Waiting for a hiring decision

I am an equity research candidate, in the hiring process with a boutique IB in NYC. This is my first experience with this and I’m worried. Below is my timeline (in weeks). Is this timeline typical and what are the manager’s/HR’s activities during decision week? I’m trying to remain optimistic but the waiting is killing me.

T=0: Hiring manager phone screen (30 minutes) T=1: Provided writing samples T=3: On site interviews with the team (4 hours) T=5: Completed 3 hours of online behavioral assessments T=6: Completed a 3-hour valuation exercise. (Listen to earnings call, fill out Excel template and provide a recommendation) T=7: I’m in week7. They told me that they will contact me with a decision. In this final week, are they checking references, still debating about me, creating the actual offer? I don’t know how many candidates, there are. Please post opinions and feedback… thank you.