The first round was a phone interview with a VP who's an alum from my school. It was standard, with questions like walk me through your resume, why banking, why Jefferies. The technical questions were pretty easy. I left a highly positive impression and got through to the second round, which was another phone interview with an associate. This one was short, I did pretty well on the regular fit questions but choked a bit on the technical question. Heard back 10 days later that I did not get past it because my technical background "was not as solid as some of my peers."