Phone interview, in person interview, then presentation to management.
As many people have mentioned, the presentation is a hit or miss in terms of who you get to present to. But I had a guy that was staring out the window the whole time, completely rude. I actually messed with the guy and kept trying to engage him specifically- trying to catch him staring into space... kinda funny. Anyways I was told by the 5 people I had interviewed with that I was overqualified for the position and that I for sure will get the position. I was very confident about my chances. Turns out I did not get the job and the recruiter told me "there was a hiring freeze."
So the company wasted my time by having me complete the presentation knowing that there was a freeze- very unprofessional.
2 weeks pass by and I see a new posting for the same position, so I asked the recruiter to reconsider me since they are clearly hiring for that role again. I was told by the recruiter that you can only apply once every 6 months and I have to wait 6 more months... what a joke.
Overall the whole experience left me happy that I did not get the job because if recruiters and hiring managers would act as unprofessional as they did- I don't want to work at a company like that.
Furthermore, don't let the recruiters scare you about the presentation or interview process. It is easy and straightforward. Just be an aggressive sales freak and they will love you. The place is a revolving door that people go to get 8-12 months of experience then leave.