Not very formal, teams are very small so you need someone that you know and wants you in their team. Do not wait for the so called consideration process, you need to take initiative yourself.

I did the WOW (Women on Wall Street) program and had a great experience and first round. Left a good impression and felt confident about it. Did a super day a couple of weeks later, and got flustered on the technicals. Simple stuff: Basic financial statement questions, key CRE metrics, etc. Did not get an offer.