I've done the Figma EM loop and I've also been on EM interview panels at a company with a very similar profile. Let me give you the honest breakdown.
Figma's EM loop is more technical than most. This surprised candidates I've coached. They're not going to ask you to write a merge sort, but they will probe your technical credibility seriously. If you've been fully people-track for more than two years and can't speak fluently about system architecture decisions, that will show.
What the rounds look like for EM:
Technical system design: same structure as the SWE loop, same depth. They expect you to lead the discussion, not just follow the interviewer's prompts. Being able to say "I'd start with the data model because X" without being prompted is the signal.
Engineering leadership / past impact: This is your STAR round but with a management lens. Stories they'll pull: team that was struggling and how you turned it around, a technical decision you overrode or let the team own, a performance situation you had to manage. They want specificity. "I coached the team" is noise. "I did weekly 1:1s where I specifically worked on X skill with one engineer over 3 months and here's what changed" is signal.
Cross-functional: how do you work with design, PM, and research at the team level? Not personally but at the team level. Can you describe how you've structured your team's relationships with other functions?
Behavioral values: same Figma values themes. Craft, directness, humility.
Panel debrief call with hiring manager (usually VP or director level): this is a conversation, not an eval. They're checking fit at the leadership layer.
What tanks EM candidates at Figma specifically: Being too hands-off. "I hire smart people and get out of the way" reads as checked-out at a company that cares about craft. The sweet spot is: strong technical opinions, ability to delegate, clear about when you step in and when you don't.
Comp for EM in SF: I've seen $380-450k TC depending on scope. Smaller team, lower end. Multi-team or org scope, higher end.