I applied through university. The process took 1 day. I interviewed at UBS (Madrid) in May 2013
Interview
1 HR background screening, and 1 Interviwe with the business person from FICC of UBS, simple and easy, nice team and no tensions needed. The Fixed Income people are quite happy to take interns with an learning attitude, and it's about the availability but not the smartness that matters actually, because they need some one that could fit their Intern Schedule to leave no gap.
Interview questions [1]
Question 1
Not too much tecnical questions. Just to show the knowledge of basic Fixed Income formulas, like duration, convexity, WACC and a basic knowledge of the major Swap benchmark index and including CDS and Interest Rate Swaps.