Securing a paid internship can help students – particularly mature students – to repay tuition loans and boost their employment prospects. So all of London Business School's MBA students undertake a 10-week internship with international companies based in London and across the world, including Boston Consulting Group, Credit Suisse, Shell and Johnson & Johnson.
Interns work on a specific project – such as researching the market for a new product, detailed financial and investment analysis or writing a report – and the work is closely related to their MBA studies. Most opportunities are found via the business school community and careers services, and frequently command the sort of salary a consultant might charge.
"Our MBA students already have significant management experience," says Lara Berkowitz head of employer engagement at LBS career services.
Internships or "live" consultancy projects are the most likely path to securing a dream job in business. The 2013 corporate recruiters survey by the Graduate Management Admissions Council (GMAC) found that 78% of companies offering MBA internships went on to hire. The hire rate may not be as high as it appears from the survey, however. "A company may have 10 students working on an internship project, but only hire one or two," says Berkowitz.
That said, an internship is a great CV builder. "It's a 10-week interview, a two-way trial period that could lead to a job offer," Berkowitz adds.
Stop gap
Even if an internship is not part of an MBA programme, it can be a useful stop-gap in the months after graduation. "Interns can test different working environments and understand which roles or sectors they are most suited to," says Adam Riccoboni, director of specialist employment agency MBA & Co. "We find it is very common for clients to hire interns or project workers following assignments, which can act as a useful 'try before you buy'."
Warwick Business School (WBS) has built consultancy projects into its full-time MBA that form a key part of a student's final assessment. The school scopes out the projects and liaises with employers to ensure they are getting work that will be of real benefit to the business.
"It's really valuable for students to apply their knowledge in a business setting, where they can understand the context," says Sue Thorn, director of WBS Careers Plus. "Some of our companies actually do go on to hire, but there is no expectation they will do so."
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