Where Can I Get My Summer Internship?
In part one of our primer on MBA internships—”What is a Summer Internship and Why Should I be Interested?“—we took a closer look into the benefits of having a summer internship and where to start to look for one. Today, we’ll start to dive deeper into what types of opportunities are available, which companies offer them, and the potential salaries interns can make.
Where Can I Find a summer Internship?
You might already be sold on the idea of getting a summer internship, but if you’re going to reap the benefits of an internship, you’ll have to find one first.
A look at summer interns at business schools throughout the country reveals some common trends. While students find and get internships in a variety of ways, the most common method by far as through university resources. At the Booth School of Business at the University of Chicago, for example, 86.7 percent of students had their internships facilitated by the school, whether through campus interviews, connections made through networking, or other sources like faculty and student groups. For the much smaller percentage who found summer internships on their own, it was a fairly even split between students with personal connections and those who applied directly through a company’s website or job board.
If you’re looking for the perfect summer internship, making use of your school’s Career Services department can be crucial part. A quick look at the Booth School’s Career Services can help make sense of that 86.7 percent number: the office provides students with help in networking, interviewing, negotiating and more. These skills might be gained through workshops, one-on-one coaching, and other techniques to help steer students through their internship experiences and onto careers.
What Will I Be Doing?
The types of opportunities available for MBA summer internships are just as varied as the students themselves. At the University of Pennsylvania’s Wharton School, two functions emerged as the most popular (marketing and education, with 17.2 percent of Wharton interns and 15.4 percent, respectively), but overall revealed a huge variety of industry and fields. From hospitality to insurance to real estate, Wharton student interns spent their summers doing a little bit of everything. Students also did not seem to be restricted in their internship by location. While 28 students did stay in the state of Pennsylvania to complete their internship, a nearly even number took on internships in New York City, and many more spread throughout the country in states like California, Massachusetts, and the District of Columbia. Over 22.5 percent of students even completed internships outside of the United States.
Nearly a quarter of Wharton MBAs complete their summer internships outside of the United States.
The type of work performed by interns each summer can also vary heavily, depending on the company, the position, and even a students own career goals and abilities. There is also a lot of variety as far as the scope of each internship: while some interns work full-time hours over the course of a summer, other roles may require less of an extended time commitment. For Wharton interns working full-time over the summer, internship length had a huge range and might run anywhere from three to seventeen weeks.
Most major companies that hire and recruit MBAs will have some type of internship program already in place, but looking at past internship and employment reports at your university can provide a good snapshot of what types of companies students typically intern with. At Northwestern University’s Kellogg School of Management, there were a number of companies hiring more than three students, while some hired more than 25 Kellogg students. Companies like Amazon, McKinsey & Company, and the Boston Consulting Group emerged among the top hiring companies of MBA interns from Kellogg.
In a tech company like Amazon, the type of internships offered to students can also vary widely. Students interested in working for the company might find internships available in the Finance Leadership Development Program, the Retail Leadership Development Program, the AWS CloudPath Program manager and more.
How Much Will I Make?
With the length of every internship and the hours required varying so significantly, how can students be sure their internship can support them through the summer?
A look at MBA internships and the salaries they offer from month to month reveal a general trend of well-paid internships even in industries on the lower end of the payment range. Far from the typical unpaid internship that so often springs to mind when students search for summer gigs, payment for these MBA internships can range from $1,000 per month to more than $14,000. The tremendous range in these numbers is mostly the result of differences in industry and function for each internship. At the Anderson School of Management at UCLA, for instance, student interns in consulting reported salaries ranging from $4,333 to $14,083 per month. Even the industries with the lowest salaries overall still boast pay that can generally support a student’s cost of living for the summer. For job function, the highest paid internships were in management/strategy ($500-$14,083), while the lowest were in human resources ($520-5,600).
With the possibility of high salaries, networking opportunities, and even the chance to turn an internship into a full-time career, it’s no surprise that so many MBAs participate in summer internship programs. At UCLA Anderson, 227 students of 238 sought internships for the summer—and 227 found them.
Your internship goals also might help you pick the right MBA program if you are still undecided. Looking into the success rate of internship placements at each school, as well as where students typically intern and the range of salaries they earn, might make the difference between two otherwise equal programs.
What is a Summer Internship and Why Should I be Interested?
The idea of an internship may evoke images of coffee runs and paperwork for many business students, but in reality summer internships can be a crucial—and incredibly lucrative—part of every student’s business education and early career.
Around the country and world, top companies open their doors each summer for students interns to gain on-the-job experience, make professional connections, and get a glimpse at what their post-MBA future has in store. Many business schools now even require an internship between a student’s first and second years in their MBA program.
But what really is a summer internship, and why is it seen as so important for MBA students? We take a look at why the summer internship plays such a crucial role for business students, and the ways you can make the most of your experience.
