I applied online. The process took 2 months. I interviewed at Liberty Mutual Insurance (Boston, MA) in Jun 2012
Interview
First a basic phone interview. Then a finance and accounting test, followed immediately by interviews with previous FMP program members and a more senior manager (they can be from any finance/accounting function within the company). One of the interviewers will have been given a "graded" copy of your test. You could fail the whole thing and still be fine, they just want to hear you discuss your thought process in answering the questions. Be logical and analytical and attempt to answer everything.
Interview questions [1]
Question 1
When I took the test it was all very basic, but I heard they recently rolled out a new, near impossible test. Don't panic.