New York City’s Top 5 Highest Paying MBA Internships
MBA students are, likely, infinitely familiar with the hectic world of internships. “Another lowly internship?” may be a question that pops into the minds of many students as they advance into post-graduate education. But what they may not realize is that the right internship can not only provide a vital networking opportunity and a solid career foundation, but also an immensely high salary.
In New York City, a lucrative business school internship can prove important. Because of the city’s notorious cost of living, it might as well be required too. Below we’ve ranked some of the best paying internships for New York City MBAs to look out for.
The Highest Paying MBA Internships You Can Find
An MBA education can open the door to an astounding number of lucrative opportunities before you’ve even completed your degree. Many MBA interns are earning hourly wages unfathomable to the larger majority who spent their undergrad internships restocking break rooms and memorizing coffee orders, all for a whopping $0 per hour. Below, we’ve laid out the highest paying internships in some of the most common industries for MBAs.
Stats for MBA interns on Management Consulted dwarfed most other intern salaries. Though the reality of management consulting may lack the seedy glamor portrayed by Don Cheadle and Kristen Bell in House of Lies, these numbers are certainly compelling enough on their own to keep the attention of ambitious young interns.
Deloitte, a consistent top hirer of MBA’s according to Fortune, may be a top destination for MBA interns as well, if compensation is any indication. In 2016, MBA’s at Deloitte make an average of $11,380 per month for a ten-week internship, with the opportunity to receive full second year tuition reimbursement for returning interns. Depending on their goals, interests, and professional backgrounds, interns join a client service team in Deloitte & Touch LLP, Deloitte Tax LLP, Deloitte Risk and Financial Advisory, or Deloitte Consulting LLP.
Management Consulted put the average MBA intern salary at A.T. Kearney at a staggering $11,500 per month. A.T. Kearney offers a ten-week summer internship, during which interns will have unique experiences, such as a three-day opportunity in the middle of the summer to converge in a single location with all of the season’s interns. During these three days, students have the opportunity to network, socialize, and learn about the different facets of the company.
Outside of consulting, there are plenty of opportunities for MBA interns. It is no secret that some of the highest paying jobs out there are in tech. Luckily, there is a sizeable demand for MBA’s at tech companies.
Despite the recent, um, controversy surrounding Facebook’s security practices, the social networks interns are making out well. Facebooked topped Glassdoor’s list of Highest Paying Internships in 2017, with a median monthly salary of $8,000. The 12-week business internships offer frequent Q&A’s with higher-level employees and the opportunity to tackle real problems that face the social networking platform.
It would be remiss to talk about MBA’s in tech without mentioning Amazon, which is fast becoming one of the largest MBA tech recruiters. With a median monthly pay of $6,400, Amazon also made Glassdoor’s list of Highest Paying Internships in 2017. Keep in mind, this number is the median for all Amazon interns, and does not factor in MBA education, which would likely yield a much higher number. Interns are assigned a strategic project that provides the opportunity to contribute to solving a real business issue. Additionally, an internship with Amazon is often a foot in the door to a full-time career with the internet retail giant. Amazon’s website encourages MBA’s to apply, stating:
“You will have the autonomy to think strategically, make decisions, and drive significant impact to the customer experience and the business. To be successful, you must be passionate about the business, flourish in ambiguity, and demonstrate nimble leadership.”
Two Sigma Investments, a relatively young investment management company, has been getting a lot of press for its generous internship compensation. According to Business Insider, the $40 billion hedge fund, which started in 2001, grew 400 percent from 2012-17. The 10-week internships can pay upwards of $10,500 per month. Internships at Two Sigma are primarily in STEM, and MBA’s with an interest in Quantitative Research might find this program particularly rewarding.
The Best Business Schools for Landing Top Consulting Jobs
Clear Admit recently explored which business schools help prepare MBAs the most for a career in consulting, which you can read below.
With starting salaries in the $140,000 to $150,000 range and a customary $25,000 signing bonus on top of that, it’s no wonder so many business school students target the prestige consulting firms known as the “MBB”—McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company—as their post-MBA landing pads. That $170,000+ annual compensation package can quickly cut any MBA loan debt you may have taken on down to size.
Indeed, management consulting has been one of the most coveted career paths for fresh MBA grads for ages. And though the technology industry has in recent years been stealing some grads from the consulting industry’s traditional slice of the pie, the most recent MBA employment reports reveal that consulting is already making a comeback against tech at certain schools.
The opportunity to work with a range of clients comprised of many of the world’s most celebrated businesses across industries—tech included—is part of the appeal of consulting. In many ways, a top consulting gig allows MBA grads to continue their management education while getting paid for it—and further honing their skills and expertise by helping solve a wide variety of business challenges. And, not for nothing, breaking into the MBB is a highly competitive pursuit—one that almost assures that your colleagues will be smart, driven people you’ll get a lot out of working with.
Finally, where the top consulting firms are choosing to find their talent reflects on the quality of the education those schools’ students are getting. In many ways, the hiring practices of the MBB can serve as a gold star standard of sorts for MBA programs.
Elite Firms Hire Grads from Elite Business Schools
The crème de la crème of leading business school talent has headed toward the top consulting firms for decades—and performed well there—creating a virtuous circle of sorts in which the firms’ appetite for such talent only grows. And while this piece focuses on MBB, we should note that a host of other consulting firms—Deloitte, A.T. Kearney, Accenture, Strategy&, and Oliver Wyman among others—are also highly prized post-MBA destinations.
