I applied through university. The process took 1 day. I interviewed at BNP Paribas (Cambridge, MA) in Feb 2014
Interview
The interview lasts for an hour. The interviewer asked a lot of questions about probabilities and statistics. Very few questions about finance (only one about the pricing of options). Although the job title is fixed-income trading intern, but what they are really looking for is a quantitative analyst. Better to prepare some brain-teaser questions rather than recapping financial theories or recent financial news.
Interview questions [1]
Question 1
Probabilities, Statistics, Linear Algebra, A few brain teasers