The first round of the interview process was conducted by way of phone and they asked basic questions about why you want to do investment banking, what classes you have taken, and what your background is. All of them were the normal, fit or behavioral type of questions one would expect in an interview. I might also have been asked to go over my resume, but nothing stressful. I was then invited to participate in a Super Saturday event in their Little Rock office (hq) where there were 42 candidates if I remember correctly. The first night everyone got in, there was a dinner reception where all kinds of people from 2nd year analysts all the way up to the heads of investment banking were in attendance to judge your fit within the company. The next day there were about 5 rounds of interviews per applicant where the interviewers also asked all about your resume, motivation for doing investment banking specifically, etc etc. I heard some people were asked basic DCF questions but the hardest thing I got was how I would evaluate a company that Stephens was considering investing in. From what I understand, they are looking for demonstrably intelligent people who would fit in with the firm culture.