Summary List Placement
Management consulting is one of the most competitive fields to break into, but one way to get your foot in the door and guarantee a spot after business school, is through a summer internship.
The consulting industry is among the top two fields that turn internships into full-time positions, as firms have a conversion rate of about 38%, according to a 2017 LinkedIn report. Amid the coronavirus pandemic, firms are also showing a greater commitment to summer interns, as leading consultancies like McKinsey, Bain & C0., and PwC extended full-time offers to more 1,500 students before their summer programs even started.
Business Insider’s analysis of 2019 and 2020 salary reports by Management Consulted, a careers resource company that helps graduates land consulting jobs, suggested that top-tier firms have been increasing their hourly rates for both MBA interns and offering tuition reimbursements for their retained talent. Accenture Strategy, for example, added a $50,000 tuition reimbursement after taxes to their compensation package this year.
“They’re looking to fill their pipeline of future leaders, but there’s a limited number of top talent — that’s what makes it tough,” said Namaan Mian, director of operations at Management Consulted. “That’s why we’re seeing salaries rise. That’s why we’re seeing the recruiting timelines move up earlier and earlier.”
Firms adopted a virtual recruitment cycle during the pandemic, and they will continue to recruit online for this upcoming year. Internships are usually 8 to 12 weeks long from early June through the second week of August. Nevertheless, some programs were delayed or cut short this year at consultancies like PwC, Accenture, and Deloitte.
We’ve compiled a list of consulting firms that offer the highest internship salaries for MBA students. The compensation listed below is what you would earn in a 10-week internship, calculated based on the hourly rates provided in 2020.
It’s important to note that this is the most recently available data on compensation, and that internship pay might change in 2021 as a result of the pandemic. Firms are recruiting for interns now, but application deadlines differ, depending on the campuses, country, and position that students would be applying from. Click here for the full salaries report by Management Consulted.
Here are the eight highest-paying firms for MBA interns, ranked lowest to highest.
SEE ALSO: The CEO of Boston Consulting Group reveals the steps he’s taking to address the global climate crisis, starting with a $400 million investment and a reduction in business travel
8. Ernst & Young (EY) Parthenon Group
For MBA interns: $28,000 and a $5,000 signing bonus
About the company: Ernst & Young is one of the Big Four accounting firms. EY merged with Parthenon in 2014, a smaller strategy consulting company, to expand its global reach.
EY previously declined to share start dates for this year’s summer internships, how long the internships will be, and whether compensation would change. Amid the pandemic, the firm deferred promotions and bonuses and implemented some pay and hour cuts to staff.
Nevertheless, Dan Black, …read more
Source:: Business Insider