Friday, July 12, 2013

The new Wall Street Admissions Test (WSAT)

This is not an endorsement - I'm posting this because I've been receiving inquires about the new Wall Street Admissions Test (WSAT). As I learn more, I'll pass it along. The following was pulled from various online sources.

The Wall Street Admissions Test is your chance to stand out from the pack of finance job seekers. The test is free and it can be taken online.

Many of the most competitive employers will require you to take the test, but taking it also shows initiative to employers for whom it is optional. The WSAT is your chance to show employers your skills and earn an interview.

For every job opening on Wall Street, there can be hundreds of highly qualified candidates vying for the position. Most of the jobs you will apply for will receive thousands of applications from other candidates whose qualifications are very similar to yours. The WSAT lets you stand out to employers. 

Just last year, Goldman Sachs CEO Lloyd Blankfein said that more than 300,000 people applied for available full-time positions at the firm in 2010 and 2011. The bank hired fewer than four percent of those applicants.

The CEO of job search site Monster, Salvatore Iannuzzi, said the average company with 100,000 employees receives about three million applications each year.

On Wall Street especially there are tons of highly qualified candidates with degrees from top schools and stellar GPAs competing for a limited number of openings.

And as Wall Street has contracted due to layoffs, there are more and more qualified people looking for those available jobs. 

So how do you stand out and how does an employer sift through all the job seekers for the perfect candidate? 

That's exactly the problem former investment bankers/ hedge funders Adam Goldstein, 33, and Brett Adcock, 27, are aiming to solve with a new product called Street of Walls— a web site that tests and screens job seekers based on finance industry specific skills employers are looking for. With this service it doesn't matter where you went to school if you can prove your abilities.