Applied online while in college. Phone screen with recruiter, followed by an initial phone screen with Senior PM responsible for hiring. Pretty informal, discussing your experience, your understanding of the PM role, why you like MS and then some design questions, such as "design a smart clock". Basically looking for your design thinking and thought process.
Invited to onsite about two weeks later. 4 interviews, each with current PM's of varying seniority. They'll say its 3 interviews initially, but if you do well in the first 3 they'll add the 4th with the hiring manager PM. Each interview followed very much the same pattern, start with small talk and questions about your background, your experience, behavioral questions like 'tell me about a time when you showed leadership/worked in a team/ resolved a conflict/solved a technical challenge'. That would take about 5-10 minutes, and then the remaining 30+ would be designing something. "Design a smart cupboard/ an app for the elderly to encourage increased physical movement in nursing homes/ a smart car entertainment system."
They're really just looking for a process, that you're methodical in how you solve problems and understand the importance of asking questions first and identifying the parameters/constraints of what your product should and shouldn't include. Don't dive straight in, ask clarifying questions, listen to their feedback as you're talking through the process out loud, and make sure you use the whiteboard. Wire framing is your friend. Ask questions of the interviewer as you think of them, right throughout the process.
Overall process was fine, repetitive if anything. Younger interviewers were pleasant and enthusiastic, more senior ones seems hard to impress and very much like they'd better things to be doing, very stoic and standoffish. Just depends on who you get.
It's a long tiring day, so eat before hand and hydrate well during it, you're doing most of the talking so your voice could get hoarse.