First I had a 30 minute in person interview at school. Vanguard also does phone screens that sound similar to what I experienced, but I think my interview replaced the phone screen. The interview focused on behavioral and "fit" questions. There were no case or quantitative questions. For the second round interview, Vanguard flew me up to Malvern, PA (just west of Philadelphia) the night before a one day interview. If you arrive early enough, there is a small happy hour at the hotel you stay at. The following morning, I had three 45 minute interviews with various middle-management folks. The questions and experience were similar to the first round interview at my school; they just seemed to want to get to know me. After the three interviews, they concluded with an overview of company benefits, etc.