GUEST COMMENT: Lessons I have learned from failed phone interviews
A telephone interview is far higher stakes than you realise. I also include video interviews in this statement. They can be done for a myriad of (good) reasons but they are generally a risky option. Given that you can't actually read each other's body language and facial expressions there is plenty of room for things to go wrong. I have had a few, and sadly most have ended in tears (or Dear emails and "Let me down gently" feedback from headhunters).
Location
Make sure it is quiet and secluded. A public place is a bad idea, as is a "quiet coffee shop". Make sure you will not be interrupted, particularly not by a colleague in search of a caffeine high.
Notes and planning
Take the usual, CV, notes etc and take advantage of the opportunity to prepare what you have in front of you. Take previous work, annual appraisals etc. There is no excuse for not being on top of your game here, this is an open book exam. Make sure everything is easily available and to hand; print it out, don't rely on a PC which may crash randomly at the crucial moment.
Appearance and general demeanour
You may be interviewing down a telephone line, but it will honestly do you no favours if you're wearing a dressing gown and smoking a roll-up. You don't need to wear a suit, but you do need to feel professional. Dress comfortably, but smartly, and smile when you talk. The latter is important; it really does make a difference.
Take control of that call
Slow things down to a pace you are happy with. Take the call on a headset, not hands free. Also record it if possible and do a bit of post-match analysis so that you can follow up with a targeted email and address any areas you feel you didn't cover adequately.
Good luck; because if they actually thought you were worth meeting they would have made time to see you in the first place...
The author is an anonymous ex-investment banker who is now working for an anonymous fund several miles to the west of the City of London