The first step is a 10-minute call-interview where they review your CV and ask questions like: Why M&A? Why BNP? How can you leverage your skills at BNP? 2nd step) Technical 1hour interview with two analysts, where they divide it in 2 parts. first 30min accounting questions: walk through the 3 financila statements and how they are linked. what happens if there is a decrease by 10€ in D&A assuming a 40% tax rate. 2nd part: valuation questions: WACC, Equity Value vs Enterprise Value, explain the Valuation Methods (FCFF, DCF, Terminal Value, Leveraged and Unleveraged Beta under the CAPM model).