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Late Lunchtime Links: Some MBA interns are making $20k a month in consulting

Forget investment banking: consulting is shaping up as the place to be, especially if you’re an MBA.

The website Poets and Quants has looked through U.S. business schools’ records of student pay and identified that in 2012 consulting interns were better off than banking interns. The average consulting intern at Harvard or Stanford made $10.5k a month, says P&Q. This compared to an average of $8.3k a month for a Harvard MBAs who interned in investment banking. Last year, an MBA from Chicago Booth earned $25k (£16k) a month from a consulting placement, while an MBA from Columbia scored $20k a month – also in consulting.

As we noted last week, even a top MBA costing $90k is no guarantee of getting a job in financial services these days. Anecdotally, consulting careers are becoming a more popular choice for MBA students who say that banking now offers less upside than it used to and that consulting at least allows you to have a weekend.

Poets and Quants also provides the following helpful chart, showing which MBA schools’ interns earn the most. Chicago and Columbia come out on top. Figures refer to 2012, unless they’re starred – in which case they refer to 2013.

MBA students intern pay

Source: Poets and Quants

Meanwhile:

Yes, Antony Jenkins is the perfect replacement for Stephen Hester. (Financial Times)  

“Stephen has always been like this,” said a City veteran. “He gets exasperated, he blows up, then he gets back to work.” (The Sunday Times) 

Anthony Bolton’s Chinese experience suggests working in China may not be all that. (Financial News)  

Synthetic CDO comeback flops as buyers remain traumatized. (Slate) 

If you have a simple-to-pronounce name, you may get promoted faster. (ABA Journal) 

In October 2012, David Icke made around £300k for a single lecture on lizards taking over the world. (Sunday Times) 

Comments (2)

Comments
  1. As an investment banker who turned into a consultant after his MBA and then (after 12 months) went back into investment banking and finally landed the dream job in PE, a piece of advice:
    If you want to enter consulting, just go for the TOP Three: Mck, BCG and Bain. Oliver Wyman, Roland and LEK (in Europe) or Booz (in the USA) can be anyway considered. Go working for the minor league only if you have nothing else. A position in the MBA graduate programme of a large corporation is way better than a job with a second or third league consulting firm in terms of career prospects.
    Remember in the long run consulting is a sale job (more than investment banking) and being a generalist consultant is nice in the short run but in the long run it is a minus when you try to change job.
    This is valid for students willing to work in the USA and the EU, emerging markets are another story anyway

  2. I can tell you that these numbers are fake, a typical MBA marketing department stuff. It is maybe the HIGHEST pay but never, ever, an average.

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