Merrill Lynch Financial Advisor Trainee Interview Questions & Reviews
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Updated May 26, 2012 – Interview questions and reviews posted anonymously by interview candidates.
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Difficulty Rating [?] Based on 23 ratings 
“Average” Interview
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Interview Experience [?] Based on 23 ratings
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Financial Advisor Trainee at Merrill Lynch
Posted Apr 15, 2011 — 20 of 20 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
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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
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Financial Advisor Trainee at Merrill Lynch
Posted Dec 26, 2010 — 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 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
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Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Oct 26, 2010 — 1 of 1 people found this helpful
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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?
Financial Advisor Trainee at Merrill Lynch
Posted Oct 5, 2010 — 1 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 Sep 2010 in Denver, CO (took 2 weeks)
Interviewed with branch director then met with a higher-up director at another branch a week later. Received an offer phone call the next day. My interview experience is probably simpler than normal since I already have 4 years of financial services experience with another company.
Interview Questions
Negotiation Details
I did not negotiate.
Other Details
The interview consisted of a Phone Interview, a 1:1 Interview, a Personality Test and a Background Check.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Sep 21, 2010 — 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 Sep 2010 in Dallas, TX (took 2 days)
Initially I applied online, a recruiter called me in for an interview. I went to an invitation only group interview where they gave a presentation of there company, we each introduced ourselves and then we had one on one interviews with the managers and regional managers.
Interview Questions
Other Details
I Applied Online and the interview consisted of a Phone Interview, a 1:1 Interview, a Group/Panel Interview, a Presentation, an IQ/Intelligence Test, a Personality Test, a Drug Test and a Background Check.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Sep 13, 2010
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2.0
Easy Interview
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Overall Positive Experience
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Interviewed and No Offer
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Interviewed Sep 2010 in Amarillo, TX (took 2 weeks)
I received a call from the Resident Director who set up a 1-on1 interview for the next day. The phone call was relatively short and to the point. The following day I arrived at the downtown office and met with the him. This was a very relaxed get-to-know-you type of interview. It went very well and he set up a second interview with two of his coaches for the following week. I was told that I would be given the first of a series of assessments and fill out paperwork for a background check. So far it has been relatively painless and I am excited to finish the process and find out if I will receive an offer.
Interview Questions
Other Details
The interview consisted of a Phone Interview and a 1:1 Interview.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Jun 10, 2010
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5.0
Very Difficult Interview
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Overall Neutral Experience
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Interviewed and No Offer
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Interviewed Jun 2010 in Denver, CO (took a day)
Merrill Lynch requires a FIAT test to be taken before an interview can be scheduled. It's a Financial Indicator Aptitude Test that consists of fractional equations, capital market type economic questions, and even some geometry...like giving the pertimeter of the outside of a room. Definitely brush up on advanced math and complicated economy problems to be ready.
Interview Questions
Other Details
I got the interview through a Recruiter and the interview consisted of a Skills Test.
Helpful Interview?
Yes |
No
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Mar 12, 2010 — 5 of 5 people found this helpful
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4.0
Difficult Interview
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Overall Positive Experience
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Received and Accepted Offer
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Interviewed Mar 2010 (took 2 days)
I was referred to Merrill by a current employee. I have a background as a Financial Advisor but have been out of the biz for a few years. Initially, I was contacted by the assistant of a top level executive. An interview was arranged two weeks out and I was asked to fill out paperwork for a background and credit check to bring in during my interview. The day of the interview was intense and Merrill is a very impressive firm. The interview process on that day lasted nearly four hours. I interviewed with three people separately: a senior broker who also conducted the training program, a veteran broker, and the complex director. Because I have previous knowledge of the job and was in my position long enough to prove success, a few steps were skipped. I did not have to take the math or economics tests even though my securities licenses recently expired. Due to the recession and awful prospects of jobs in finance, many of my positions were short-term since leaving my previous firm. The complex director's main concern was whether I would be dedicated to the firm i.e. was I going to quit after a short period. (Sincerely I can say, no, it was not my intention - I was looking to reenter my career permanently with the best firm on the street). He left me with "Call me tomorrow and convince me why you are not going to hop jobs on me."
