I’m speaking from ~10 years of experience running my team’s recruiting in a quant finance firm, where many interview requirements / tests / etc., came down from executive managers, so I got to see a wide range of performance on tests of all sorts, riddles, hardcore algo trivia, etc.
The sum total of all that leads me to believe quite strongly that the best signal to noise comes from super careful and tedious resume selection followed by conversational and behavioral interviews that recursively probe into more specific technical details.