Stage 1: Answer Online Questions
Stage 2: Record yourself answering 3 questions. Already been mentioned elsewhere, all fairly simple.
Stage 3: Assessment Centre. Split into groups. Consists of a short, but relatively easy, maths test. A group exercise where you have to read an M&A case and present your findings as 'Capco' to the client company doing the merger on your findings and recommendations. Finally, 3 quick-fire interview questions that are mainly conversational and are trying to see how relaxed and confident you are. Everyone always asks you 'Why consultancy?'
Stage 4: Final interview with head of HR, a senior consultant and a "partner".
Stage 4 of the process was handled horribly by HR and really put me off the company. I had a telephone interview scheduled with a senior consultant (was told it would be a partner but hey-ho) for 12 noon on a Friday. By 2pm I had no contact from anyone and so had to chase HR up about what was going on. At 4pm I got an email saying he was busy at client site and would have to reschedule for Monday (wasn't told when). Monday rolls around and again by 2pm no contact from anyone, I chase up HR who get back to me at 5pm telling me they can do the interview in half an hour. Telephone interview finally gets underway, the consultant seemed completely disinterested (obviously had better things to do) and lasted 12 minutes. Simple questions and answers that I had already been asked at every stage before.
Ultimately I was rejected and the only feedback was "despite your good interviews we felt you did not have the necessary experience". I believe this is something that they could have told me at the beginning of the process to save everyone time.
Advice to CAPCO: the application process is the opportunity not just for candidates to impress you, but for you to impress the candidates. If they see you can't organise a telephone interview then that does not bode well for the candidate.