Internships are an extremely important step for the students. Not only does it help them get a taste of work life, it also helps them make some cash which can be used to offset the financial burden of the second year.
So, are MBA internship salaries good? Well, it depends on a number of factors. Right from the business schools, to industries, to companies – all play a role when it comes to MBA internship salaries. The median internship salary lies at around $7000 per month for some of the top business school.
Typically, students getting into industries such as consulting and investment banking tend to be paid more than the median salary. It can range close to $10000 or even more in some cases. Salaries for non-profits, tech startups and media can be much lower. Numbers for these industries can range from $3000-$5000.
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Of course, if you are from the top three – Harvard, Stanford and Wharton – you can walk away with a fatter wallet as compared to students from other b-schools. However, this is just a general trend. Some students from other schools such as Kellogg and Booth have also received extremely high internship salaries.
In many cases, employers do not pay anything to the students. Hence, salaries should not be a deciding factor when it comes to selecting MBA internships. Students should look at other factors such as functions, industry, role, growth potential and reputation of an organization. Remember that sacrificing a few bucks for a better role will take you much more ahead in your professional life.
Also read: Higher Paying MBA Jobs