I saw the posting through my university's online job board. Within one hour of applying online, I received a phone-screen from the VP of Finance. After he confirmed that I met the basic expectations, he asked me to meet with him on campus the next day.
I met with him and he talked about my background and went over everything from my resume, then telling me what this internship would entail. At the end of the interview, he offered me the position and I accepted immediately.
However, due to many more applicants a week later, the application process has increased significantly in difficulty and the process won't be nearly as quick.