I applied online. The process took 2 months. I interviewed at PIMCO (Newport Beach, CA) in Mar 2011
Interview
Very length interview process. If you get a call at all, you're lucky. Internal recruiters are notoriously flaky. Be prepared to cogently explain monetary policy & bond jargon (duration, convexity, price/yield relationship). Don't tell them you are not a morning person. Most people are in by 6 AM.
Interview questions [1]
Question 1
Summarize Bill Gross' last editorial, posted on the PIMCO website.