Applied through my university at the suggestion of a friend. I had NO finance experience or knowledge whatsoever, and I was perfectly fine throughout the process. Before I got an offer to interview, I had to take a set of personality tests, including Myers-Briggs. I had a one-on-one interview with someone in management that was mostly about whether or not I could handle the "radically honest" culture. No finance questions (but that may have been because they knew I was a STEM major). I enjoyed talking with the person I met with, and this part of the interview was easy. Next, I had a group interview, with three interviewees and a handful of associates, based around a question each person had brought with them.

First round with HR. Second round is a group discussion. Given a topic, there is no right or wrong. I think they are trying to understand your thinking process and how you deal with problems.