I applied online through my school career website then totally forgot about it until I got an email asking to schedule a phone interview. My interviewer was a 2nd year associate working for the department I had applied to work in, and was very pleasant and knowledgeable. There were some problems with connection though, and I had to ask her to repeat herself several times. She knew in great detail what I had written in my cover letter, and that turned out to be a problem, because I had padded my interest in the field like crazy. The questions were standard: leadership experience, what I know about the company, what I'd want to do as an intern, etc. She also started with an overall description of the interview, which made me think they may have gotten several applications from college students who're simply poking around everywhere. After the personal behavioral questions, she asked me some very standard industry questions, such as definition of a duration, which bond I would choose in what situations, the current FED policy, and what bonds are interesting me right now. I totally bombed this section, and I would be very surprised if I get called back for a second round interview. The interview was fun overall, and anyone should be fine as long as they touch up on basic industry facts and terms.