once I passed the FIAT, I was invited to take the personality test online. The admin assistant let me know immediately that I passed and then invited me to a career night. This phase was more for the people who knew nothing about Merrill but was a good pep rally for those who are familiar with Merrill. I had one formal interview with the director and then a casual one to make the offer. Overall I like the culture of the company. Don't consider if you are not ready to work harder than you ever have in your life. But, if you do, be prepared to make more money that you ever have in your life.
Interview Questions
Negotiation Details
The director gave me a chance to negotiate, however, I like the lower goals so I chose to leave the offer as it stood. You can always make more money for more production, however, you can't lower your goals if you are not meeting them. Bonuses are also easier to reach hence more money. Think about it!
Other Details
I Applied Online and the interview consisted of a 1:1 Interview, a Skills Test, a Personality Test and a Background Check.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Aug 18, 2011 — 0 of 1 people found this helpful
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3.0
Average Interview
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Overall Neutral Experience
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Interviewed and No Offer
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Interviewed Aug 2011 (took 2 weeks)
I went in for the FIAT test and scored 100% and then i had to take this peronsality test ... I took the test the totally wrong way and said i did not know for alot of the questions because i really dont have sales experience ... I was a referrel and the company knew i didnt have sales experience but was still very interested in me .. I didnt find out if i failed the test until after i met with the group i was interviewing with .. They really liked me and basically said they wanted me in the interview. The recruiter said there was nothing i could do because i didnt pass the sales indicator but he would be more than happy to retest me in 6 months ... He told me to stay in touch and I just wanted to know the chances of getting back in after you take that test and fail ... If i should keep consistent contact with them and hopefully get the job in Janauary.
Other Details
The interview consisted of a 1:1 Interview, an IQ/Intelligence Test and a Personality Test.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Jun 20, 2011 — 1 of 1 people found this helpful
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4.0
Difficult Interview
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Overall Positive Experience
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Interviewed and No Offer
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Interviewed Jun 2011 in Cincinnati, OH (took 2 weeks)
I am lucky that my fiance's cousin is the Regional Director of ML. So far i have not interviewed face to face, but have had a phone interview with the program director and as well taken the FIAT test.
The test was surprisingly hard, but I did pass it. If you are about to take it, make sure to brush up on long division, word problems, and decimals by hand. There are no calcs allowed. I found out I passed it right after the test was completed (though they said sometimes they don't get results for up to a week).
I am about to take the personality test here in a few hours. I've been told that after I pass it, I will be interviewed 1 on 1.
Other Details
I got the interview through an Employee Referral and the interview consisted of an IQ/Intelligence Test and a Personality Test.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Apr 15, 2011 — 17 of 17 people found this helpful
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5.0
Very Difficult Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Apr 2011 (took 2 months)
1. I was contacted by a recruiter to basically do a screening interview. He explained to me what the position entailed and what the requirements were and what the process would be like. He then asked me if I was interested and if I would come to a Hiring Event within the next week. I accepted
2. I went to the hiring event, which was laid back and informal. They served us refreshments and gave us information about the company and about the position. We were told what it would be like to be in the program and given a folder full of information explaining the pay structure for the first 3 years, commission structure, series 66 & 7, as well as the requirements for the interview process moving forward. If we did not pass both of these tests then we would not be able to move forward in the process and we would not be eligible to retake the test for 6 months. At the end of the presentation the Resident Director and the Recruiter gave out their contact information asked us to send them an email letting them know if we wanted to move forward with the process. A day later I accepted the challenge.
3. I waited about 2 weeks for the next step, which was the FIAT exam. The FIAT is a Financially Intelligent Aptitude Test. Look it up online. You should also take a refresher on long division and long decimal multiplication. You cannot use a calculator. The same day I was informed that I passed and would be set up for the next round, which was the personality test.
4. I took the personality test a couple of days later. This is a timed test so I recommend you have peace and quiet so that you can focus. This is the test that will tell them what kind of advisor you will be. They will ask you questions about investing, sales ability, job history, personality questions, as well as a survey asking you how many people you know with a net worth of $250K in liquid cash to invest. They want to know if you are already connected to wealth. It was explained to me that this test is weighted and should be strong in the job history and network of relationships portion of the test. After passing this test then I was scheduled for a 1:1 interview with the Resident Director. This interview was centered around my plan for client acquisition. If you really want to get this job make sure you go above and beyond on this plan. I went the extra mile and had my plan bound at Kinkos for $10. I also formatted my plan like a presentation instead of in just bullet points. Do not be underprepared. There are so many sites that will help you prepare your plan. After this round I was passed to the next round, which would be an interview with the Regional Branch Manager.
5. This interview was not located in the city I live in. I actually had to travel for this meeting. It was well worth it considering I pretty much knew I would get this job; however, my meeting with him was probably the most challenging. The one question that I was asked in round 4 and 5 was, "Are you sure this is what you want to do and why"? I told him yes and that I understood that it was a very big decision but if I committed then I would be 110% committed. He explained to me that I would be extended an offer by the Resident Director and that he would be in contact with me very soon.
6. I advise anyone seeking an opportunity with Merrill to contact someone outside that office that also works for Merrill to get as much advice as possible. It helped me out and the FAs in other offices were very open to being helpful throughout the whole process. Do not be shy. That is not what they want. They want aggressive but not arrogant. Be dressed very well. Look as though you are already employed as an FA. I wore a tailored navy suit, a white shirt with french cuffs, black cap-toe shoes, and a very conservative power tie. I wore a bow-tie to the hiring event so that I would stick out among the others there. It definitely worked. The resident director told me that I was memorable at the event and that set me apart from the other candidates. How you dress is very important as well.
