Started off with brief behavioral questions, asking why I chose my college and why Finance vs STEM majors. Technical-wise, nothing specific like pitch a stock or describe how $10 depreciation flows through the 3 statements. It was very qualitative and trying to assess how you think of businesses. Some macro questions like how do you expect the markets to behave in the next year or so and do you think the optimistic performance this year is warranted.

It was a conversation basically geared to understand my passion for value investing and my pervious university experiences.

Was given information to apply from on campus student organization. Submitted resume and cover letter, interview request followed. 1 hour phone interview.

First round was with recruiter, 1 hour where they asked me normal behavioral questions. Prepare and you should be fine. Second round was with a portfolio manager. This round was really hard

I interviewed for the Chicago office. I had an initial 1 hour skype interview with the HR contact followed by another 1 hour skype interview with a PM.

Brief snapshot followed by more in depth explanation:

Snapshot:
- Legendary value investing firm with about $30bn split between its record holding sequoia fund and two or three hedge funds. Not much is known about them but these guys are really about as good as it gets so do your homework and show some respect, you arent walking into a BB IBD interview, Ruane is another animal
- Flat hierarchy, even summer interns work autonomously (stress your ability to do so in your interview/opposite structure of banking)
- Intellectual environment, they look for the most thoughtful and intelligent candidates, this seems to be the most important factor to them
- Learn value investing and demonstrate passion for investing
- THIS PLACE WILL SET YOU UP FOR LIFE, so seriously, if you have not at least read "The Intelligent Investor" before interviewing, you do not even deserve it

In-Depth
Applied through campus recruiting (I think they only recruit HYP, I could be wrong, but I also know that they do take a look at online applicants to find hidden gems so this is one of the few places where the resume drop is not a black hole). Interview consisted of an explanation of the firm structure (legendary MF and a couple hedge funds with investment analysts working collaboratively across each fund). Was asked to pitch a stock. Questions were very personal, the interviewer really wanted to get to know my personality and was trying to assess hidden potential. Two weeks later went to the office (50th floor of the Solow Building nicest office I have ever seen) and had three 2 on 1 interviews with managers of the various funds. Questions were deceptively simple, such as which company CEOs would you like to meet, or what would you do if you were king of a random country. Also was asked about books that I had read, and was given a brief case (how many windows in your dorm room building). Word of caution, Ruane is packed with incredibly smart people. The whole interview literally felt like they were trying to feel out my intelligence, thoughtfulness, and how well my personality and analytical skills were suited for a value investor (I swear these guys summed me up in seconds). As for advice, KNOW VALUE INVESTING. I mean indoctrinate yourself in the concept. Read the intelligent investor (as many books as you can your hands on really) and tailor your answers to the principles of value investing (particularly your stock pitch). THIS FIRM WILL SET YOU UP FOR LIFE, they only take one intern in each office (possibly one total depending on what they think of the talent), but if you really understand value investing and you are near genius with strong social skills and a good personality, then you have as good a chance as any. If I could emphasize one thing, they care much more about your approach, and your potential, than the exactness of your answers (correctly recounted firm metrics far less important than understanding the business segments, why the firm is positioned to continue generating ROE, why sell-side analysts are wrong etc). Demonstrate your independence, passion for investing, understanding of value investing, and be interesting, and then of course hope the stars will align.

I applied through on campus recruiting. It included a resume drop and cover letter. I was then selected for a first round interview. The interview lasted about thirty minutes and consisted of mainly behavioral questions and stock pitches. After about two weeks, I received an e-mail that I would not be making it to the next round.

One phone interview, took a week for them to reply me. I was told that the final round interview would be held in their Chicago office, but I didn't make it to that round.