When we started developing our financial modeling testing platform, we thought the most likely customers would be companies looking to assess new hire candidates and using our subset analysis to potentially help with placement decisions. We quickly learned that many companies wanted to use the testing service to assess existing employees and then offer Enstruct’s training courses depending on results.
Thinking about this more, it really shouldn’t have come as a surprise. How many times have you been in a work training and thought to yourself: “This is a massive waste of time as I will never use what the instructor is saying in my day-to-day job!” or “This is so easy, I know all of this!”.
While Enstruct already attempts to get around some of these problems by offering exercises in trainings that are tiered based on skill level, the testing analysis allows for a much deeper level of customization. Employees can be split off into trainings that have difficulty levels tailored to score results. Category scores (e.g. equity, DCF, fixed income, etc.) can help direct employees to module trainings on corporate or structured finance modeling training. Testing first allows employees to only take trainings that matter to them. This saves a company down time and actual expense for employees that would be in irrelevant courses. These savings multiplied over even just a few employees greatly outweighs the additional cost of incorporating testing first.
It seems much more obvious now to us that pairing testing and training is more popular than each one on its own. But, c’est la vie, that is the luxury of hindsight.