How often have you met bank representatives, brokers and insurance agents who do not understand the basics of the products they sell. It just feels irritating that someone selling you a fixed deposit does not know the difference between a quarterly compounding and a half yearly compounding interest and how it will benefit a customer. Either such unqualified agents are not able to sell us anything or worse they end up making us buy the wrong product for our needs.

Recently Aspiring Minds, a large scale assessment organization launched India's first entry level Financial Knowledge assessment test. Based on Aspiring Minds Computer Adaptive Assessment technology the test assesses an individual's understanding of various financial concepts including banking products, taxation, basic accounting, equity and derivatives and basic insurance. The test aimed at fresh graduates and MBAs helps banks and other financial institutions identify the current skill level of prospective hires. According to Varun Aggarwal, Director at Aspiring Minds, "The financial module has already been taken by over 8,000 candidates ready to join our BFSI sector. We provide end to end support to our clients in hiring these individuals."

Aspiring Minds is assisting many large financial institutions in helping locate talented freshers to hire at entry level positions. Aspiring Minds using its detailed assessment in aptitude, language and financial skills helps bank locate talent across the country. With thousands of candidates already assessed it makes it very easy for banks to find the right individuals across the country to hire for various positions.

Let's hope initiatives such as these will help improve the quality of our banking relationship managers and more competent sales executives.