I was selected to interview for the quantitative research track.I didn't have any interview with recruiter or HR. I had first round of interview with someone from their quant team. He asked how my master program structured and what courses are required and what are electives. Then, he asked me to walk through a past experience in investment banking, and I explained it. The interviewer said he was randomly called to interview new people, and he didn't know much about the logistic flow. The interview took about 30 mins through a video call system. I did not hear the result for two weeks until I sent out a follow up email to their recruiter, and the recruiter just told me they decided to move forward with someone else.

I applied the last day of the deadline and heard back within less than a week. First round is one 30 min behavioral question phone screen with someone from HR. Second round is with a current or former Business Associate who asks some more in depth questions about your interest in investments, questions about previous work experience, and what specifically you are interested in within investments ("What trends or topics are you particularly interested in when you read the Wall St Journal?"). For the second round you really want to show your passion for investing, through either past internships, clubs at school, or personal projects/competitions (I talked about a stock pitch competition I did). A question that caught me off guard was "What's something you're really passionate about?". They're looking for driven, well rounded people. Didn't make it to the final round.