On the positive side, things moved quickly. There were no long waits after each interview. But the rest of the process was brutal. I think they make it brutal on purpose, but by the end I was dreading working with these people, and managed to be both disappointed and relieved that I didn't get offered. The first contact I received was for a writing assignment; they gave me a case study, and asked me to write a 4-5 paragraph analysis of the mutual fund in the case study, including whether I'd recommend it to investors or not. It's timed at 2.5 hours via their web portal, and you need most of it to do a good job. Apparently I did a good job, so I was invited to an on-site interview which took about an hour (I think the normal process is to have a phone screening before this, but my phone screening was the last step in the process for some reason). This was a relatively normal interview with background on your career, why you want to work at Morningstar, etc. Past that stage, you receive instructions to pick a fund, and create a detailed presentation on why you'd recommend this fund to investors. You then are invited back to an in-person interview which is comprised of two 45-minute discussions identical to the first in-person interview, and then an hour-long segment where you present on the fund you've chosen and get absolutely ripped apart by a panel of directors and managers. Finally, an intern calls you to tell you that they will not be moving ahead with your candidacy. Like I said, this was an awful experience; I spent 20ish hours on this position, which is ridiculous. I have since spoken with 2 independent professional recruiters/headhunters, who seemed astonished that there are companies which still conduct the candidate process this way (my own experience bears this out). Couple this with rumors of below-average salaries and lowball offers, especially in the Chicago market. Maybe the interview process for other positions is better, but I doubt it. Kudos to all of the Morningstar employees who made it through this interview process: I highly recommend you change the way it works.