After the phone screen, I had to do the online test. Similar to the GMAT, probably a little harder because of the time pressure. Involves a testing on math problems as well as reading a few sentences and answering a question about them. I thought the verbal problems were incredibly hard because they are meant to confuse you, the math was easier.
Got a reply a day later inviting me out for a superday interview. The first thing they made me do was take another math test. I didn't feel as much time pressure on this test. There were 4 45-minute interviews scheduled - 2 of them behavioral, 2 of them case (alternating); you should know right from the top, no one is going to ask you to walk them through your resume or do ANYTHING to get to know you more; all they care about are answering the behavioral questions and you doing the cases well.
The behavioral questions are standard ones like tell me about a time you had to change priorities mid-project, tell me a time you had to convince a manager of something, tell me about a time you had to consult someone about their area of expertise, tell me about a time you had to learn something completely new. Basically, each behavioral interviewer asks you 3 questions and leaves PLENTY of time of questions (I'd say at least 20-30 mins). Overall, I noticed that the behavioral interviewers had been with the company for a long time and did NOT work in the business analyst role. Translation: they are actually NORMAL people, very friendly, truly enjoy working for Capital One, can talk a lot about the company and why they like it. These people were the reason why I would want to work for Capital One.
On the other hand, I REALLY disliked the case interviewers. I am pretty sure they were all business analysts. The problem with this is they are stating the facts of the problem/case and you're scrambling to write them all down and think on your feet at the same time. It's really idiotic how Capital One does this because if you really want to do this test type b.s. then why not just have it all written out on a piece of paper or something so that the interviewer can read over the problem.
My first case person walks in and starts right in on the case. It was something about the credit card business, you are given revenues (membership fee, APR x avg. balance outstanding) and costs (Capital One's cost of funding, operating cost per customer, avg. default percentage - MAKE SURE TO MULTIPLY THE AVG. DEFAULT PERCENTAGE BY THE AVG CREDIT LIMIT OF THE CUSTOMER AND NOT THE AVG AMOUNT OUTSTANDING WHEN CALCULATING COSTS. The reasoning here is that customers that default are likely to be the ones that have a balance outstanding close to the average credit limit and not the average balance outstanding. My interviewer was pretty smug about mentioning this to me after I walked in to that trap. Make sure you write in an organized way because there are lots of follow-up questions and you are asked to detail how changes in assumptions will affect certain things. Second interview was about the card business and whether to mail offers via 1st class mail (costs more but the USPS has forwarding) or 3rd class mail (less cost, but USPS doesn't forward so less people end up getting their offers in the mail). I was asked about how a budgetary constraint would affect whether you should choose the one or the other. I was also asked which was better given that you sent out a certain amount of offers for each.
I should note, there was a lunch afterward where you get to talk to people (it didn't sound like you were being observed so you could ask anything). After lunch, some people are invited to another interview (I'm assuming it's the people that did well in the morning). As you can probably tell, I wasn't invited.
Overall impressions: From the people I talked to at lunch, you can really tell these people are numerical geeks. Capital One focuses so much on people being able to do these quantitative calculations yet I am certain that I did very well on the computerized tests. They don't do anything to get to know you and how you'd fit into the organization. The business analysts I went to lunch with were nerdy and didn't seem well-rounded. Keep in mind, the 2 people that interviewed me that I mentioned above did seem well-rounded, so I’d say Capital One is focusing too much on people being able to make calculations and they weren't doing this in the past when those other people were hired. It does seem like a great company to work for, everyone was dressed casually and the company seemed very flexible with hours as long as you got your work done. Capital One would be an AMAZING company to work for, but the process by which they hire is flawed. I noticed also that a lot of people that were interviewing for the position were consultants; it sounds like that is the type of candidate that Capital One is looking for.