Graduate - Institutional Banking

1. Online Application:
Typical basic details of why you are applying and why you wish to work at that firm. The psychometric test you do is ridiculously hard, harder than any of the tests I did for IBs or other Australian retail banks by far. Honestly, there's not much you can do at this point in time, you should have acquired work experience prior to applying (looked upon very favorably). The test is hit and miss.
2. Phone interview
A basic phone interview repeating some of the questions. Got asked 'what caused the GFC?' by the HR rep. She didn't have a clue if I was right, just so long as I sounded correct. You pretty much go to the assessment day if you could speak intelligently.
3. Assessment centre
a. Verification test
This only consisted of the math and verbal sections of the online test. Be wary of time.
b. 2 x 30min interview (panel of 2 each)
From what I gather there's some basic questions about your motives and experience but beyond that, rest was just a chat to see if you fit in/got along with the interviewers. Again very dependant on who you draw as an interviewer. Technical questions were basic in the extreme "what is FX?" "how do you value a bond?" etc.
c. Team exercise
You get a case study and as a group, need to decide which of the charity events to sponsor for 'maximum return'. I am hazy on the details but you must realise that all the events have positives and negatives, create a criteria as to what the group would like to achieve in order to benchmark the choices against and voila, done. I did this for all my group tasks (acted the leader) and always got positive feedback.

That's all, successful candidates heard back within 3 days.