Did the Mercury PM loop last quarter for a senior PM role. I'll skip the generic advice and tell you what was actually different about this process.
Mercury PMs sit close to engineering. The role is less pure strategy and more: you understand the technical constraints, you can write a crisp spec, you can communicate trade-offs to both a designer and an infrastructure engineer. That's the lens for the whole interview.
The rounds I went through: Recruiter screen (30 min, standard fit + comp) Product exercise: take-home case. I was given a real Mercury product surface (their dashboard, basically) and asked to identify a problem area and write up a proposed solution. Not a slide deck, a written document. Had 48 hours. This was weighted heavily. Product sense interview (45 min): design a new feature for Mercury. They asked me to improve something in the SMB banking experience. This was less "pick your favorite metric" and more "tell me what a small business owner actually needs when they wake up and check their cash position." Technical depth interview (45 min): not coding, but "can you talk to engineers as a peer." Questions about API design, what a webhook is, why transactions might fail silently. You don't need to be a former SWE, but you need to be comfortable in technical conversations. Behavioral + leadership (45 min): STAR format, Mercury values-based. EM or director final (30 min): culture + trajectory.
Comp for senior PM: base around $190-220K depending on level band, equity on top. That's mid-market for SF-remote senior PM roles in 2026.
The take-home is honestly where the process gets decided. Invest in it. Use real language, specific assumptions, obvious trade-offs. They're evaluating whether you can think like a PM at a company where the product literally holds business funds.