Most of recruiting discussion here are for SA/ANL, and I realized MBA level recruiting is very different after went through the entire process. So I want to give back to the community and write a short guide about it.
Since all these are pretty transparent and will be provided to you in your first month of MBA life, it is just for those who haven't enrolled/admitted and want to get some ideas beforehand.
Please keep in mind that every school is different. This guide only applies to CBS (probably also Stern/Wharton and other east coast schools) but I would imagine all top schools have the similar process.
Last, forgive my grammar/spelling and feel free to correct me.
I would break recruiting process to four parts: public events, informationals, invite-only events and interview.
Public Events:
The first public event is company presentation, which includes presentation and networking time. If you don't attend this event, it is very unlikely you would be able to recruit for that bank. During the networking session, you will walk around, join some "banker circle" and try to show passion and interest although what you really care is free food and drink. It is NOT the time to impress people but make sure you know your 15 seconds why banking pitch. It is also ok to ask stupid questions that appropriate for an MBA level candidate. Most bankers there will be alumni so talk about school life is usually a safe choice.
After the first event, there are usually other public events - the day on the job (nicest food and drink), happy hour (not so nice) and case study (boring). Most of those events are mandatory and follow by networking session (aka banker circle).
Informational:
This is the Most notorious part of the recruiting. After the first public event, the structural informational interview starts. Usually, someone from recruiting team will arrange your first informational (guaranteed) and you will get referred to another banker after the first one (unless you screw up). Some banks stop at one or two informationals and other could ask you to visit their office every week. Depends on how many banks you are recruiting, you can expect 10 - 50 informationals during two months (Oct and Nov). The record I know is 70ish.
Informational is usually with alumni and lasts 30 minutes. It is more like a chat instead of interview since no technical will be asked (some technical group like FIG may be the exception). Now it is time to impress but also could get backfired since different bankers like different styles.
Whether you perform well or not at informational will directly lead to rej or private event/interview invitation.
Private Event:
Private events start in Nov/Dec. Only "chosen one" could attend those upscale dinner or fancy drink events. If you don't get invited, most likely you will not get interview invite, but there are exceptions. However, private event invitation doesn't guarantee interview especially if people get too relax and screw up.
Interview:
After a whole semester wasted on recruiting events, you finally reach the interview stage in early Jan. The entire interview process will finish within one week (start on Monday and get the offer on Friday 5pm). The first round consists one 30 minutes interview (usually on campus), and you will know the result the same night or second day. Second round/super day could be three to five 30 minutes back to back interviews.
Although people spend most time preparing for technical questions, 80% of interview questions are fit questions. If you did it correctly, you would expect to know many interviewers already. So whether they like you or not before interview also matter (at least from my experience). Some banks will ask you if they are your top choice during second round interview and that's the most difficult question I believe.
On Friday 5pm, people will get the phone call from recruiting team about the offer. If you told the bank that they are your first choice, you are expected to accept on the phone. You may also be put on waiting list and get offer the following week.
