I applied online. The process took 8 weeks. I interviewed at KPMG in Oct 2010
Interview
I applied online answering a position I found on the internet. I had to fill the typical online CV (name, college, ....).
8 weeks after I submitted my application I got a phone call from HR and we scheduled an interview. The interview was 2 weeks after KPMG contacted me.
I had only one interview with a Director. He was at the time directing a project at a investment bank. There was a great atmosphere during the whole interview and when I did not know the answer of a question, he tried to guide me.
I got the offer right after the interview was over.
I did not have the chance to negotiate my salary because it is for all interns the same.
My advice is that you have to prepare yourself with personal and technical questions!