My university was not on Procter & Gamble's recruitment list, but I had access to a company referral that allowed me the chance to interview. Without that referral, I would not have been considered. There were two phone interviews, and a 2-day visit to their R&D HQ in Cincinnati, OH. The interview questions were standard; one technically oriented (but not a test), and the other more personality/leadership oriented.
Prior to the interview on site there was a cognitive reasoning test (IQ Test), but it didn't appear that much pressure was placed on it. In general, stress level seemed high, but people liked their jobs and had high praise for the company.