Interview consists of 2 - 3 meetings. First interview usually is a casual, get to know you interview with your future superiors or with the office manager. Questions asked are not difficult. This interview is frequently a phone interview for international candidates or an in-office interview for locals. Second interview is a challenge. Candidates are provided a real rating case and asked to evaluate it in writing (one week) and submit it prior to the interview. At the interview, a panel of about 4 analysts cross examine and test skills on whether you can defend your rating recommendation. Hard finance questions are also common. Candidates present their case in about 5 - 10 mins before it is opened to Q&A. Third interview may be necessary if candidate did not meet his superiors in person in the first two rounds. Quick decision making process. Background checks are extensive, and conducted by some external agency. References need to be solid. Probation period, depending on locality can be 3 - 6 months. Getting an offer does not mean that you will be retained. During the probation period you will be subjected to ungodly amounts of stress and difficult situations. Only those candidates who do not succumb to the stress and retain their good humour appear to be retained. Work culture is respectful, very international, offers a lot of independence and responsibility at a junior level. Colleagues are nice, but there is little team or project based work, which has its good facets, as office politics, mobbing remains low. There is little competition between colleagues. Superiors are sometimes rather incompetent, and in other cases super smart but poor people managers. Don't expect investment banker compensation. Rating Agencies are glorified media companies. Compensation is comparable to regular corporate banking and far better than media. Nice colleagues, modern office environment, good work life balance, good training opportunities with strong support from management.