Things have looked pretty solid on the internship front for Stern MBA students over the last three summers. In that span, more than half of MBAs (50.6%) secured their interviews through school-facilitated interviews, while just under a quarter — 23.3% — got their summer gigs through on-campus postings. For the Class of 2019, 100% of students seeking internships secured them. In the Class of 2020, more than 86% found their summer internship directly through a Stern-supported activity.
Top internship employers of Stern MBAs in the summer of 2019 were JPMorgan and McKinsey with 16 each, followed by Amazon with 15, Deloitte with 14, and BCG and Credit Suisse with 12 apiece. Last year the top internship employers were Amazon (18), Deloitte (16), PwC (15), and BCG and McKinsey, each with 14 interns.
Intern pay has risen as well. While far fewer Stern MBA students sought internships in the summer of 2019 (337, down from 384 the year before, a more than 12% decline), those who did were paid about 12% more per week: $2,388 compared to last summer’s $2,133. U.S. citizens and and permanent residents and those with work authorizations made only slightly more than internationals, $2,393 over $2,376; that’s a year-to-year increase of 11.8% for the former and 13% for the latter.
CHECKING IN WITH GRADS OF STERN’S 1-YEAR MBA PROGRAMS
Simultaneously with the release of its 2019 full-time MBA employment report, the Stern School published a preliminary update on its two new one-year MBA programs, the Andre Koo Technology and Entrepreneurship MBA and the Fashion & Luxury MBA, whose first cohorts graduated in May 2019. The school is “continuing to track hiring for these new one-year programs” but reports that most grads of the Andre Koo program (31%) went into project management, followed by management consulting (13.8%), business development/sales (13.8%), data analytics (10.3%), and general management (10.3%).
Nearly all — 93.5% — accepted offers or started their own businesses by three months post-graduation. They made an average full-time salary of $129,015 and received average an average signing bonus of $26,345.
“Last year, we welcomed the inaugural cohorts of Stern’s focused full-time MBA programs: the Andre Koo Technology and Entrepreneurship MBA and the Fashion & Luxury MBA, which drew both existing and new recruiters to campus,” Beth Briggs says. “For the Andre Koo Tech MBA, industry outcomes we’ve tracked so far are diverse and include technology, financial services and healthcare. Students have accepted job offers in tech functional roles ranging from product and program management, to technical solutions, data analytics, operations and strategy. They are choosing companies that suit their career goals, from dynamic startups to firms such as Amazon, American Express, Uber, and Microsoft.”
Most grads of the Fashion & Luxury MBA went into general marketing (25%), retail consulting (12.5%), brand management (12.5%), general management (12.5%), or merchandising (12.5%). Nearly two-thirds, 61.5%, accepted offers or started their own businesses by three months post-graduation; they made an average full-time salary of $116,517, and received an average signing bonus of $20,833.
“For the Fashion & Luxury MBA program, students are securing roles at a pace that matches the nature of this networked and just-in-time hiring sector,” Briggs says. “They will be working in verticals such as beauty, fashion, consulting and retail tech with companies including Coach, L’Oréal, Macy’s, Tom Ford, and more.”
See the next page for more data from the 2019 NYU Stern School of Business employment report.