MBA graduates will likely tell you that an internship was not only crucial in the process of pursuing their degree, but critical in helping enhance their credentials and ultimately played a major role in landing their first full-time job. According a National Association of Colleges and Employers (NACE) 2016 survey, employers extended job offers to more than 72 percent of their interns.
Coveted summer internships give prospective MBAs important and relevant business experience, as well as the the opportunity to work alongside and network with professionals in many fields. These internships can help land new contacts, introduce students to mentors, create a network of potential references and open countless doors to employment.
In the Chicago metro, there a a number of top companies in various industries that many MBAs would love to intern for, many of which are in the financial services sector. Here’s a look at a few of them:
Citigroup Inc.
Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. The company provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
With major locations in New York, Los Angeles, San Francisco, Houston and Chicago, Citigroup ranks high on the list of MBA internships in not only the Chicago metro, but the entire country. According to TopMBA, Citigroup’s MBA interns participate in hands-on work alongside analysts and associates for 10 weeks.
“Citi’s programs give interns the opportunity to have a real impact while doing real work, and many of them return as full-time analysts and associates following graduation,” said Courtney Storz, Citigroup’s head of graduate recruitment and program management for North America.
The competitive internship program gives interns the chance to contribute as a member of the team to which you are assigned and have responsibilities similar to a first year professional. Citigroup utilizes the summer internship program as a primary source for hiring full-time employees.
The Blackstone Group
The Blackstone Group investment firm was founded in 1985 by Stephen A. Schwarzman, the chairman and chief executive officer, and Peter G. Peterson, who retired as senior chairman in 2008. Today, the firm employs more than 2,000 employees in 21 offices worldwide.
For a competitively paid 10 week summer internship in the financial services industry, look into a summer associate position at The Blackstone Group. According to Forbes, the internship is open to rising second-year MBA students. Prior investment banking experience and a basic knowledge of accounting and finance is desirable.
CNN Money notes that the firm wants leaders who are looking to remain with the firm long-term and grow. The Blackstone Group tends to hire an estimated 8-12 full-time MBAs annually.
“Our corporate culture is very important and we have very little turnover, so longevity is very important to us,” Bronwen Baumgardner, head of Blackstone’s MBA recruiting program, told CNN Money, which ranked Blackstone as the world’s 14th most prolific MBA employer.
Plante Moran
According to company facts and figures, Plante Moran is the nation’s 14th largest certified public accounting and business advisory firm, providing clients with financial, human capital, operations improvement, strategic planning, technology selection and implementation and family wealth management services.
According to Business Insider, Plante Moran looks for accounting and business advisory interns for a period of 6 to 12 weeks in the Chicago metro, Ohio and Michigan.
Goldman Sachs
Founded in 1869 and based in New York City, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals.
Goldman Sachs always comes to mind when discussing the financial services and investment banking industries. According to Forbes, Goldman employs 1,500 interns globally. Summer internships last 10 to 12 weeks and can be focused on accounting, finance, human resources, law, operations, research and sales. Internships are open to first-year MBA students.
Lazard
Lazard was founded in 1848 and operates from 42 cities across 27 countries across the globe, providing advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.
According to Forbes, summer associates internships last from 10 to 12 weeks and are open to current MBA students, though applicants entering their final years of a JD or JD/MBA degree are also considered. Interns are paid $1,500 a week and are given a relocation stipend if necessary.
Discover Financial Services, Inc.
Discover Financial Services, Inc. is yet another company offering a top financial services internship in Chicago. According to Business Insider, graduate students can expect a three-to-six month internship at Discover. Internships are also available in Houston and Phoenix.
Discover’s MBA Leadership Program is specifically designed for MBA graduates seeking full-time careers. Applicants are placed into chosen discipline or a rotational program that will allow of tons of experience across various aspects of the business including marketing, operations and banking.