Morningstar

1. 1Application

   Resume and sometimes a short stock pitch or writing sample. Some banks ask which sectors interest you.

2. 2HireVue or phone screen

   Behavioral prompts plus why research and a stock you follow. Recruiters screen for writing and genuine market interest.

3. 3First round

   An associate or analyst on the team. Your resume, why research over banking, accounting and valuation basics, and a stock pitch you can defend for ten minutes.

4. 4Superday and written case

   Meetings with the senior analyst and associates, often a timed written exercise: read an earnings release or 10-Q, update a view, and write a short note. Expect sector questions for the team you would join.

5. 5Offer

   Usually placed on a specific sector team, so the team fit decides it as much as the technicals.

Morningstar does not state its process on its own site, so these are the usual stages.