I applied on the website and was contacted by a HR representative to setup an interview with two analysts and herself. Two weeks later, I was asked to complete a test on line including 4 questions. The test was timed and limited at 500 words per question and 2.5 hours. Head back from them three weeks later to learn that I was not going to the next and final round: I wanted to inform you that we will not be moving forward with your candidacy. We have based our decision on the particular needs of the position, as well as the substantial number of qualified candidates that Morningstar is reviewing. However, please continue to consider future opportunities with Morningstar, via our website, as they become available. The questions: 1. Choose a company in your sector of expertise. Does it have an economic moat? How did you assess the equity valuation of the company? Do you think it looks like an attractive investment today? Support your case with relevant evidence and data about the company and its competitors. 2. The year is 2030. What are some of the key themes of the day? Feel free to take a little risk, and let your answer show off your creative side. 3. Compare and contrast ROA, ROE, and ROIC. Which one is most informative and why? Use an example to illustrate your position. 4. What was your biggest investment mistake? What did you learn from it?