Very similar experience compared to what other people wrote, it was a long, dragged out process that never felt like it was moving anywhere. My process was the written assignment, an hour phone interview, then two interviews followed by the pitch, The pitch was unprofessional with you sitting at a circle table with people who seem like they couldn't care less - one person called in and never said a word beyond introducing themself and another left early to catch a train. I prepared about 50 hours for my pitch and was cut off early. I'm not sure what type of candidate they are looking for, but I had ~2.5 years of professional experience, one professional certification, am a level two candidate for another, and had a pitch that I was proud of and did not get it. The only feedback that I received was that they wanted someone with more experience. My advice to people applying would be to familiarize yourself with how Morningstar rates fund managers (gold, silver, bronze) and model your pitch around that.

45 minute structured interview with hiring manger, written report on a managed investment product (timed) and final stage is 20 minute presentation of a investment product with questions from interview panel of 3 people in the Chicago office