HR called to schedule the first round with the hiring manager. The hiring manager mentioned someone had left since the position was too demanding and asked why I had applied for it, since it was a junior position and I had more years of experience than required. The second interview was with another VP and the RM, then I received the case study, which they expected me to submit by the end of the week. The prompt was "Attached is a presentation and sponsor model. Nothing crazy, but we’d like you to put together a short internal teaser (template attached). " I submitted it, and she acknowledged receipt the same day. I heard nothing for a month, so I reached out. She replied, "In terms of feedback on your case study, we were hoping to see deeper analysis to better understand your underwriting approach. Incorporating your own baes case/downside case scenario as well as additional quantification would have helped us more clearly assess your analytical thinking and overall underwriting capabilities." She mentioned they went with another candidate in the same email. A few weeks later, I received an automatic email that they decided not to fill the position at this time. They seemed out of touch with reality, and the VPs clearly lacked self-awareness throughout the process. I feel bad for the candidates who were dragged further along only to get rejected.