I applied through an employee referral. The process took 1+ week. I interviewed at Citi (New York, NY) in Feb 2012
Interview
I had my first interview in a 20 minute phone call where he asked me about myself and my familiarity with equity research. He asked me some basic accounting questions. I then went in to New York and had five half hour interviews. The questions ranged from basics about markets and the economy, to how to value a company, to my background.