1) 45 Min phone call to establish background and your understanding of the company. I quit afterwards but they told me the next steps. 2) Take 2 assessments personality and a technical one I think. 3) Give them an LBO model for free 4) Pitch them an acquisition, for free. Keep in mind they have numerous people that they are interviewing, and are likely just using you to get free work done. They also mislead you on the title and pay. It is an Investment banking job, but they name it something else, and then pay you a third of what an average firm would pay.