What is a Summer Internship?
Although the idea of internships began as an opportunity for medical students to gain hands-on experience in the field, they can be found today in nearly every industry, organization, and type of institution. From massive corporations to the smallest nonprofit, summer internships have become a key part of both running a business and starting a career. And with the win/win nature of most summer internships, it’s understandable why: the student gets to spend their summer break making connections, gaining experience, and often making money, while the company gets temporary help from someone who just might eventually become a dedicated employee. Because of the invaluable on-the-job skills attained during an internship, many business schools now even require them between a student’s first and second year.
But the reason to get a internship goes beyond the experience that can be gained over the course of a summer or semester: a LinkedIn survey looked at the 3.5 million users with internships in their job history and discovered 600,000 users who returned to those same companies in full-time positions. Furthermore, he industries in the survey that boasted the highest likelihood of an internship becoming a full-time job are well aligned with an MBA’s experience—31 percent of internships in accounting and 25 percent of internships in management consulting became full-time jobs.
Even for those who don’t return to the same company they interned for to work full-time will find that having an internship on their resume speaks volumes for potential employers. With 86 percent of employers looking to hire recent MBA graduates (according to a GMAC survey)—a figure that continues to grow—it’s more important than ever to be able to easily demonstrate your value and experience to prospective employers.
How Do I Find a Summer Internship?
While it’s not impossible for students to venture out on their own and apply directly for internships they want, one of the best parts of being in an MBA program is having the support and resources of the business school behind you. Especially since so many programs now require internships as part of the MBA process, the university has become a crucial part of helping students to find the perfect internship for their interests and career goals.
A quick look at employment reports from a major university like NYU’s Stern School of Business can reveal just how important a school’s career development office can be when it comes to finding that perfect internship. At NYU Stern, 76.4 percent of internship offers accepted by the Class of 2017 were facilitated by the school, compared with just 23.6 percent initiated by the students. And while roughly half of the offers initiated by students came from existing personal contacts, the school facilitated offers came from a variety of different sources. Whether it was on-campus scheduled interviews at the school, job postings, Stern supported activities like clubs and conferences, business school alumni or career fairs, the school was able to lead students to internships in consulting, entrepreneurship, healthcare, media and entertainment, and more.
Why Other Benefits are There to a Summer Internship?
Even if the thought of building a professional network and opening the potential for full-time employment through an internship sound appealing, it’s likely you still have money on the mind. It’s understandable, too, since so much of the discussion surrounding internships today bring one word to mind: unpaid.
It’s certainly true that unpaid internships make up a large portion of the summer internships that are available, and for many students it’s not fiscally possible to lose a summer of working to gain professional experience. Thankfully, business schools understand this and strive to find students internships that will not just fit their career goals but their financial goals as well.
Due to the level of the work and time commitment, most internships for MBAs are paid, and often pay quite well. So no need to sacrifice career growth for summer funds—in fact, the two things go together perfectly! While it varies slightly by industry, summer interns in the Class of 2018 at Northwestern University’s Kellogg School of Management made a monthly average salary of anywhere from $3,500 (nonprofit industry) to $10,734 (consulting).
Summer internships can be a crucial part of the MBA experience, and it’s clear to see why: with the potential of an internship to turn into a full-time job and the financial benefits of the experience, MBAs should be banging down the door for the opportunity. But thankfully they don’t have to. Business schools and their career development offices have made it a priority to get students the internship of their dreams at the salary perfect for their wallets.
The Wells Fargo Scandal and a Pattern of Deceit – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
What Makes Deceit Such a Hard Habit to Break? – Kellogg Insights
New research from Northwestern University’s Kellogg School of Management‘s management and organizations department reveals why the Wells Fargo’s and Bernie Madoff’s of the world often find themselves in cycles of deceit and misconduct.
“Because morally questionable behavior is uncomfortable, people don’t want to take responsibility for it,” explains assistant professor Maryam Kouchaki, who, along with assistant professor Nour Kteily and associate professor Adam Waytz, explore what they dub a cycle of “self-dehumanization.”
It’s a process where “people subtly adjust their self-image and begin to view themselves as possessing fewer of the human traits that would curb that bad behavior. They, themselves, aren’t to blame, this line of thinking goes—they’re just not capable of behaving any better.”
You can learn more about the trio’s research here.
Business Students Develop Sponsorship Proposals for Special Olympics – Kellstadt Business Blog
As part of DePaul’s Sports Management faculty director Andy Clark’s winter quarter sports sponsorship marketing course, Kellstadt Graduate School of Business MBA students collaborated with Arena Partners on “attendance-driving ideas and sponsorship strategies” for the Special Olympics’ 50th Anniversary Celebration set to take place in Chicago this coming July.
