- Consulting firms turn about 38% of their interns into full time employees, according to a LinkedIn report.
- According to a recent salaries report by Management Consulted, a careers resource platform that helps graduates land consulting jobs, an student pursuing an MBA degree can earn up to $32,000 in 10 weeks interning at a consulting firm.
- Drawing from Management Consulted's data, Business Insider compiled a ranked list of the eight consulting firms that offer more than $30,000 in compensation for MBA interns.
- Click here for more BI Prime stories.
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.
According to a 2017 LinkedIn report, the management consulting industry is among the top two fields that turn internships into full-time positions, as firms have a conversion rate of about 38%, Business Insider reported.
In the past year, top-tier firms have been increasing their hourly rates for both MBA interns and offer tuition reimbursements if they get hired for a full-time position, according to 2019 and 2020 salary reports from Management Consulted, a careers resource company that helps graduates land consulting jobs. 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."
Business Insider has compiled a list of the 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. 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: 10 consulting firms where you can earn more than $100,000 right out of college
8. Ernst & Young (EY)
For MBA interns: $28,000 and a $5,000 signing bonus for EY Strategy and EY-Parthenon interns.
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.
Kelly Grier, EY's US chair, recently spoke with Business Insider at the World Economic Forum on leadership strategies to bring in diverse employees. When it comes to the company's hiring practices, Grier said you don't need a four-year degree to be considered.
7. Deloitte S&O
For MBA interns: $30,000 and full second year of MBA tuition reimbursement for returning interns
About the company: Deloitte is working to upskill workers with AI training.
Known as one of the Big Four firms in the accounting and consulting industry, the company invested $2 billion in retraining 4,000 workers, Business Insider previously reported. The professional services firm launched Deloitte Cloud Institute and hand-selected employees for its curriculum.
6. Accenture Strategy
For MBA interns: $30,000 and an extra $5,000 for relocation expenses. Hires who are returning interns also get a $50,000 tuition reimbursement after taxes
About the company: Over the past four years, Accenture has redirected its focus toward retraining almost 300,000 employees. The company is among the hardest firms to break into — even for business school graduates.
Ellyn Shook, head of human resources at the firm, told Business Insider at the World Economic Forum, that Accenture invests about $1 billion each year on training programs.
"You need to inspire this work-learn, work-learn mindset," she said previously. "You're not going to go to school and practice what you learned in school for the rest of your career. That day is over."
5. Kearney
For MBA interns: $30,750
About the company: Kearney used to be a branch of McKinsey & Company before splitting and becoming its own firm in 1937.
It has built up a reputation to be one of the best operations consulting companies. Earlier this month, formerly A.T. Kearney announced a comprehensive rebrand and company name change to "Kearney."
4. PricewaterhouseCoopers (PwC)
For MBA interns: $31,250; $34,375 for Strategy& division interns.
About the company: In 2017, US recruitment leader Rod Adams told Business Insider how to land a job at PriceWaterhouseCoopers (PwC). Adams has interviewed more than 5,000 applicants since joining the company in 1995.
While technical abilities like a candidate's GPA is taken into account, Adams added that the company also pays close attention to whether your personality reflects the company's core values, Business Insider reported.
"They're demonstrated in different ways, depending on someone's level of experience, but they're important regardless of whether we're talking to a potential intern or partner," he said previously.
3. McKinsey & Company
For MBA interns: $32,000
About the company: Although it has a reputation of recruiting from elite schools, McKinsey & Company is diversifying its hires.
In 2018, the company hired 8,000 people out of an applicant pool of 800,000. Those employees were recruited from 325 different schools around the world, Business Insider reported. Kerry Casey, the company's North America recruitment director, said the firm is looking for candidates with tech and computer programming skills.
2. Bain & Company
For MBA interns: $32,000
About the company: Bain & Company has been a frontrunner in Glassdoor's ranking of the best places to work for more than 10 years. The consulting firm not only offers high salaries, but it also provides a flexible workplace for employees, Business Insider reported.
Danny Hong, a partner at the firm's New York office, told Business Insider that teamwork is what binds the company culture together.
"You can't talk to a Bain person for more than 30 seconds and they do not mention it's also the culture and the people," he said previously. "It's a real thing. They're just kind, good people."
1. Boston Consulting Group (BCG)
For MBA interns: $32,000
About the company: BCG was third on Glassdoor's ranking of best places to work in 2017.
Atta Tarki, founder and CEO of search firm ECA (formerly Ex-Consultants Agency) and expert consulting headhunter, recently gave Business Insider some insights on BCG's hiring process. He said that the company's recruitment process is much like McKinsey's, where it follows a diamond staffing model and hires more post-graduate students. The firm also administers a standardized application process with case interviews.
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