Estimated reading time: 6 minutes
This guide presents valuable information about the IFC Financial Test
In 2020, the World Bank YPP became the World Bank Group YPP merging – into a single recruitment initiative – the Young Professionals Programs of three important World Bank Group institutions: the World Bank, IFC, and MIGA. The program aims to recruit and develop future leaders to collaborate effectively across these institutions on joint WBG solutions to development challenges.
The WBG YPP selection process comprises the following stages: an online application form, a technical review, a competency-based interview, and an Assessment Center. Since 2020, for candidates being considered for the IFC track, Assessment Center activities will involve a timed, computer-based financial test to evaluate applicants’ specific financial skills and knowledge, as well as a cognitive assessment.
In pursuit of its mission, OpenIGO Network has prepared these special packages to help you better understand the IFC Financial tests, allowing you to perform successfully in this stage of the selection process.
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If you are amongst the candidates who intend to apply to the IFC track, here are some important pieces of information to help you get ready for the IFC Assessment Test!
IFC Financial Test Tips (IFC YPP)
IFC candidates who pass the first screening round will be invited to take two online tests, a digital interview and also a final panel interview!
1. IFC computer-based financial tests (Tips)
From the IFC computer-based test, candidates can expect something similar to the “Chartered Financial Analyst” test. This exam usually focuses on four areas: ethical and professional standards; investment tools; asset classes; and portfolio management and wealth planning. You should definitely prepare for technical questions mainly in the area of finance and accounting!
In 2020, the IFC computer-based test was composed of 23 questions:
– 22 multiple-choice questions (related to accounting and financial statements. “Quite simple”, according to some of our clients, and that did not require many calculations)
– 1 open-ended question (a bit lengthier and that required candidates to prepare an investment memo).
The IFC computer-based test has to be completed within 2 hours. For this reason, time management is an essential skill for those who want to succeed! The platform lets you skip from question to question, allowing you to see what comes next – make sure to take a quick look at all the questions before getting started so you can allocate time accordingly!
2. IFC YPP Digital Interview
After completing the online test, candidates will be invited to take a digital interview through “HireVue” – an online video interviewing tool. The email sent by the WBG YPP team will contain a link that takes you directly to your interview. Practice questions are available for you to check your lighting, camera, and sound and get a better understanding of how the process works.
Once ready, candidates will then record their answers to questions that will pop up on the computer screen. After you view the questions, you will have up to 30 seconds to prepare your answer! Depending on the question, you could be allotted 90 seconds to 3 minutes to respond. Remember that you only get one attempt at each question – you cannot record your answer for a second time.
For this interview, candidates can expect a set of 06 questions – a mix of competency-based and technical questions! You could be asked to provide your view on how to approach a given development topic, for example. Read these testimonials given by actual candidates:
“We were asked to record answers for a set of 6 questions. Half of those were behavioral questions and the rest strategic i.e. providing our view on how to approach a development topic of choice.”
“The video interview asked only very plain six traditional questions (for example, something like ‘why IFC, why me’ or ‘tell me about your teamwork experience’).”
OpenIGO offers a recorded interview preparation service to help you succeed at your WBG YPP Hirevue Interview! Whether you applied for the World Bank, IFC, or MIGA track, we can help you get ready so as to maximize your chances of being selected:
3. IFC YPP Cognitive Assessment (sample questions)
Right after the interview, you should click the link enclosed in the e-mail to access the cognitive assessment which consists of four cognitive ability games. In this type of tests, candidates are usually given a rule or principle to apply to examples, and must then reach a specific conclusion using deductive reasoning (numeric, pattern identification…). General logical reasoning questions may also be included. The following statement was given by a real candidate applying for the IFC track.
“As for the assessment, it was a set of games (numeric, pattern identification, and more). Those were fun to play, although some required quicker attention than I thought initially.”
See the following samples of the IFC cognitive questions:
- Numeric problems:
a) 15 cups cost $720. How much would 3 cups cost?
b) Complete the following sequence: 1 | 3 | 12 | 60 |?
c) Which of the following has the lowest value? 0.15, 1/5, 15/10, 10/15:
d) In the past two years, Nina’s salary grew by 25% each year. Two years ago, her salary was $80,000 per year. What will be Nina’s annual salary this year?
$115K | $120K | $125K | $130K /
Answer: (80*1.25) *1.25 = 125
- Verbal Reasoning (Example):
“Not all conference participants are doctors. All conference participants who are doctors are experts. Some doctors who participate at the conference are not certified.”
Conclusion: Some certified people at the conference are experts. (Correct)
OpenIGO has developed a series of products to help you land the job of your dreams as a Young Professional! If you want the best cost-benefit regarding your preparation, we also offer a myriad of affordable combinations of our products and services through our special packages.
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