Bloomberg is in the business of recruiting employees for other companies.
More than 650 employers across the globe are accessing Bloomberg’s database of prequalified students seeking entry-level employment in the financial services industry, thanks to the company’s educational division, Bloomberg Institute. Yes, major financial firms will continue to sift through unsolicited résumés and march off to ivy-league job fairs, but the Institute has become an integral part of these firms’ recruiting process.
In just four years, the Institute, under the leadership of Rob Langrick, has grown from an idea to a 27-person team whose mission is to revolutionize the finance recruiting process while branding Bloomberg on college campuses worldwide. As an added benefit, the efforts can lead to terminal sales leads.
To accomplish their objectives, the Institute created the Bloomberg Aptitude Test (BAT: www.takethebat.com), a two-hour exam that assesses a student’s aptitude to work in financial services on a global, comparative level. The test measures knowledge in eight areas: math, analytical reasoning, charts analysis, news analysis, economics, global markets, analysis of financial statements, and investment banking.
“The BAT is the GMAT for finance,” says Langrick, referring to the entrance exam students take to get into graduate business school. “We found and filled white space in the marketplace that serves the industry and students alike.”
The Institute analyzes BAT scores and compares them with students in 60 countries. Online, employers can search for candidates by skillsets and then request a test taker’s resume from Bloomberg’s database.
To date, more than 150,000 students at 3,500-plus universities have taken the BAT. This incredible reach is, in part, thanks to another Bloomberg Institute brainchild — the Campus Ambassador Program — which currently has more than 600 students promoting the test on their campuses. In addition to the brand awareness that goes with exposing students to Bloomberg’s products and people, the Ambassador Program also teaches students how to use the terminal on their campus. If there isn’t a terminal, it’s time to call in the Sales team.
“The exposure gained from working closely with students and universities has increased interest in Bloomberg, and it gives us access to future terminal users,” says Tehani Perera, head of the Institute’s APAC efforts. Sales reps in New York, Toronto, New Delhi, Singapore, Sydney, Manila, London, and Tokyo also help out. “Training college students — the next generation of financial professionals — helps us sell terminals down the line.”
Student networking events are also being held at Bloomberg offices, such as a recent gathering in London where UK BAT Campus Ambassadors met and mingled with students from Cambridge, Oxford, the London School of Economics, and other colleges.
Samir is just one of many of the Institute’s success stories.
“Most elite financial firms don’t recruit from schools like mine, since the hit rate on candidates wouldn’t be high enough,” Samir explains in a video posted to the Institute’s website. For financial reasons, Samir had enrolled in a state school. After achieving the highest BAT score worldwide in June 2013, he suddenly had 13 recruiters vying for his talents. In the end, he chose to work at a hedge fund in Dallas, Texas.
“My life changed after I took the BAT,” he says. “It might be the best two hours I ever spent.”
Bloomberg Institute helping our clients recruit the best talent — now that’s smart.
Contributed by On Bloomberg, Bloomberg LP’s internal newswire.