At one point, the class hosted Kellstadt alum, DePaul Board of Trustees member, and Special Olympics of Illinois Board Chair Karen Atwood MBA ’82, who spoke of the potential impact that Kellstadt MBAs can have on their communities.
“I always think when you can see the impact that your actions, your ideas and your support bring to the larger community, the more it reinforces why the Vincentian values are so important.”
You can find out more about the Special Olympics project here.
Solutions Summit – Quinlan School of Business
The Loyola’s Quinlan School of Business Leadership Hub just announced its first annual Solutions Summit; a networking extravaganza designed especially for vice presidents, directors, and managers; supply chain leaders; and family-owned businesses.
This year’s inaugural event will host Alberto Ruocco, a Senior Executive Partner at cybersecurity leader Gartner; Reynolds VP of Category Management Nancy Bedwell; and Susan Ramonat, CEO of Spiritus, a Blockchain leader. This year’s event will be held on October 9 at the Schreiber Center on 16 E. Pearson St., Chicago.
To register for this year’s Solutions Summit, click here.
In Search of the Best Chicago Internships for MBAs
Chicago is an ideal place to earn an MBA. In addition to having some of the strongest business schools in the country, the Chicago area is home to nearly 40 of the Fortune 500 companies. The bustling metro is also the financial and cultural hub of the Midwest, making it an ideal place for major corporations to set up large outposts. This means a wealth of internship program opportunities for MBAs at the start of their careers. So, for those with the gusto to live in the gustiest metro, the rewards can be huge. Below, we’ve laid out at which companies Chicago MBAs most often seek internships with.
Given Amazon’s involvement in nearly every industry, it is no surprise that the company is on the hunt for innovative MBAs to help maintain its dominance and status as the world’s greatest internet retailer. The mammoth corporation assigns interns a project for which they will partner with clients to glean true insight into the inner-workings of the company.
According to the Wall Street Journal, “Amazon took in more interns from the University of Chicago’s Booth School of Business than either Bain & Co. or McKinsey & Co., which were until recently the school’s top hirers of interns …” Amazon also offers many interns the opportunity to come back to work at the company full-time.
Just last year, Amazon was a major player in hiring Chicago Booth School of Business MBA graduates and interns. Twenty-six graduates managed to earn a full-time job with the company, while an impressive 33 interns joined its ranks, which was the single highest total among all companies that employed Booth interns.
The companyalso brought in students from nearby Indiana. Several Class of 2018 MBA students from the Notre Dame University Mendoza College of Business earned vital internship program experience at Amazon, which often leads to direct hiring.
Many of the companies hiring MBA interns offer exposure to retail, tech, and financial services, or consulting. But Abbott Laboratories, headquartered in Lake Bluff, Illinois, is a popular internship destination for MBAs interested in pursuing a career in pharmaceuticals. The Commercial MBA Internship allows interns to get their foot in the door of this massive and growing industry.
Several MBAs at the Kellogg School of Management at Northwestern University joined Abbot Laboratories, according to the school’s most recent employment report, joined the company’s summer internship program.
Deloitte, which has a Chicago office located right near the iconic Willis Tower, employs 40,000 people in the U.S. The company’s Client Service Internship can take place throughout the course of a semester or over two months during the summer. Consulting tends to be a popular area of focus for MBA grads, but Deloitte also offers a plethora of opportunities for advanced degree students interested in financial sectors such as auditing and tax. Depending on their interests and professional backgrounds, interns can join a client service team in Deloitte & Touch LLP, Deloitte Tax LLP, Deloitte Risk and Financial Advisory, or Deloitte Consulting LLP. According to The Balance, summer interns at Deloitte can make anywhere from $3,850-$12,000 per month. Deloitte also made Fortune’s list of “25 Top MBA Employers.”
Around 50 percent of McKinsey & Company’s incoming hires have MBA degrees, so business school recruiting is a high priority for the mega firm. The consulting giant—which now has over 120 offices worldwide—was actually founded in Chicago in the 1920s, so it makes sense that the company is one of Chicago metro’s most active MBA recruiters. Though gaining entry to the elite consulting firm is extremely competitive, both University of Chicago’s Booth School of Business and Northwestern University’s Kellogg School of Business have been able to claim the company as one of the top places their MBA students land for internships and full-time employment after graduation.
In fact, no company hired more Booth grads than McKinsey and Co. The company managed to snag a staggering 48 employees from the business school last year, which accounted for nearly 10 percent of the entire Booth MBA Class of 2017. Not so surprisingly, McKinsey also brought in 26 Booth interns within the same year—the second most among any employers in that time frame.
So, what should an MBA at in the McKinsey internship program expect? According to the firm’s website, MBA interns “… join us as associates, working either as generalists or practice consultants if they have and area they’d like to focus on.”
