Overall, an interesting but very unique process. First was quick phone interview on background and interest. Next was an Excel test - pretty straightforward, you have 3 hours to use the given data and come to an answer regarding market size, growth, etc. The third round was a "case study." I put this in quotes because it was very dissimilar to any other case study I've been asked before; you're essentially given an old case and a variety of numbers and terms (which are totally unfamilar to you), and asked to calculate certain metrics. Nothing like what I was expecting. Similar to the experience of others on this page, I found the whole thing to be heavily quantitative, I only remember one qualitative/strategy question in the entire 45 min interview. I was told I passed (despite knowing I did poorly) and then a week later was informed I would not be moving forward. All this being said, my interactions with the firm were very good. Analysts were open to talking about their experience, the interviewer gave a large amount of useful and insightful feedback when I emailed for it after my third round, and I still think highly of the firm (also since then, I've mentioned it to others in the industry and all of them knew of the firm). Every firm has their quirks, and so while I was very thrown off by the interview and it got the better of me, the whole process was handled well and obviously they have a reason for the way they do things after such a long period.