How's everyone's internship hunt going?

what is average salary for an intership in NYC anyone?

Two virtually impossible questions, perfectexamscore. Very company, business cycle, industry specific. You can't guess year on year I would think. Maybe something like Citi or Amex, because they recruit for a multitude of roles in different parts of big organizations.

The salary? Doesn't matter - it's ten weeks pay. It really makes little difference. I am sure there are people who get paid the equivalent of a six figure salary, and know that some get around $12 / hour. Varies wildly depending what you do.

Very insightful (and exciting for a future MBA'er) post here. Has anyone that's been through the Asset Management/Investment Management recruiting process that can shed a little light for me? Definitely interested to see what I'm in for. Bonus points if it's from the prospective of a career switcher!

Just wanted to post a personal update here. Things have been very difficult on a personal level here in terms of traineeships. The competition has been incredibly stiff (yes even for London), and spots are few and far between.

Do the first years have any positive news yet?

Kellogg starts pretty late compared to other schools. This past week was the first week of on campus interviews. All of the big MC and IB's did their 1st rounds. I know some people who really cleaned up and others who were shut-out. Its hard to know how that compares to years past. Some companies and offices have given out decisions already, I know of people who have offers at places like McKinsey, Goldman, JPMorgan already.

Most of the stuff outside of this have just started out the R2 invites, I know myself and apolloluna both got a R2 with a company we interviewed with during the beginning of the week. Thats the only one I have heard from so far, I have my next interview on Tuesday and also hear about my next R2 decision then. I am pretty specific on my career goals and have really done well with those. I got invited or was an alternate, since Kellogg is closed 50% and 50% open, if you make the alternate that usually equates to you would be invited at schools which do 70/30. Kellogg is actually going this path which I personally would prefer since there it is annoying to get #1 alternate instead of one of the 6 closed spots.

As for how it will work out its still too early to tell. I know some companies that said they are targeting fewer people, some the same, and a some have actually said they are hoping to get even more. Most industry say their programs still have valuable projects for people so they will be hiring the same number.

So, whats the latest on this front? At Ross, on campus recruiting is DONE at this point in time. In summary, banking and consulting have been brutal this year. Especially consulting, since there are way more people pursuing similar number of internship slots as last year. People who have been successful are those with big name schools or employers on their resume. There are some rare non-brand name average joes, but they were lucky and really worked their butt off. Although I personally have been able to land the internship I wanted in another industry, it is becoming very clear from the results that career switching is virtually impossible this year and possibly the next couple of years as well. Numberswise, internationals fared poorly compared to citizens/GC holders. Beyond that I cannot guestimate any specific employment rates. I think the career services presentation during GBR would reveal much.

edit:Recent rumors are that atleast 1 big-brand company has rescinded the intern offers that were made barely 3 weeks ago.

+5 kudos for the brutal honesty...this is the kind of stuff I think incoming students need to hear to sort of brace ourselves for recruiting next year.

congrats on landing your internship!
Thanks for the update. good to hear what's happening at Ross. We just have to hope now that it gets better soon!

On-campus ends here this week...and R2 stuff is still on going. It has been very tough this year. I will agree with the statement about career switchers having a hard time and it definitely is much tougher for people who dont have work authorization. Far fewer opportunities and those that are available are super competitive since so many international people apply to almost every company that actually hires internationals. Here at Kellogg, IB was terrible compared to the past. The number of people going after it was way down and the success rate for those who stuck it out were worst than in the past. Big name consulting companies varied, McK actually made more offers but the rest varied pretty widely. Last year was a banner year for BCG so its not surprising they would be down, from what I have gathered I think that the Big 3 held up fairly well here. Some people pulled down multiple offers so its tough to know how final numbers will look at this point. Competition was up slightly this year here, definitely not to the same extent that it was up at other schools. On other fronts CPG seems to be down more than consulting, definitely a tough year.

I have heard of 2nd years having offers rescinded but not internships yet. I have heard of several companies and offices are now asking for people who accepted offers to delay their start dates, instead of starting in September its now January/February 2010.

thanks for the update riverripper! I'm curious about what Kellogg's final numbers will look like...

It's been a rough year here at Haas as well, but I'm happy to see that probably 60% of the 1st years have found internships. In the last 2-3 weeks, roughly 10-20 jobs a week pop up through job postings and off-campus recruiting, and our new dean has been asking our alums to try to hire Haas. It seems to be working, as many of my classmates have been interviewing a lot again last week and this week and getting offers.

In some ways, some of the "cooler" jobs are doing the "Just in Time" method and many people who accepted jobs earlier this semester are kicking themselves for not waiting (I don't blame them).

How's everyone else doing?

Darn it, I don't know what to do. I've spent the last year trying to get into business school, got into Duke, and now i'm having second thoughts based on these posts. I want to go into consulting, changing careers from television production. I have absolutely no money and am funding my entire education through a giant student loan. How can schools justify charging so much if they can't even get students the jobs they need to pay off the loans! I just hope the economy is recovered by the time I'm looking to get a consulting internship/job. Sigh.

well, we're all hoping (four our own akes too) that the job market gets better next summer. I wouldn't fret yet.

Yeah, but don't internship opportunities for FYs start in January -- meaning 8 months from now. What happens if a career switcher doesn't land a consulting internship, but the economy improves in 2 years? Is there still a chance to get into consulting without a consulting internship on your resume?

Stockmoose,

I'd say yes by definition, since consultancies would be looking for much more guys than the ones they gave interships to.

That said, I am positive you would find consulting unsurvivable.

Paradosso,

Why would you say that consulting is unsurvivable? It actually seems fun/interesting to me -- being faced with a problem and trying to solve it. I love taking things apart, analyzing them, and putting them back together; that's more or less what consulting is.

personally, I could never do consulting. While problem solving at a high level is fun, the amount of traveling and minutia (for power points) that many consultants do just does not appeal to me. But that's just me.