What does a background check actually consist of?

Incoming SA at an EB (EVR/PJT/CVP/LAZ). Out of curiosity, what does a background check at an EB actually consist of? Did one background check in the past for a MM SA position, it lasted about two weeks and involved checking to see if I had a criminal record, verifying with my school that I'm a student there, and calling the companies I've worked at in the past to verify the employment dates I listed on my resume. Are background checks pretty much standard across all banks? How long do they usually take to clear? 

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