I applied online. The process took 3 days. I interviewed at BlackRock (New York, NY) in Jan 2010
Interview
Phone interview screening with HR is literally to see if you want to be submitted to the team. Once the team approves, they setup the in office interview. You have to meet with pretty much half the team at the very least as well as a few people from related teams. I interviewed with 12-13 people total for 20 mins each over a span of 3 days. They seem to ask the same questions and then at the end of the process they decide if you are going to be easy to work with yet know your stuff and get stuff done.