I applied through university. The process took 2 days. I interviewed at Bloomberg (New York, NY) in Aug 2008
Interview
On campus interviews or phone interviews + in house interviews is the typical process. Usually 2 technical rounds of 1 hour each. You will need to write code on paper. Questions cover c,c++, data structures, algorithms, problem solving etc. Interviews are very technical but do not underestimate HR interviews as well.