If you are looking to see which business schools send the greatest percentage of their graduates into consulting overall, don’t miss our September 2017 analysis of leading consulting industry feeder schools. Which schools top the list? And what stands out about how these schools successfully train students for careers in consulting?
Looking at Class of 2016 graduates, the University of Virginia’s Darden School led the pack, with 38 percent of its graduates heading into consulting. Columbia Business School was next, sending 35 percent, followed closely by Northwestern University’s Kellogg School of Management, which sent 33 percent.
The 2017 employment reports, which have been released since our analysis last fall, show some shifts year over year. Darden tied with Emory’s Goizueta School of Business in terms of the percentage of Class of 2017 grads who headed into consulting, with each school sending 34 percent. Close on their heels were Columbia, Duke’s Fuqua School of Business, Northwestern’s Kellogg School of Management, and Dartmouth’s Tuck School. All four sent 33 percent of their most recent graduating class off to consulting firms.
2 Non-U.S. Schools Lead All Others in Consulting-Bound ’17 MBA Grads
But year after year, one thing remains the same. INSEAD, with campuses in France, Singapore, and Abu Dhabi, beats all leading U.S. business schools when it comes to consulting. INSEAD’s 2016 MBA employment report, detailing employment outcomes for December 2015 and July 2016 INSEAD grads, shows that 46 percent went into consulting. And the most recent figures reveal that almost a full half—49 percent—of the 1,029 students who completed the INSEAD MBA program in December 2016 and July 2017 chose to either enter or return to the consulting field.
We should note here that INSEAD is distinct from many other schools in that it includes sponsored students who are returning to their pre-MBA employers among its hiring stats. This is in contrast to many U.S. schools, where the reported number and percentage of students hired by sector and employer corresponds to those students actively seeking employment, excluding sponsored students. Of the 49 percent of INSEAD 2017 grads headed into consulting, 33 percent were new hires and the remaining 16 percent were returnees.
London Business School (LBS) was the runner-up for the Class of 2017, sending 41 percent of grads into consulting. This was a 6 percentage-point gain over the school’s previous class of MBA graduates. Like INSEAD, LBS’s reported sector designation and top employer information includes sponsored students, only its employment report does not disclose what percentage of the class those returning students represent.
London’s Largest MBA Employers
For MBAs looking to begin a career in London, there is an array of amazing opportunities. Not only are there a number of top companies hiring large numbers of MBAs, but those with advanced degrees tend to earn more and witness more growth than those without. In fact, a recent analysis of MBA graduates from the London Business School reveal that 93 percent of students had received and accepted a job offer within three months of graduation. The average salary for such graduates was $117,596.
London is home to a number of international companies and remains a bustling center of global business. Here are just a few of the top London companies currently hiring MBAs.
McKinsey and Company is a global management firm which works alongside some of the top public and private sector organizations in the U.K. to address their most pressing needs in technology, strategy and operations. Partnered with several leading companies in London and around the world, McKinsey aims to set long-term goals surrounding challenges of the economy, as well as contribute to dialogue about current trends in business and society.
McKinsey & Company’s has more than 90 global offices, including London, where it has operated for over 50 years. McKinsey was the top employer of London Business School MBAs last year, with a staggering 38 new hires among graduating students.
The Boston Consulting Group is a massive consulting group now with more than 80 locations in 48 countries. A leading advisor for business strategy around the globe, the BCG remains a top employer of MBAs in London. The company also provides students opportunities to get involved before graduating. Each fall, BCG recruits undergraduate, graduate and Ph.D. students as associates to help solve some of the toughest client challenges.
Founded in 1856 out of Zurich, Switzerland, Credit Suisse is one of the leading global private banks, employing more than 48,200 people in 150 different countries. Focusing on three different business areas—Swiss Universal Bank, Asia Pacific and International Wealth Management—Credit Suisse is constantly looking for ways to make inroads into new markets and support and elevate its employees.
Credit Suisse offers analyst and associate programs in all major areas outside of Switzerland, which are available to MBA and MA students. The company also offers a 8-10 week summer internship program just for current MBAs.
Bain & Company is a leading management consulting firm, which works with business leaders across the U.K. to help make companies more valuable. Established in 1979, Bain London is the oldest office and the first outside of the United States.
The Bain London offices are home to more than 456 employees and—in 2006—Bain was recognized by the Financial Times as the #1 “Best Place to Work”. Bain actively recruits MBA students from top programs around the world, and is open to applications for consultant positions from students in the second year of their program or nearing the end of a one year degree.
Established in 1926, today A.T. Kearney is a leading global management firm with offices in more than 40 countries worldwide. Partner-owned, A.T. Kearney works with two-thirds of the Fortune Global 500, and some of the top non-profit and governmental organizations around the world.
A.T. Kearney is a top employer of business students in London and provides a multitude of opportunities for MBAs to get involved even before they join the career force. Each year, the company offers a the Global Prize Annual Strategy Case Competition, which invites post-graduate students to take on real-world consulting challenges.
Rotman Team Wins Regional A.T. Kearney Global Prize Competition
For the past 19 years, A.T. Kearney has hosted an annual prestigious strategy case competition for the world’s top business schools. The competition asks teams to tackle a simulated engagement of a real client challenge and come up with an actionable strategic solution that provides real value. For the second time in three years, the University of Toronto’s Rotman School of Management team of Full-Time MBA students won the North American leg of the competition. Continue reading…
