Very detailed application process with several questions about the role in place of a cover letter. Follows on with a competency based telephone interview. About 30 minutes long and includes both motivation to join BAML and the division preferences plus the standard competencies. Process is quite fast as I received the call early next day about being accepted onto the Spring Week.
Interview questions [1]
Question 1
Why BAML
Tell me about a time you worked in a team
I applied online. I interviewed at Merrill (London, England) in Jan 2012
Interview
Standard Online Applications with CV and Covering Letter, then was invited to a numerical test which was a standard PSL one. I then was invited to an interview a couple months later which was over the phone. It was a very straightforward process. HR were very diligent and I received an update a few weeks after the process.