When applying on their website I recall a standard mathematical aptitude test. Next step was a phone interview with an external recruitment firm. Quite technical to be a phone interview, with the interviewer asking detailed questions on the steps of a DCF valuation and which factors could affect the outcome. The final step was an assesment center at their London office, with approximately 25 applicatants fighting for what I believe were 7 spots. The day started off with a math test, after which we were split into groups of 8. In the group we recieved two separate cases which we were to discuss and present an outcome. The bankers present seemed to have created a pre-concieved picture of the candidates, as the criticism I recieved was that I didn't perform the way they would have wanted me to - not saying that I performed badly. After eating a lunch with a few of the analysts present, half the group was cut, and the other half had 1-1 interviews with MD's.