Investment Banking Summer Analyst

The first stage involved submitting a resume / cover letter / transcripts to the on-campus job posting, as well as filling out an application for the position on the J.P. Morgan careers site.
The 2nd stage involved a first round phone interview, which was a mix of basic technicals on valuation (DCF / Comps / Precedents) some fit questions (greatest failure) and then some questions about the markets (Tell me about a deal, talk about a major trend going on in the world).
The 3rd stage was two back-to-back phone interviews, the first one being predominantly technical with more in-depth valuation questions centered around comps / DCF. The 2nd interview was fit and resume focused, with questions about my motivations, strengths / weaknesses and experiences on my resume.
The above two interview stages all took place within 2 weeks of completing the resume drop.
The final stage was a superday in NY at the firms head office, which took place about 1.5 months after the completion of the 3rd stage. This consisted of 3 half-hour interviews with an associate, ED, and MD. The interview with the associate was primarily technical, focused on DCF / LBO (how does tax affect WACC, main drivers of LBO, etc.) The ED had some market based questions, asking about deals, trends in the industry, and then some behavioural questions about teamwork / leadership experience. The MD asked for a stock pitch with some follow up questions on the pitch, as well as some fit questions (greatest failure / leadership experiences)
Overall, the process was very drawn out which wasn't that great but the people were very friendly and there seemed to be a big focus on collaboration / mentorship at J.P. Morgan.
Please note that the process started in November of 2014 and only finished in January 2015.