Investment Banking Online Tests: How to Pass Numerical, SHL and Game-Based Assessments

You polished your CV, wrote a cover letter you're proud of, and hit "submit." A day later, an email lands: "Please complete the following online assessment within 5 days."

This is where a lot of strong candidates quietly get cut. Online tests are often the first real filter in investment banking recruiting, and they reward preparation more than raw intelligence. Here's what you'll face, how each test works, and exactly how to get ready.

Why Banks Use Online Tests

Banks get far more applications than they can interview. Online tests let them screen thousands of candidates cheaply and consistently before a human ever reads your CV in depth.

At some banks, your test result decides whether your application moves forward at all. So treat it like a first-round interview, not an admin step.

You'll usually see one or more of these:

• Numerical reasoning tests (data, charts, percentages)
• Verbal and logical reasoning tests (often from providers like SHL)
• Game-based assessments (short games that measure behavior and cognitive traits)

Formats change from year to year and bank to bank, so always read the invite email carefully. It usually tells you the provider and the test type.

Numerical Reasoning Tests

What They Look Like

You get a table or chart (think revenue by region, exchange rates, headcount by year) followed by multiple-choice questions. The math itself is basic. The challenge is speed and accuracy under a tight clock.

You'll mostly use:

• Percentage change
• Ratios and proportions
• Currency conversions
• Averages and weighted averages

A calculator is usually allowed, but check the instructions. Some tests block other apps or expect you to use the on-screen one.

Worked Example 1: Percentage Change

A company's revenue was £240m in 2022 and £276m in 2023. What was the growth rate?

• Change: 276 − 240 = 36
• Growth: 36 ÷ 240 = 0.15, or 15%

The classic trap: dividing by the new number (36 ÷ 276 ≈ 13%). Always divide by the starting value.

Worked Example 2: Currency Conversion

A European subsidiary reports €450m in sales. The exchange rate is 1 EUR = 1.15 USD. What are sales in dollars?

• 450 × 1.15 = $517.5m

Now flip it. If the table gave you 1 USD = 0.87 EUR, you'd divide instead: 450 ÷ 0.87 ≈ $517.2m. The answer options are often built around people who multiply when they should divide, so pause for one second and check the direction of the rate.

Worked Example 3: Ratios

A team has 12 analysts and 4 associates. If the bank keeps the same ratio and grows the team to 8 associates, how many analysts will there be?

• Current ratio: 12 : 4 = 3 : 1
• New analysts: 8 × 3 = 24

Simple, but under time pressure people misread "associates" as "analysts" in the question. Read the final line twice.

Tips That Actually Move Your Score

• Read the question before the chart. Know what you're hunting for so you don't waste time absorbing irrelevant data.
• Watch the units. Thousands vs. millions, percentages vs. percentage points. These are favorite traps.
• Estimate first. If you expect "around 15%," you'll instantly spot that 1.5% or 150% is wrong.
• Don't get stuck. If a question eats your time, make your best guess and move on (unless the instructions say wrong answers are penalized).
• Have scratch paper ready. Writing down intermediate numbers prevents silly errors.

SHL Tests: What to Expect

SHL is one of the biggest names in online assessments, and its tests show up across banking and other professional services. If your invite mentions SHL, you could be facing several test types.

Numerical Reasoning

Same idea as above: data tables and charts with multiple-choice answers. Some SHL tests adjust difficulty based on how you're doing, so the questions may feel harder as you go. That's often a good sign, not a bad one.

Verbal Reasoning

You read a short passage and judge a statement as:

• True: it follows directly from the passage
• False: the passage contradicts it
• Cannot Say: the passage doesn't give enough information

The golden rule: use only what's in the passage. Your outside knowledge doesn't count.

Example: The passage says, "The firm's Asia revenue grew in each of the last three years." The statement: "The firm's Asia division is profitable."

The answer is Cannot Say. Revenue growth tells you nothing about profit. Most mistakes on these tests come from making small, "reasonable" assumptions the passage never supports.

Inductive (Logical) Reasoning

You see a sequence of shapes or patterns and pick what comes next. Look for one change at a time:

• Rotation (clockwise or counterclockwise)
• Movement of an element across positions
• Shapes being added or removed
• Color or shading alternating

If you're stuck, list every element in the pattern and track each one separately. Usually two or three simple rules are happening at once.

Game-Based Assessments

These feel the least like a test, which is exactly why candidates underestimate them. Providers such as Pymetrics (now part of Harver) and Arctic Shores build short games that measure traits like attention, memory, risk-taking and how you learn from feedback.

Common Game Types

You might see things like:

• Balloon pumping games: you earn money for each pump, but the balloon can pop and wipe out that round's earnings. This looks at your approach to risk.
• Memory games: remember growing sequences of digits or shapes.
• Reaction and attention games: respond to arrows, colors or shapes quickly while ignoring distractions.
• Trust or fairness games: decide how to split money with another player.
• Planning puzzles: move pieces into a target arrangement in as few moves as possible.

How to Approach Them

Here's the honest truth: for many of these games, there isn't one "correct" style. Your results are typically compared against a profile built for the role, and both cautious and bold styles can fit.

So instead of trying to game it:

• Play naturally and stay consistent. Wildly changing your strategy mid-game can look erratic.
• Read every instruction screen. Some games change rules between rounds.
• Learn from feedback. In games where you discover patterns (like which balloons pop early), adjusting based on what you see is part of what's measured.
• Be fully alert. Reaction and memory games punish tiredness more than anything else.

You can try practice versions to get familiar with the format, which helps a lot with nerves. Just don't expect to "crack" them the way you can drill numerical questions.

A Simple One-Week Prep Plan

If you've got an application coming up, here's a realistic plan:

• Days 1 to 2: Refresh the math. Percentages, ratios, conversions. Do 20 to 30 timed questions a day.
• Day 3: Verbal reasoning. Practice True / False / Cannot Say until "Cannot Say" becomes your instinct whenever info is missing.
• Day 4: Inductive reasoning. Work through pattern puzzles and name the rules out loud.
• Day 5: Try practice versions of game-based assessments to learn the formats.
• Day 6: Full timed mock tests in exam conditions. No phone, no breaks.
• Day 7: Review mistakes, then rest. Take the real test when you're sharp.

Mistakes That Sink Good Candidates

• Taking the test on the last day. Tech issues happen. Give yourself a buffer.
• Testing in a noisy place or on a dodgy Wi-Fi connection.
• Doing the first bank's test cold. Practice on mocks, not on your dream firm.
• Getting help from a friend. Besides being dishonest, many banks retest or verify skills later in the process, and a mismatch is very hard to explain.
• Skipping the instructions. Penalties for wrong answers, calculator rules and time limits all vary.

The Bottom Line

Online tests aren't about being a math genius. They're about staying calm, reading carefully and working fast without careless errors, and all three improve dramatically with practice.

Put in a focused week, show up rested, and you'll turn this filter into the easiest step of your application. Then the real fun starts: the interviews.