pre-MBA Associate

Got into the process with by resume-drop from a prior employee, I believe most people get in through recruiters.

Had to answer basic questions (GPA, SAT score, etc.), and take an online test.

Online Test (WSAT: PE edition) was difficult given the timer on each question (ex. 1 minute to answer cash flow question solved through excel). Any time wasted with excess thinking or typos would not leave you with enough time to answer. I read somewhere (not sure if true), that the average was 40% on the test. Definitely review accounting and LBO math to do well. I think there is a dead cut off (if you score below a number, you are removed from process).

Received an email within a week to set up a phone interview.

Initial phone interview was with a pre-MBA associate: Standard resume walk-through, deal experience, and behavioral questions. Not very insightful, associate seemed preoccupied with work and seemed to rush through, and did not leave time for questions.

Second Round Onsite: (step 1) Full 2-hour LBO modeling test; (step 2) 3 interviews with associates/VPs; (step 3) lunch/Q&A with a pre-MBA associate; and (step 4) 2-3 interviews with MD/Principal.

I started in a room of 8 other candidates, while 3 were sent home after step 4. I believe the modeling test and interviews with junior guys weed out who gets to meet with senior level .
HIG interviews for each office independently. Each office process interviews for all group simultaneously (i.e. you simultaneously interview for Middle Market Group ($5 - $20 million EBITDA Equity Deals), LBO Group ($20+ million EBITDA Equity Deals), or Bayside (Distressed Debt). If you receive and offer they will place you into one of the groups.

Overall, they are pretty quick in giving back feedback; however, it can take a while between steps in the process. A lot of downtime between interviews onsite, was at the office from 8 am - 6 pm, with a lot of wasted time waiting for next interviewer to come in. Questions were not super technical, but definitely know your accounting/lbo drivers. Junior level interviews tended to include paper LBOs or short case studies (you are given verbally a brief description of the company, you then ask a few questions to clarify and learn more, and ultimately must give a invest/don’t invest decision.
Was warned by pre-MBA associates about culture, but claim that 2-year period is barable.