How Finance IQ works

Questions are multiple choice, with four options and one correct answer. They use GBP, UK terminology and FRS 102 or IFRS where relevant, and any rate you need is given in the question. Each question has a level from 1 (foundation) to 5 (expert), and belongs to one of six areas:

• Month-end close

  Covers

  Accruals, prepayments, journals, reconciliations, trial balance

• Financial reporting

  Covers

  FRS 102, IFRS basics, year-end, deferred tax, group accounts

• Management accounting

  Covers

  Costing, CVP, variances, budgeting, relevant costs

• FP&A and modelling

  Covers

  Forecasting, drivers, scenarios, KPIs

• Cash and working capital

  Covers

  Cash flow, working capital days, covenants, funding

• Controls and audit

  Covers

  Segregation of duties, assertions, materiality, fraud risk

• You start at level 2.
• After a correct answer, the next question is one level harder. After a wrong answer, it is one level easier. It never goes below level 1 or above level 5.
• The next question comes from the area you have been asked least so far, so you see two or three questions in each area. No question is repeated, and the order of the options is shuffled.
• Each question has a 90-second timer. If the time runs out, it counts as a wrong answer. You can take the quiz without a timer instead: the scoring is exactly the same, and your results are marked “Untimed”.

1. Each answer scores its level plus a half if it was correct, or minus a half if it wasn’t. A correct answer at level 3 scores 3.5; a wrong one scores 2.5.
2. We take the average over all 15 answers, and the average over the last 7. The last 7 count twice as much, because by then the quiz has settled near your level.
3. That gives an ability measure between 0.5 and 5.5.
4. The ability measure is scaled to a Finance IQ score from 70 to 150.

The role level is the UK finance role, from Accounts Assistant to Head of Finance, whose knowledge your answers match. It isn’t a job recommendation.

• Each area’s percentage gives more weight to harder questions: it is the total level of the questions you answered correctly, out of the total level of all the questions you were asked in that area.
• Areas below 60% are shown as areas to improve (up to 3, lowest first), each with a practical tip. If none are below 60%, your lowest area is shown instead.
• Areas at 70% or above count as strengths (up to 2).
• With only two or three questions per area, treat these as a guide.