Summer analyst

Three-stage interview process. First interview was on the phone with an analyst. It was mostly technical, including questions like Walk me through a DCF?, Which multiples we use to value a company?, etc. Some motivational, like Why IB? Why Morgan Stanley?.
Very nice and professional approach, enjoyed the whole interview.
Second round is in their office and consists of three interviews 1-on-1. First one was with a VP, focusing on general markets knowledge and motivational stuff. Second and third were with Associates and were mostly technical. One had a handout with Balance Sheet, Income Statement and CF statement of a company and asked me to comment on the company. Not too difficult, all about accounting and valuation methods, DCF, comps and LBO.