I applied online. The process took 4 weeks. I interviewed at Morgan Stanley (London, England) in Dec 2014
Interview
There was one 30 min phone interview with an analyst for the very first round, after submitting CV and cover online. I progressed to the final round, where there were 2 x 30 min interviews with analysts. As it was for a spring week programme, it was not technical. It revolved mainly around competency questions, motivation, and view of markets (QE and Grexit).