I applied through university. The process took 3 months. I interviewed at Union Pacific (Omaha, NE) in Nov 2012
Interview
You have a 1st round interview, then an analytical test. In a few weeks to a month or so you may be invited to omaha for the final round. There you will interview with 3-4 interviews all of which are status quo interviews except for their CMO who will grill you very hard so be prepared, but he is a very nice guy.
Interview questions [1]
Question 1
It costs the company $60,000 to promote from within for this position but $100,000 to hire you. Why should I hire you for $40,000 more?