I applied online. The process took 2 months. I interviewed at Penn Capital Management (Philadelphia, PA) in Dec 2014
Interview
pretty formal, meet with 5-7 people in conference room, they give you beverage/coffee, talk to you about various aspects of the firm; can last 2 hrs or so; founder of the firm may spend lots of time with you asking you personal opinions on stock market (he is very politically conservative, and opinionated)
Interview questions [1]
Question 1
Q: background experience
Q: what do you know about PENN Cap?
Q: career goals
Q: view of market