The hiring process typically consists of 1-2 phone interviews and 5-6 interviews in person if one makes it past the phone interview stage. My initial phone interview was approximately 45 minutes long with a Senior Equity Research Associate. I am still waiting to see if I have made it to the next round of in-person interviews. I was told this could take two weeks or 1-2 months depending on the applicant pool. All of the folks granted a phone interview are graded and then aggregated into a general pool at which point a group of the most senior equity research members pick whom they would like to interview in-person. Offers supposedly made quickly after the in-person interviews.