ICAP Graduate Scheme: Interview Questions & Application Tips
Updated 13 March 2021
In this article Skip to section
ICAP is a global business and inter-dealer broker with its headquarters in the UK and offices situated around the world.
To be successful in your application to ICAP will take drive, determination and the ability to set yourself apart from the other applicants.
There are several business areas that you can apply to, including accounting, brokering, IT, research and risk. Each application pathway is specifically designed to draw out certain skills that are relevant to the business area, yet the ICAP recruitment process for all business areas is generally the same.
Application Process
The majority of ICAP business areas will follow these steps in the recruitment of staff:
Application Form
The application form is the first step in the process, and you should try to present yourself as effectively and strongly as possible. As well as asking for the usual information about you, your education and work experience, there are also three open questions for you to answer in 250 words each.
These may be related to the business area you are applying to (such as a question asking you to outline the commercial implications for ICAP of the current regulatory environment) or they could be more technical or skills-based questions. 250 words is not a lot, so plan your answer carefully and proofread it thoroughly. Show that you have researched the company, the industry, and the role; be clear, concise and make sure that you only include the most relevant information.
Telephone Interview
After you have submitted your application, a telephone interview will be organised with the recruitment team. This is an essential component of the recruitment process and it lasts for 20 minutes. During this time you will be asked a series of questions to identify your reasons for wanting to join ICAP, your motivations for applying, your interest in the role and whether you have an adequate skill set to carry out the work.
Before the interview, you should read through the job description again for the post that you are applying for and check your application. Think about any specific examples that you could provide from your career history to back up the competency requirements. Also think what other skills you could offer that are not mentioned on the job description. Making a good first impression is really important, so it is worth spending some time structuring your answer to potential questions.
The technical questions during the interview process will vary, but those which have been asked in previous interviews include:
- What value would 1/8 be in a decimal?
- What is the current FTSE 100 value?
- Can you provide the current prices of gold, oil or copper?
These are just a few of the many questions that you may be asked, so you should ensure that you research the company and the wider markets in detail.
Assessment Day
If you make a good impression during the telephone interview, you will be invited to the assessment centre. Each of the assessment days is tailored to the specific job, programme or business area that you have applied to, so they may differ slightly. Throughout the day you will be asked to participate in a number of activities including a group exercise, numerical reasoning tests (including a trading simulation) and an interview.
Group Exercise
Candidates will be split into two groups and allocated a period of 10 minutes to complete a short task. In the past this has involved the organisation of a group presentation in order to encourage a new customer to invest in a commodity such as oil, or a valuable metal such as gold. During the 10 minutes you have to work as part of a group to prepare a presentation, after which you will have to deliver the final presentation to the investment team.
Throughout the discussion phase, each applicant is observed to see how well they collaborate and contribute to the task. The recruitment team will also review how well your personality fits in with the business, and your ability to communicate effectively with fellow group members.
Numerical Reasoning Test
The group exercise is followed by two numerical reasoning tests provided by SHL. The first test may take a different form to many of the other reasoning tests you may have completed previously, as the ICAP test is usually done using pen and paper rather than online.
The test will be used to assess your ability to carry out the kind of calculations that you will encounter in your day-to-day work. Numerical reasoning tests have to be approached logically, so that you can progress through each of the 20 questions very quickly. In order to complete the test on time, you should spend no longer than a minute on each question.
The second numerical test is the ICAP trading simulation. Applicants are provided with a mock news programme with scrolling exchange rates, stock prices, the FTSE 100 index and other pieces of information. It is then your responsibility to answer a total of 18 questions, with 40 seconds allocated to each, all of which are based on the data that you have been given. The assessment is fast-paced, challenging and designed to test candidates under pressure.
First Interview
The final stage in the ICAP assessment process is the completion of two interviews. The first is with the recruitment team and the second is with a manager from the company. The first interview will aim to find out more about you, your personality and motivations, as well as explore your communication skills and relationship building. The questions that you will be asked during the first interview will focus on your reasons for joining ICAP, and specifically your interest in the department as well as technical and competency based questions.
Previous ICAP interview questions have included:
- When was the first time that you tried to make money?
- Do you know the share price of ICAP, and what was its price 6 months ago?
- Tell us an occasion when you have had to use your persuasion skills.
Second Interview
The final interview is held with a manager from the department you have applied to, and this is your opportunity to make a lasting impression. You need to provide a compelling case as to why you are suitable and why you would like to work for the company. This interview is a consolidation activity, where you collate all of the information that you have obtained so far into a strong and persuasive series of responses.
In your research of the company, use as much material as you can find, including recruitment brochures, the internet, the company website, social media and press releases. Also explore the market in detail, and learn about the latest financial announcements which may have affected the business. Think about your answers carefully and try not to give the same or similar answers for each question. Develop unique answers and relate them to your knowledge of the industry, the market and of course, your skills and areas of expertise.
Securing employment with ICAP is possible so long as you carry out your research, practice for the reasoning tests and prepare yourself to answer a whole range of common and technical interview questions during the interviews.
