I have to help the next pm out there: be prepared to really invest a lot of time into this, and in the end it comes down to a matter of luck. I fear that some of the reviews here apply to the lucky few, and do not represent the majority, and if you study based off of the few positive helpful posts here, you will be at a disadvantage!
1. Screening - Typical
2. Hiring Manager - Discuss your work and the role
3. Mini Case- Can vary but I got the Cap One Shopping case discussed elsewhere here. The case builds on itself and all the questions come from a script. Its pretty straightforward but I could see how if your weren't prepared for something specific, like what you would need as a PM to build out targeted marketing, you could easily trip up. Follow their lead.
4. PowerDay - This is what makes or breaks you. If you come from a quantitive background, you likely to do a better job and will want to brush up on the product cases they email you. However, for everyone else, it comes down to luck. If you read through every review on here (as I did!) you will notice a pattern.
If you are lucky: you will have great casers who are in a good mood, and case questions that are somewhat applicable to your background, and have math relevant to the PowerPlaybook provided. The recruiter will help you prep. And with some prep, unbreakable confidence, and good energy, you've got this.
However, if you are unlucky, you're suck in 3-5 hours of interviews feeling humiliated and helpless. I had a case that I had no professional context in and the math was much much harder than anything in the powerbook, youtube, or McKenzie cases I studies. Some will tell you its meant to be intuitive, that they aren't trying to trick you, and that is not the case for some of these. There is missing information you need to ask for. The verbal portion of it is an additional taxing element. If you're going to brush up on your quant skills (10+ verbal math questions in this round) you should practice out loud from day one of your prep. Also it goes beyond profit, weighted averages, and breakeven. You'll need to work on percentages, ratios, and more. The next question builds off of your previous answers. You'll also need to have your typical consultant style frameworks ready to go and be ready to defend your answers.
Its a frustrating process because I don't think it really evaluates a PM's skillset in the way that they are hoping - they don't really tap into what you can do in product and how you lead a team. They are letting exceptional talent walk out the door after investing so much time and money into this process on their end. Bad business.
**A lot of people who didn't pass power day aren't actually upset and thats because, you know you failed in the moment (you accept this early on), and typically it comes down to luck, and luck is out of our control, and easier to accept. I did luck out in that everyone was friendly, but I unfortunately got the hardest cases that I didn't see anyone else mention here.
If you're reading this, your probably investing a boat load of time and energy into this, like I did, and I truly wish you the best of luck!