This was a 5-stage interview process, I was able to make it through stage 4 before being denied.
Stage 1: Screening, Stage 2: Meet with Hiring Manager, Stage 3: Meet with Finance Manager and Comp Analyst, Stage 4: Excel test with Hiring and Finance Manager, Stage 5: Final Interview
The first three stages were wonderful, very conversational and inquiring on how you handle specific situations and learning your skillset. There was a month-long pause, where I was then asked to complete the excel test interview. This had a very different feeling, brief, to the point, no room for mishap. They loved the sheet I pulled together and asked a handful of adjustment questions, some easier than others. I was then sent a genric rejection letter 3 days later. I'm unclear as to what the reason for the rejection was, but I assume they already had a candidate in mind.
Overall, not entirely difficult, just be sure to be ultra prepared for the excel test.