Investment Banking Numerical Reasoning Test

An investment banking numerical reasoning test asks you to find the relevant figures in tables or charts, calculate only what the statement requires, and decide whether the evidence supports it. Some employers include numerical reasoning in an online assessment, but the vendor, interface, timing, calculator policy, and answer rules depend on the employer and program. Check the invitation before you practice. Aon's numerical reasoning practice guide shows one common data-sheet and statement format.

TL;DR

• Read the statement before scanning every row or chart.
• Mark the metric, unit, denominator, and period you need.
• Keep percentage points separate from percentage change.
• Estimate the direction first, then calculate and check the evidence boundary.

What is included in the practice warmup?

Start with the local warmup if you want a short arithmetic check before working through the table method. It gives three timed questions: an EBITDA margin, a gross-profit calculation, and an EBIT-to-EBITDA bridge. Each question teaches the shortcut it uses before you answer, then reveals the worked solution. After the three checks, signup continues in Mental Math. This warmup is not an Aon simulator, a full data-table exercise, an AI grade, or a saved provider score.

Quick Math

1. Revenue is $200 million and EBITDA is $30 million. What is the EBITDA margin, in percent?

   Margin = profit ÷ revenue. Anchor on 10% of revenue, then scale.

2. Gross margin is 40% on $150 million of revenue. What is gross profit, in millions?

   40% = 4 × 10%: a tenth of $150M is $15M, times four.

3. EBIT is $25 million and D&A is $10 million. What is EBITDA, in millions?

   EBITDA = EBIT + D&A. Add D&A back before quoting the margin.

What skills does the test assess?

Numerical reasoning combines data extraction with controlled arithmetic. The calculation is often short. The harder part is using the right cell, period, unit, and denominator before the clock moves on.

For broad arithmetic fluency and percentage practice, use the mental math guide. Use this page when you need to combine arithmetic with a structured table. For open-ended probability, estimation, and logic, use the brainteaser guide. For the wider assessment day, use the assessment-centre guide, then use this page for numerical reasoning practice.

How should you solve a data-table question?

Use the same sequence for a table, chart, or group of data sheets:

1. Read the statement first. Identify the requested metric, comparison, period, and qualifier such as only, combined, exactly, or at least.
2. Find the evidence. Locate the relevant row and column. Read the unit in the heading before copying a number.
3. Write the relationship. For a share, use part divided by the named whole. For a margin, use profit divided by revenue. For a percentage change, use the old value as the base.
4. Estimate the direction. Decide whether the result should rise or fall and set a rough range.
5. Calculate and label the result. Keep the period, unit, and denominator beside the answer.
6. Test the statement. Choose the answer supported by the data. In Aon's format, the choices are TRUE, FALSE, and CANNOT SAY. If a required figure or period is absent, the evidence may not establish the statement.

For reference:

$$\text{Percentage change} = \frac{\text{new value} - \text{old value}}{\text{old value}} \times 100\%$$ $$\text{Margin} = \frac{\text{profit}}{\text{revenue}} \times 100\%$$

A percentage-point change compares two percentages directly. A percentage change compares the difference with the old value. A margin moving from 20 percent to 22 percent is a 2 percentage-point increase and a 10 percent relative increase.

Can you test the method on a table?

This is an original fictional Alpha practice table. The figures are in USD millions unless the row says otherwise.

Classify each statement as TRUE, FALSE, or CANNOT SAY. Use only the figures in the table.

1. Alpha's EBITDA margin increased by 2 percentage points from FY2024 to FY2025.
2. Revenue per employee increased by 15 percent from FY2024 to FY2025.
3. Alpha's cash conversion improved in FY2025.

The point is to stop at the evidence boundary. A statement can sound commercially plausible and still be unproven when the required measure is absent.

How should you practice under time pressure?

The Aon practice guide asks you to attempt its practice questions before viewing the answers. Use that answer separation here. The timed attempt below is a suggested practice routine, not a time limit set by Aon's practice PDF:

1. Set the rules. Read the employer invitation for timing, calculator use, navigation, and answer labels. Do not import rules from a different provider.
2. Make one timed attempt. Read the statement, mark the required cell, estimate, calculate, and move when the check is complete. Do not spend the whole block perfecting one hard item.
3. Review after the attempt. Rework every miss without the clock. Record whether the cause was wrong row or period, unit conversion, denominator, arithmetic, statement wording, or time management.
4. Repeat the weak type. If the errors are mostly extraction errors, practice locating rows and periods. If they are mostly arithmetic errors, use the mental math guide for focused fluency work.

Accuracy comes before speed. A faster answer from the wrong period is still wrong. Your review should explain the correction, not only reveal a number. Employers that run numerical tests often pair them with a situational judgement test and a group exercise later in the process, so the practice plan should cover all three.

How do employer formats vary?

Aon publishes one numerical reasoning practice format with data sheets and statement decisions. Oxford Careers Service notes that assessment centres can include psychometric tests and that the format varies by employer, sector, and role. UBS currently lists numerical reasoning among possible online assessments and says the assigned assessments depend on the business area. That is one employer example, not a banking standard.

Use the live invitation for the vendor, duration, calculator policy, navigation, answer labels, and any threshold or retake rule. Do not infer those details from a practice site or from another bank's process. For where this stage sits inside the full funnel, the interview preparation guide maps the sequence.

Frequently Asked Questions

Is Aon's numerical reasoning format the same as every bank's test?

No. Aon's practice guide documents one provider format. Employers can use other vendors or in-house formats with different screens, timing, and answer rules. Prepare the underlying skill, then follow the invitation for the actual test.

What does CANNOT SAY mean?

In a format that uses this label, CANNOT SAY means the supplied evidence does not establish the statement. It is different from FALSE. For example, a table without a cash-flow row cannot establish a claim about cash conversion. Other formats may use different labels, so follow the instructions you receive.

Can I always use a calculator?

No universal rule applies. Check the employer's instructions and practice with the permitted tools. Keep the unit and relationship visible even when a calculator is available.

Should I try to answer every question?

Use the timing and navigation rules in the invitation. Aon says its actual assessment is timed and emphasizes working quickly and accurately, but its practice guide does not set a universal practice duration. Build a clean decision process rather than chasing an unsupported question count.

Sources

• Aon: Prepare for your Online Assessment (checked 5 September 2026)
• Aon: Practice Tasks, Numerical Reasoning (checked 5 September 2026)
• Oxford Careers Service: Assessment Centres (checked 5 September 2026)
• UBS: Graduate Talent Program (checked 5 September 2026)