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pre-MBA salary question

coolashangel

Intern

Joined: 18 Jan 2011

Posts: 35

pre-MBA salary question [#permalink]

12 Jun 2011, 21:58

Hi, in some of the applications they ask you to put down 'base salary' and 'other income.' I'm a younger applicant so how do I calculate a 'base salary' for summer internships that were paid on a monthly or hourly basis? Do I annualize the pay? thanks

redjam17

Current Student

Joined: 18 Mar 2011

Status:Attending Johnson!

Posts: 80

Location: United States (NY)

Schools: Cornell (Johnson) - Class of 2013

WE:Engineering (Consulting)

Re: pre-MBA salary question [#permalink]

13 Jun 2011, 02:14

Based on my experience, the schools typically give you the option to specify whether the wage is hourly/monthly or annually. Is that not in the forms that you're looking at?

AN225

Manager

Joined: 29 Sep 2010

Status:Happy to join ROSS!

Posts: 234

Concentration: General Management, Strategy

Schools: Ross '14 (M$)

Re: pre-MBA salary question [#permalink]

13 Jun 2011, 09:39

Is there an option to insert a net salary? For some of my positions I don't know gross amounts coz I was always paid net anyhow.

coolashangel

Intern

Joined: 18 Jan 2011

Posts: 35

Re: pre-MBA salary question [#permalink]

13 Jun 2011, 14:29

I'm doing the Harvard application and I don't think it gives you a space to select hrly, monthly, etc. so I'm assuming it wants you to put down an annual figure.

What is a net salary?

schemer

Manager

Joined: 20 Sep 2010

Status:CEO in training

Affiliations: ACCA

Posts: 59

Concentration: Entrepreneurship, Marketing

Schools: Ross '14 (M) INSEAD '14 (D) Wharton '14 (D)

Re: pre-MBA salary question [#permalink]

13 Jun 2011, 14:57

Net salary is the amount paid to you by your employer after taxes and other statutory deductions.

Jerz

VP

Joined: 09 Dec 2008

Posts: 1221

Schools:Kellogg Class of 2011

Re: pre-MBA salary question [#permalink]

13 Jun 2011, 15:02

Your best bet is to ask your employer for your gross pay amount. You don't want the hassle of possibly trying to explain why the amount you reported on your application is different from what your employer told your background checker.

If you haven't told your employer you're applying, I would either just report net pay or, if you knew how much is withheld from your pay for taxes and other withholdings, estimate your gross pay based on that. As long as you have a valid rationale for how you came up with what you report on the application it shouldn't be a big deal if it does come up during the background check.

coolashangel

Intern

Joined: 18 Jan 2011

Posts: 35

Re: pre-MBA salary question [#permalink]

14 Jun 2011, 08:04

I double checked the Harvard application and it doesn't allow you to specify hrly, monthly, etc. So if I earned $x/hr doing a summer internship for 3 months, should I convert that figure to an annual basis?