I first filled out the online application which is quite extensive. In addition to basic interview stuff, they ask candidates to write brief responses to four or five essay-type questions. The questions themselves were basically behavioral interview questions. Hard part was saying everything you wanted to say to each question in 200 words.
Received an invitation a few days later to complete their online assessment tests. These are basically math and verbal tests that are timed. Not too difficult, but it's useful to practice them beforehand. The key part is time.
I passed the online tests and was then invited to a phone interview with an HR representative (not an International Manager or IM). She basically has a very specific list of behavioral and motivation questions she had to ask me (about my experience, resume, why HSBC, describe a time when, etc.). They want very specific examples.
Following the telephone interview I was invited to complete another online test called the Situational Judgement Test. Pretty straightforward and easy. No time limit. Want to see if you fit a specific profile.
A few days later I received word that I had made it through to the final round, which was an Assessment Center in London. They flew me to London and put me up in a hotel (all very professional). Assessment center consisted of a pre-interview(s) dinner and drinks with other candidates and IMs. They said it was not being evaluated.
The Assessment Center itself (which I believe is more of a British thing anyway) was difficult, but also rather stupid in my opinion. It was basically five+ hours of role playing exercises and a one-on-one interview. All the role playing exercises tested was your reading/comprehension speed (given a huge stack of papers, memos, reports, etc.) and ability to do office tasks. It was hard and I never felt I had time to prepare for each exercise, but I also feel the program would have been better served by case interviews, or more traditional final round interviews.
Found out a week later that I didn't receive an offer. Also learned elsewhere that no one at my assessment centre received an offer oddly enough. They provided feedback, but given how esoteric the role playing exercises were, it really wasn't helpful.