The process took 1 day. I interviewed at Merrill (Boston, MA) in Dec 2010
Interview
Met with three people, one person from the advisor team where I would be interning, a current intern, and a VP. Very nice and casual, laughed some, they told me a lot about the position and just asked me about previous and current positions/clubs on my resume. "Name a time where you handled a difficult client".
I applied through university. The process took 1 day. I interviewed at Merrill (New York, NY) in Oct 2008
Interview
After the resume drop, I was called by the Financial Advisor's current intern to schedule an interview. At the interview, the FA said "okay, this is how this interview works. I will ask you questions until you get an answer wrong." He then proceeded to ask me statistics, multiplication, division, and equity/debt questions with about three seconds to answer. i think a business major who could do 54 x 69 rapidly in their head would have done alright, but as this was my first business interview, I was definitely caught off guard.