University of Minnesota
Office of Human Resources

Financial Competency Assessment Guidelines

When courses relate to high-risk financial activities, assessments must be passed to gain financial system access.

Assessments are written to follow along with course content and to assess that knowledge and understanding was obtained, along with an ability to research policies, discern appropriate use of ChartFields, and accurately prepare or approve financial activities within the financial system.

Participants are encouraged to review the ULearn Assessment Guidelines job aid (pdf) before taking an online or instructor-led course. This job aid is a reference for preparing and taking assessments, and includes next steps after completing assessments.

Everyone has three attempts to pass an assessment. There are no repercussions for failing the first attempt. After a second failed attempt, we suggest employees work with their supervisor to prepare a strategy for passing the third time. This strategy could include revisiting course materials, attending a lab, or retaking the course.

After a third failed attempt, there is a six-month waiting period before an assessment can be retaken. During this time, an employee’s supervisor will determine a course of action for mentoring, coaching, or restructuring the employee’s work duties and responsibilities. Once the six-month waiting period is up, an employee must complete the course content again before assessment access is granted.

Please refer to the participant and supervisor toolkits on the main Financial Competencies and Assessments page for additional resources. If you have questions, email