First there was a basic quantitative test before the initial interview. Interviewed with the managing director at my school and the interview lasted around 30 minutes. The questions were behavioral and fit questions mostly and he asked about what deals I followed recently from HSBC. Second round interview was the super day at the office in New York, which I was offered a stipend to take a flight or bus for. I had a 2 on 1 interview where they asked basic fit questions and basic questions about the market, IPOs I followed, and where I thought the economy was heading. I thought that they were very stern but also had a relatively relaxed attitude at the same time.