A large financial services company, serving retail and institutional clients through a national network of financial professionals, needed a solution: Exorbitant licensing and training costs were taking a toll on its bottom line.
This company, which offers its clients retirement services, annuities, life insurance, employee benefits, mutual funds, financial planning, and reinsurance, turned LIMRA's Performance Skills Index to help boost its licensing pass rate.
Providing an overall evaluation of learning ability, this test helped them quickly screen out candidates who were not likely to pass required insurance and FINRA licensing exams — and focus on those with the greatest potential.
Adding the test to their selection process proved to not only increase candidates' exam success rates, but also resulted in:
- Lower staffing costs
- Better-quality hires/reduced turnover
- An enhanced training experience for new hires
- Improved staff forecasting
Licensing Exam Pass Rates*
| Performance Skills Index Rating | Percent Passed FINRA Series 6 Exam |
|---|---|
| High | 87% |
| Moderate | 57% |
| Low | 0 |
* From a company-specific study of 191 candidates who took both the Performance Skills Index and the FINRA Series 6 exam