New Northwestern Career Video Series Tells You How to Own Your Career
The Career Management Center (CMC) at Northwestern University’s Kellogg School of Management recently launched the “Own Your Own Career” video series aimed to develop brave leaders.
The series was created for prospective and current students, along with alumni, to discuss aspects of managing a career throughout its life cycle. The videos also touch on how Kellogg students can bring value to employers and demonstrate the qualities they seek.
The goal of the video series is not only to help students launch their careers, but also to help them gain the skills and mindset they need to manage their careers over a lifetime, explains Liza Kirkpatrick, senior director of the CMC for the full-time MBA program at Kellogg.
Kellogg Senior Director of Career Management Liza Kirkpatrick
“To that end, we enlisted some of the best minds at Kellogg to address topics that are foundational to owning your career—developing your network, career agility, resiliency, selling your career, and leadership.”
Kirkpatrick continues, “These quick videos tell a narrative about career management that will resonate with and be informative to a broad array of audiences, including prospective and current students.”
The first four episodes of the “Own Your Own Career” series are already online.
- Episode 1: Starting the Career Journey—The first episode highlights three different individuals: Liza Kirkpatrick, Adnan Rukieh, director of the CMC for the executive MBA and evening & weekend MBA; and Matthew Temple, director of the CMC for alumni career and professional development. Together they discuss how individuals can start their career right now.
- Episode 2: Professor Harry Kraemer on Networking—The second episode delves into the importance of networking, emphasizing the value of helping others so they might return the favor in the future. Kraemer talks about networking as a lifelong journey and a key to reaching the C-suite.
- Episode 3: Associate Dean and Professor Bernie Banks on Leadership—This third episode discusses what it takes to be an influential leader who inspires people to perform. Banks dives deep into the situational nature of leadership and how to get people to fulfill your expectations.
- Episode 4: Professor Carter Cast on Career Agility—In episode four, Cast talks about being self-reflective during a career transition. He encourages viewers to understand their strengths and weaknesses and to think several steps ahead when it comes to their career.
“The video series enhances and expands the CMC’s foundational work by highlighting faculty and industry thought leaders who can provide practical examples based on their experience of how to actively manage or own one’s career,” Kirkpatrick says.
“The series provides a roadmap for being proactive and present in your own career development and encourages students to continue asking the right questions to shape their career, not only while looking for a job, but throughout their entire career life cycle.”
This article has been edited and republished with permissions from our sister site, Clear Admit.
Unfair Prestige, DePaul’s Master of Science in Taxation is Honored, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
Juries Treat Prestigious Companies Differently in Employment Discrimination Suits – Kellogg Insight
New research from Northwestern University Kellogg School of Management professor of management and organizations Brayden King finds that organizations are often treated very differently when it comes to certain lawsuits, often depending upon the prestige of the company
“Prestige is harmful to organizations in that it draws attention to their potential hypocrisy. These companies are supposed to be standout examples of virtue in their industries or examples of how companies should behave. It makes them high-profile targets,” King writes. However, there are plenty of benefits to the prestigious title, much of which may be considered unfair.
When it comes to business, wrongfulness isn’t often attributed to the same company, even in the case of repeat offenses. Working with Mary-Hunter McDonnell, Kellogg Ph.D. graduate, the research found that “juries don’t make the same character attributions to chronically deviant organizations. They think about organizations differently.”
You can read more about the research here.
Employers Rank DePaul MS in Taxation Highly – Kellstadt News and Events
For the second consecutive year, TaxTalent has ranked DePaul’s Master of Science in Taxation degree third overall as part of its 2018 Top in Tax Educational Survey. MST assistant director Diane Kuhlmann believes that what sets DePaul’s degree apart from the pack is its combination of theoretical and practical pedagogy. Alumnus Ben Ulman ’17 raved about his experiences as part the MST program:
“The program has given me a pretty wide tax skillset. Tax is ever-changing and the program taught me what is current with laws and regulations. The best part of the program for me was the professors’ knowledge of taxation and the network you build from class.”
Learn more about DePaul’s MST degree here.
Making Financial Decisions: The Endowment Effect – MD Mag
Famed Chicago Booth professor Richard Thaler, the winner of the 2017 Nobel Memorial Prize in Economic Sciences for his esteemed work in behavioral economics, explained in his 1991 research “The Endowment Effect, Loss Aversion, and Status Quo Bias” (alongside Daniel Kahneman and Jack L. Knetsch) about the particular habits consumers have when valuing their own items. Simply put, if you own something, you tend to put a higher value on in than if you don’t.
This internal methodology often finds itself in daily financial situations, such as buying or selling a house, according to Shirley M. Mueller, MD.
“Although economists originally hypothesized that the endowment effect occurred because humans are loss-averse, new evidence suggests there is an additional reason under specific circumstances. We identify with something that is ours.”
Read more about the endowment effort phenomena and a unique student experiment here.
