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Financial Personality

Financial aptitude measures by a personality test

The first thing I noticed was that the international test publisher Hogrefe Group describing the role that personality plays in trading (on the financial stock markets).

The Bloomberg Financial Test  made me interested because it is a measure of “financial aptitude” – not a personality test.

Also, Barclays are doing some interesting personality research in this area. Primarily, individual financial preferences for investing. This personality research is very innovative. I predict that other financial institutions may offer similar personality-based profiling for their investors.

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Pandemic impact on personal finances

The coronavirus outbreak has sent a shockwave through the finances of millions of people in the UK.

The effect has not been universal, nor has it been equal. Your age, your job, where you live, and the pre-virus state of your finances will all make a difference to how well you can cope.

For a start, there has been the effect on income. For those who work, the amount of money coming in depends mostly on their wages.

More than nine million people have been off work but paid by the state to stay in their jobs – in other words, placed on furlough.

The government, to date, has paid 80% of someone’s wages. Not every employer can afford to top this up.

That has meant a 20% pay cut for millions of people. Some may have had bigger cuts, as the scheme pays only the first £2,500 of the monthly wage.

Personality test research

Across variables, BIg Five personality test researchers have found strong evidence to support the view that conscientiousness is highly predictive of job performance.

The researchers identified some interesting caveats and boundary conditions. Conscientiousness is a weaker predictor of job performance in “high-complexity” occupations). Conscientious people excel in customer service jobs. And other low to medium complexity occupations.

Furthermore, the researchers found that individuals high in conscientiousness do better in Health Care than, say, Law Enforcement.

The graph below reveals the job sectors in which conscientious individuals are most likely to excel, with Health Care leading the pack.

Big Five personality research

Conscientiousness and job performance
“Summary of meta-analyses of conscientiousness and occupational performance […]. Diamonds … [+]WILMOT & ONES (2019)

The researchers suggest that organizations should do more to harness conscientious workers’ aptitudes and motivations. Conscientious individuals are motivated by status, acceptance, and predictability.

Few individual differences variables have occupational effects as potent and pervasive as conscientiousness. The researchers recommend that ‘…every individual, organizational, and societal decision maker to better understand, develop, and apply the valuable human capital resource that is conscientiousness.

Psychometric fingerprint

There’s valuable information and insights that can be gleaned from ‘how’ a candidate plays a game or completes an assessment, such as their response time or the choices they make. In the past, assessing candidates was the equivalent of measuring footballers simply by the number of goals they score. Now, so much more information can be generated. For example, a footballer’s ‘heat map’ can show their movement on the pitch, whether they make productive runs, whether they track-back etc. A similar level of analysis is now possible in assessment.Personality Test TipsThe vast number of data points that are now included in traditional, gamified and game-based assessments gives you more information to interpret, so you can make more accurate decisions about your candidates. Also, because the way each of us processes information and responds when we’re assessed is unique, it’s now possible to create a ‘psychometric fingerprint’ for each candidate. Knowing not only what score a candidate achieved but how they went about it can help you to prevent cheating and spot potential

We led a UK-wide project managing over twenty occupational psychologists including leading global psychometricians. Over a fourteen-month period this project encompassed the following: situational judgement tests (SJT) design, realistic job preview design, ability test design (numerical reasoning, verbal reasoning, problem-solving ability test design, spatial reasoning test design) and personality questionnaire design.

Personality Test Trait Research

Personality tests measure personality traits. There are particular personality traits which employers look for. It therefore makes sense that our My Strengths practice personality test questions available for free. These focus on those personality traits most measured by employers.

Big Five Personality Test Research 2018

Firstly, Bartram’s increasing validity with forced-choice criterion measurement formats.

Secondly, Block’s Q-sort method in personality assessment.

Third is Clemans’ analytical and empirical examination of some properties of ipsative personality measures.

Fourth is Goldberg’s development of markers for the Big-Five personality factor structure. 

Fifth is Kaemmer’s Minnesota Multiphasic Personality Inventory Manual for administration and scoring. 

Sixth is Markon’s Role of the DSM-6 personality trait model.

Next is Naumann’s Resilient Big Five have emerged as the paradigm for personality trait psychology.

After which is O’Connor’s Quantitative review of the comprehensiveness of the five-factor model in relation to popular personality.

Penultimately, Roberts’ development of a forced choice measure of typical-performance emotional intelligence.

Last but not least, Salgado’s predicting job performance using FFM and non-FFM personality measures. 

10 personality tips to help your Study Skills

  1. Find your best time to study. 
  2. Keep to a routine. Work in the same place at the same time each day. Also, make sure you have everything you need before you start.
  3. Work to your strengths. Schedule challenging tasks for when you are most alert. Routine ones for when you’re tired.
  4. Don’t waste time. Skim and scan before reading something in-depth.
  5. Avoid distractions. Switch emails and social media off to prevent your mind wandering !
  6. Regularly review your notes. Edit out what you don’t need. Ask yourself, how does it relate to what I already know.
  7. Vary how you to take notes – For example, use Mind Maps and diagrams to generate ideas.
  8. Be critical. Maintain a critical and analytical approach at all times!
  9. Plan your work. So, produce a detailed plan first.
  10. Understand different styles.

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