The process took 1 day. I interviewed at Auctos Capital Management in Jun 2011
Interview
It was a one on one interview. Walked them through my resume and was asked some basic questions on derivatives like options, futures, forwards etc. There was only one interview and after that I was given the internship offer. Auctos is a very small quant hedge fund and the culture is pretty informal. They mainly do algorithmic based trading in futures markets.