I applied online, just submitted my CV (could submit a CL too but not required). I passed the first screening and had de video interview. 10 questions, all motivational based (why S&P, what do you know about S&P, why this program, why credit rating, what are the competencies you think are required for such a job and demonstrate that you have them through past experience). They selected me for the second interview, it was a telephone interview, two analysts called me, each call lasted 30 minutes. Questions were technical and motivational (questions below). I wasn't selected to continue to application process after this interview.

After a brief HireVue interview round there were two subsequent telephone interviews in the second round. The questions were pretty standard and the interviewers were very nice and polite. In general they took into account my non-business academic background. I was only asked a single Accounting question which I could not answer.