I applied through college or university. The process took 1 day. I interviewed at BlackRock (New York, NY) in Feb 2012
Interview
The interview took place at my university and was fairly casual. My interviewer was an alum and very nice, asking mostly behavioral questions. However, he did ask some questions about the market and what I would include in my ideal portfolio. Even though I didn't get an offer, it was a worthwhile experience.