I applied through university. The process took 4 weeks. I interviewed at EY (New York, NY) in Oct 2012
Interview
30 minute 1st Round Interview on Campus with an alumnus of my university. Was supposed to be largely behavioral, but once I started asking questions about the structured product he works with, it got more technical.
2nd Round- 3 interviews (2 behavioral, 1 case study) in office
The 1st behavioral was with someone who had been at the comapny for 3 months, so that was an interesting perspective. He had a highly varied background before joining as a consultant. All behavioral and questions about myself/resume.
2nd Interview was a case study. It was formatted in a weird way. They gave us the case (3 pages, and no data whatsoever, just a story), and we read it, took notes and then roleplayed as consultant (me) and client (EY professional). Perhaps the case was weird, the interviewer was weird, or I wasn't getting it, but based on interviewer reactions and other student testimonials, it is not hard to do well
3rd Interview- Almost all fit questions about becoming a consultant. Much more consulting oriented than the finance focus that campus recruiters had pitched to us. Hardest interview, largely because I didn't know what to expect and interviewer was keen to dig at that.
Interview questions [1]
Question 1
3rd Interview:
"So I have a client. And based on some new regulation, his compliance department has to start putting out [insert trade resolution document here]. But the people, led by their compliance officer, don't want to intergrate this into their process. So right now the lawyers and our team are prepping them to be compliant when the rule is phased in, but how do I fix this problem:"