Investment Banking Analyst

1) Online application and two online tests (i am sure there is a logical reasoning, don't remember what was the second one but i think it was numerical). Logical reasoning is more difficult than at other banks. The tests are all SHL.
2) 1st round. I heard people say that the first round is conducted by HR. I am not sure how correct this is because I had mine with a guy from one of the sectors. Questions: why UBS? what do you think will happen to the M&A market in the future? How to calculate WACC? How to calculate Cost of Equity for a company from Middle East?
3) Assessment Centre: Numerical test (more difficult than online), Individual Case Study (be prepared to have a structured answer! This is the key and it doesnt matter what you say as long as there is logic behind your suggestions, one on one interviews (standard questions: Why UBS? What will happen to the market? What deals did you follow? Accretion / dilution using all stock deal vs. debt vs. cash) and some fit questions ) and a group case study (here make sure you talk a lot but at the same time dont be aggressive. Politely talk a lot - one key element of this).