1st round: phone interview with two associates of the fixed income desk for Italy. Pretty straightforward, simple questions about my background: lots of why you like finance, why sales and trading, why morgan stanley. Just be prepared to this kind of questions and you won't have problem. Each interview can last at most half an hour. 2nd round: interview with the head of sales and trading Italy. This was much trickier. My interviewer was always trying to crack my answers even though I never felt truly uncomfortable. Expect difficult question, whose answer is not unique or easy to spot. He asked me how the European Stability Mechanism works (it was breaking news at the time), and what kind of abilities were required in my opinion to be a successful salesperson. It didin't seem to hard until he asked me to provide real life examples as an evidence of me being in possession of those required skills. I had to come up with half-invented stories. My interview lasted 45 minutes, 15 more than expected. In general this means that you're not boring and that some interest arouse in your interviewer. But it wasn't my case!