To answer your question, I tried out 12 years ago. It was a two day affair. The morning of the first day you got up in front of the group and told everyone about yourself. Then you went outside where a half dozen or so stations were set up, each manned by an RMI senior guide. In small groups you rotated through each station where you 'taught' a different skill. I can't remember every skill but I recall snow anchors, knot tying, belaying/ rope handling, ice axe arrest, step kicking.
The second day was a race to the top of panorama point, with more simulated teaching scenarios afterward. We wrapped up the day by speaking in front of the goup again.
Hope that answers your questions.