Went through the Two Sigma EM loop earlier this year for a role on one of their core platform teams. I'm a hiring manager myself so I was paying attention to what signals they were pulling for, not just what questions they asked.
Full disclosure: I declined the offer at the end, so this isn't a success story post. But the process was rigorous and worth writing up.
The structure: Recruiter screen, one eng bar-raiser interview, then a full onsite of 5 rounds: technical depth, two people management behavioral rounds, cross-functional influence, and a presentation.
The technical depth round surprised me. They expected EM candidates to still be able to design systems and talk through architectural tradeoffs at a senior IC level. I had been out of the code for about 18 months at that point and it showed more than I'd like. If you're an EM who is genuinely hands-off technically, prep harder here than you think you need to.
The people management rounds were good. Real scenarios, not generic "tell me about a time you gave feedback." They asked specifically about situations where a high performer became a low performer, how I handled underperformance without HR involvement first, and about team composition decisions when headcount was cut.
The cross-functional influence round was about stakeholder management, particularly with quant researchers who might think engineering timelines are suggestions. They want to see that you can earn credibility with people who are much smarter than you in a narrow domain without rolling over on engineering quality.
The presentation was a 20-min deep dive on a project I owned, followed by 30 mins of questions. They went after inconsistencies, asked about things that went wrong, and wanted to understand what I'd do differently. Not hostile but thorough.
Leveling: They have their own level map. EM roles seem to map roughly to managing a team of 6-12 with ownership over a domain, not just people management of a single squad. It's closer to a senior EM or group EM at some other companies.
Feedback loop was quick for me: 3 days to decision after the onsite.