I had two telephone calls. The first was competency based with someone from HR, and the second was more technical and based on a case study with an Analyst. In both the interviewers were really friendly and helped to build on your answers if you were missing anything.
I applied online. The process took 2+ months. I interviewed at Morgan Stanley (London, England)
Interview
Online test + 2 round phone interviews. The first round was with only one representative, the second one was with 2 people from 2 different business lines. Applied in late September, interviewed between December and January.
Interview questions [1]
Question 1
Competency based questions, tell me about one time when you failed.