Applied in mid/late October, was invited for a phone interview in November (given about two days notice by email). This was a chat with a VP, if I remember rightly, which began with general motivation questions as to why IB, why M&A specifically, why MS over others. Moved onto asking about what I thought the job entailed/what I would do as an intern and my plans for my own future. Then spent some time talking about technical things, essentially walking through the various parts of a DCF before a bit of questioning on the ways a company could finance their M&A endeavours. Ended with an opportunity for me to ask him some questions. Was invited to their next round, about three weeks later, which was a strange "speed dating" style evening held at a local restaurant, where 5 MS employees of various levels came and sat with a table each of about 4 students and spent 30 minutes at each table. The questions here were mainly questioning motivation for the job/industry, as well as different things accomplished at university and a bit on the general market conditions and economy. This night was very impersonal in my opinion...employees almost immediately took a preference to certain individuals which ended up isolating the rest of us...in addition, this meant that sometimes questions were asked to one person about, for example, the recent oil price drop, to which only they were given the opportunity to provide an answer, which would impress the interviewer. It was quite a surprise event and while I found it a good experience to grow my exposure to different banks' methods, it was quite frankly a disappointment to be their "next round" after an enjoyable first telephone interview.