A sleepless night ensued as I wrote down my thoughts to try to convince him that this is truly what I wanted. The next morning I placed my first call to his assistant at 6:30 a.m. and proceeded to call her three times before 8 a.m., leaving a message each time. The director never gave me his number or his card - on purpose. The front desk would only send me to his assistant's voicemail when I called so I did some googling and found his direct line through LinkedIn. At 8:30 a.m. I called his direct line to which he answered on speaker. The first words out of his mouth were "Persistence, I love it. How many times have you called me this morning?" "Three previously" I replied." He had received all of my messages. (Rookies, this was a test. I was never asked to answer the question that had kept me up all night). The next words out of his mouth were for me to go meet with a broker and branch manager in the next town - in one hour. The other two interviews were a little more easygoing and the gentlemen couldn't have been any friendlier. I was then instructed to go back to the main office where I had originally interviewed and at that time was verbally offered the position from the director. A formal written offer came the next morning and my start date is under one week away.
Merrill is the top notch wirehouse on the street and any doubts I had about that were thrown out the window upon being invited to experience their culture, technology, and program. I'll try to update as I move forward through my first year.
My advice to rookies that want to enter the business: Number one, this is a sales job. Knowledge about the markets is good but not necessary. You'll learn quick through lunch seminars and senior brokers; many of whom will take an interest in your success. Be persistent always in the interview process and it will help you immensely to show them a plan of how you will obtain your clients. The name of the game is client acquisition - not knowledge of the markets. Going into the interview with this foremost in your mind will put you far ahead of other applicants. Call or email the branch manager of a brokerage of which you may want to apply. Tell them that you are thinking of entering the business and ask if there are a few brokers you can talk to and ask questions. When speaking to these brokers be sure to ask them for tips on how to build a book of business. They should give you a rough outline of what to talk about during your interview, or even if this business is right for you. It should go without saying that you should be very well dressed and groomed. Charisma will always work in your favor so don't be shy. Be polite but don't feel a need to kiss too much butt. Brokers are essentially independent contractors and the organizational structure is usually loose. The more you can talk to people in the business the better off you will be; both for job seeking purposes and success in your career. Good luck to all of you.
Interview Questions
Negotiation Details
I was offered a reasonable salary considering my licenses had expired. I accepted their offer and did not negotiate. Do not negotiate unless you have an extensive resume in sales. Remember, you will be on commission in addition to salary so you can make up the difference (and then some) if this career is right for you.
Other Details
I got the interview through an Employee Referral and the interview consisted of a 1:1 Interview, a Personality Test and a Background Check.
Helpful Interview?
Yes |
No
View Comments (3)
Inappropriate?
Financial Advisor Trainee at Merrill Lynch
Posted Feb 22, 2010 — 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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Received and Accepted Offer
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Interviewed Jun 2008 (took 2 weeks)
You have to go through several rounds. First there is a one-on-one interview with lower management, a group interview with several senior financial advisors, and a one-on-one interview with the managing director. You will also have to complete a multiple-choice test which ensures you have basic math and economics knowledge. You will need to know basic economics terminology and concepts such as GDP, CPI etc. It is a general test, and doesn't require specific market knowledge.
The questions asked are typical, also dependent on the manager interviewing you. Remember that the FA job is foremost about charisma and personality. You are interviewing for a sales job -- prepare accordingly. Having a preliminary business plan (types of prospects you will pursue, market segments, etc.) prepared will be more useful than rattling off reams of stock market knowledge. It is assumed that you will learn this as you go. Remember: more sales people from non-financial industries get hired than financial industry quants.
This also goes without saying: dress accordingly. This is a white-shoe firm. Women: Wear a dark pantsuit or skirtsuit with a pressed blouse. Demure hair and make up, not too much scent. And wear heels, preferably dark leather, definitely close-toed. Men: A suit, tie, shirt, all pressed. Cufflinks and subtle cologne. Dark, shinable leather shoes. Now is not the time to stand out and make a statement.
You will also need to complete your Series 7, 66 (state), and state insurance licensing (to sell annuities) after you are hired. You basically get one shot at each test but LOTS of time to study and materials to study. Good luck.
Interview Questions
Other Details
I got the interview through an Employee Referral and the interview consisted of a Phone Interview, a 1:1 Interview, a Group/Panel Interview, an IQ/Intelligence Test and a Background Check.
Helpful Interview?
Yes |
No
Inappropriate?
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