Two rounds of interviews. First round is HR interview. Ask you about your knowledge in the firm, why you are interested in doing fixed income, your exchange experiences in the US. Very nice HR and a very happy interview. Second round is interview from the risk management team. Questions are more technical, including the bond duration, valuation of MBS securities, programming, etc. After the questions the interviewer talked about the firm and the internship program. It is a well-structured program and I got impressed by the firm. I got the offer after one week and accepted it.