The first round interview essentially consists of the interviewer meeting with a group of about 4 candidates. They give you one question and you all discuss it for about an hour. The interviewer will let the interview progress naturally and see how candidates interact with each other, and then add a new twist into it to see how you all respond. The question had nothing at all to do with finance. I didn't get invited for a second-round and was never given a reason, but I'd say I walked away feeling like I was given a fair shot. They seem to place a lot of emphasis on testing what's under the hood.

There's a group discussion and then a one on one (or a two on one). Minimal focus on actual finance (they believe they'll have to re-teach everything anyway), so the discussions are about broader socio-political or sometimes ethical questions. Focus is on the ability to systematically explain your thinking ("what's your framework?") Having a super clear reasoning tree is helpful.