Is this basically a first round interview for SA?

Tough to tell

HR doesn't usually do interviews at these places, so it might just be an opportunity for you to ask questions. I've seen it both ways- they call you and talk about the process or they call you and it is more of an interview. This case sounds like the former- usually you will be told if you are being evaluated. Regardless, be confident and talk clearly/concisely. They might ask you to give a brief background on yourself/why you are interested in the firm.

There is no way that HR is going to be interviewing you. The fact that they want to speak to you is a signal that yes, you will get interviewed (by an actual hiring manager or team member). However, your call with HR is just a discussion about how those interviews will be scheduled and what the process is like (exactly as they said).

ok, thanks guys. Im a noob haha. I havent been through recruiting before, so thanks for your insights. I didnt realize HR doesnt do interviews.

Just be prepared. You never know.

Probably not an interview IMO. But HR will obviously have a point of view so if you perform poorly, it won't be good. That said, just have some good questions to ask and remember this is HR so don't start asking finance questions. Focus on the firm, interview process, anything else they need for you, etc. Check out the WSO networking guide (//www.wallstreetoasis.com/guide-to-finance-interviews) for more info.

not an interview, a very preliminary screen if anything

I would prepare for it as an interview.

The above posters are correct that HR usually don't conduct interviews, but this is not the case for non-targets in my experience. Because they don't have a team of alumni bankers dedicated to your school, the first round will usually be an HR phone screen, followed by a superday with whichever bankers volunteered for the non-target recruiting process.

But from what you've posted I wouldn't expect to get many interview-style questions. It sounds like your alumni contact recommended you to HR and the recruiter just wants to make sure you can hold a conversation and get comfortable putting you in front bankers.

Most likely not an interview. It's usually just a 15-20 minute convo to allow you to have any of your questions answered. As BT said, be prepared so you sound confident.

this happened to me for FT recruiting this year. I go to a non-core school, and an MD forwarded my resume. Wasn't really an interview, but they just asked me what I'm looking for, why I'm interested in their bank, etc. Basic questions, don't expect technicals because it's probably just HR calling. But it's more of a screening technique since you're not from a core school they recruit. Hope this helps.