I received a phone call within two days of applying from the Hiring Manager. I had no forewarning of this and he introduced himself and launched into a series of technical questions about the role. This was then followed by further questions such as "why did you choose MS" and what are your strengths. Whilst all these questions would have been perfectly reasonable in an interview, I was caught off guard as I was not expecting an impromptu phone interview. Therefore MS did not see me at my best and I feel that on this basis they rejected me. I think in future they should forewarn candidates so that they can have a chance to prepare first.

Two rounds of interview back to back. Basic conceptual questions were asked about fixed income securities and derivatives. Asked general questions. Asked about previous work experience. Overall good process of interview.