First was a HR call let you know what the role is about and get a sense of whether you're interested. Second was a pretty easy comprehension essay testing quantitative and qualitative abilities. Third was an interview with the hiring manager. This is a steep slope in terms of difficulty from the previous round. The interviewer expects you to know everything about the industry and asks questions as if you're an expert about it, even though the role allows for fresh graduates to apply. HR will send you a link to read up about the alternative assets industry and this study takes more than 5 hours. You're expected to know beyond that. My experience in the last stage was disappointing and surprising. The interviewer seemed super disinterested in what I had to say and kept sighing along the way. She looked like she wanted to do something better with her time or was rushing to go to the loo. I would say this interview was the worst I've had in my life because of the time I invested to prepare for it. It was clear the interviewer did not come into the interview with the same enthusiasm as I did. For a role that requires patience and good manners, she certainly showed that she did not have any that day. I got a feeling that she's overworked there. Be sure to be at your best before you meet with the hiring manager.