8. The regional director told me something that may help you. He told me that there are 3 qualities a FA at Merrill Lynch has to possess without question.
A) Intelligence (to pass the Licensing Exams and learn the products)
B) Work Ethic (to work your client acquisition plan without ceasing)
C) Sales Ability (The ability to make people comfortable and like you)
Interview Questions
Negotiation Details
I was given the chance to negotiate and you will to; however, you need to remember that what you accept will determine your goals. The higher the salary; the higher the goals.
Other Details
I got the interview through a Recruiter and the interview consisted of a Phone Interview, a 1:1 Interview, a Group/Panel Interview, a Presentation, an IQ/Intelligence Test, a Skills Test and a Personality Test.
Helpful Interview?
Yes |
No
View Comments (2)
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Apr 14, 2011 — 0 of 1 people found this helpful
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2.0
Easy Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Mar 2011 in Los Angeles, CA (took 2 months)
First interview was very straight forward. The interviewer brought my youth a lot (i'm 22) and said that it is sometimes difficult for young people to break into the field. He asked me how I would go about getting clients and some other general personality questions. Overall I felt it went well. He told me to take the financial aptitude test which i was tripping out about but ended up being very easy. You only need to pass 17 of 30 questions in two hours. I finished in a little over an hour. Know basic math, ROI, maybe some basic inflation principles and you're golden.
Interview Questions
Other Details
I applied In-Person and the interview consisted of a 1:1 Interview, a Skills Test and a Personality Test.
Helpful Interview?
Yes |
No
View Comments (4)
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Dec 26, 2010
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3.0
Average Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Dec 2010 (took 4 weeks)
The hiring process was pretty straight forward. I filled out an application through Bank of America's website. I received a call back from Merrill Lynch 1 week later asking me to come in and take an aptitude test. The test consisted of basic economic, finance and accounting principles. Later that same day I received an email letting me know I had passed that test and was required to take a personality test which took about an hour. I received a call from the Directors assistant about three days later asking me to come in for a 1 on 1 interview with the Director of the local office. I interviewed with the Director as well as the PMD training program director. All in all the two interviews took a little over two hours. I received a call from the Director's assistant about a week later asking me to come back in and meet with the Director again. At this interview the Director offered me the position.
Interview Questions
Negotiation Details
Very little negotiation. I was happy with the offer that the Director presented so I accepted the salary and terms as they were presented
Other Details
I Applied Online and the interview consisted of a 1:1 Interview, an IQ/Intelligence Test, a Skills Test, a Personality Test and a Background Check.
Helpful Interview?
Yes |
No
View Comments (3)
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Oct 26, 2010
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1.0
Very Easy Interview
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Overall Neutral Experience
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Received and Accepted Offer
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Interviewed Oct 2010 (took 4+ weeks)
I found the job posting on the Bank of America website, and I applied through their portal. The application was simple enough with very generic questions. About 1 week later I received a phone call from the Resident Director's Assistant in my town. He invited me to take an aptitude test, referred to as the FIAT test. The test was 55 questions and covered basic math (i.e. divide and multiply simple fractions) and some general economic theory (i.e., if government spending increased, what would you expect to happen to GNP?). All 55 questions were formatted in multiple choice.
After the test was complete I was given some background investigation forms to fill out. It took longer to fill out the forms than to take the test. I returned the completed forms to the RD Assistant and he informed me that I passed the FIAT test. Two days later I received an email link to a personality test (which turned out to include some very standard questions). Not more than 15 minutes after I submitted my results for the personality test I received a call from the RD Assistant. I was asked to come in for an interview with the Resident Director. This is where it got strange.
My interview with the RD lasted for about 6 minutes with him, and about 45 minutes alone with a Financial Advisor. The 6 minutes with the RD was uneventful, and all I did was talk about myself. The 45 minutes with the FA, however, I liked. The guy I was talking to had only been and FA for about 2 years, and was nearing the end of his training program. He seemed to enjoy the job very much, but made no attempt to hide the tough parts. I was able to ask him questions that I wouldn't have felt comfortable asking the Director (work/life balance, flexible schedules, time off, and of course we talked about pay). When I sat back down with the Director he asked me one question only. "Do you still want the job?" I was still there wasn't I? The he said I should call his assistant during the following week to proceed in the process.
I called the following week and said I was ready to proceed in the process. Initially, I was told that hiring would not take place for about 2 months. The following week I was informed that I should be ready to start in 2 weeks. The RD Assistant asked what my salary expectations were and I spat out a number, he countered with a lower number and we settled in the middle. In retrospect, I should have held firm to my original number.
Interview Questions
Negotiation Details
I had the feeling that I was the only qualified applicant at that time, or maybe the only person that passed the tests. The general feeling I had was that they were in a rush to hire me. Initially I was asked to give them my salary expectations. So I gave them a high number (maybe too high), and they countered about 15k lower. Later we settled right in the middle. I should have stuck to my original number because I felt that they wanted me enough to warrant it.
Other Details
The interview consisted of a 1:1 Interview, an IQ/Intelligence Test, a Personality Test and a Background Check.
Helpful Interview?
Yes |
No
Inappropriate?
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