8 Frequently Asked Questions about MBA Internships
MBA or Master of Business Administration is a post-graduate programme in management, commerce and business administration. It gives the students an in-depth knowledge of all domains of the industry and the corporate structures. Internship for MBA students allows commerce and business aspirants to obtain practical expertise in various industry-related fields.
An MBA degree also provides graduates with opportunities to work for some of the most prestigious companies worldwide. Most MBA internships also have the added advantage of coming with a pre-placement offer or PPO after successful completion. This article contains the answer to the 8 most frequently asked questions about the MBA degree and its internship offerings.
1. What is the Duration of an MBA Internship?
MBA students often spend 10-14 weeks interning during their vacation or semester break, while those who pursue their degrees part-time have a more extensive range of options. Internships can range from a few months to an entire year, depending on the recruiting organisation and the role. The precise duration varies from business to business.
Large-scale corporations such as MNCs and national banks may have rigid internship protocols that a candidate must fulfil to secure a certificate of completion. There may also be a possibility for high-performing interns to extend their internship period through a PPO or a job offer.
2. Which Companies Provide Internships for MBA Students?
An array of employers from the technology, banking, consulting, and financial sectors offer internships to MBA graduates. Several MNCs, including Google, Microsoft, Samsung, Amazon, KPMG and Deloitte, provide internships for high-performing MBA students every year. McKinsey, one of the “big three” consulting firms, hired more than 600 interns for the 2020 fiscal year despite the complications associated with the COVID-19 pandemic.
MBA interns are frequently sought after by smaller businesses and startups as well. However, their process for hiring may differ according to the nature of the employment. Moreover, nowadays it is quite simple to apply for an MBA internship in India so there is no dearth of opportunities.
3. What Are the Roles and Responsibilities in an MBA Internship?
An MBA internship can expose students to various industries and job functions. It helps them garner industry insights and practical experience. MBA interns may generally work with financial modelling, working in a team to solve customer issues, engaging with manufacturers, managing accounts, et al.
Candidates usually gain knowledge of cross-departmental functions by collaborating with subdivisions such as consumer analytics, accounting, and internal sales. Work experience is crucial for revealing one’s personal qualities and potential areas of improvement. Besides, no matter what department you’re working in, an internship will help you build connections inside the company and learn about it from every angle.
4. Do MBA Interns Earn A Stipend?
Some of the best MBA internship programs in India often pay the interns a fixed stipend or a performance bonus. This may however vary depending on the job functionalities and the company recruiting the interns. Moreover, firms that provide a stipend to the interns do so based on their experience, abilities, academic results, the B-School from which they graduate, and so on.
On average, businesses pay interns with an MBA from a top B-school between INR 25,000 and INR 50,000 per month in the consulting domain, between the range of INR 30,000 per month and INR 60,000 per month in the financial domain, and between INR 20,000 and 75,000 in a tech-driven business.
5. How Does an MBA Internship Uplift Your Career Prospects?
When a candidate completes an internship as part of their MBA program, the chances of securing a better placement after graduation increase. After two months of graduating, nearly all MBA students secure employment and pursue further education or entrepreneurship.
MBA internships allow the recruiters to offer recommendations based on the candidate’s performance, review the practical expertise of the candidate and also give them a chance to understand whether the candidate will be a good fit within the organisational structure of the recruiting company or not. An MBA internship is a great opportunity to test out a new field and figure out whether it fits your profile. You will gain the practical experience necessary to advance in your chosen field and get a feel for what the work will be like after graduation.
- How to Find the Best MBA Internship Programs?
Organising events, networking events, and the online job board maintained by college career cells are all excellent places to start looking for internships. Recruitment for internships and full-time positions at consulting companies often begins every year in January and March with training seminars and corporate briefings. You can also find helpful information on LinkedIn and other career-oriented websites.
Choose an MBA internship that will allow you to gain a wide range of skills and knowledge. Don’t base your decision just on the compensation. It is essential to learn what sort of work is typical for MBA students at the organisation and how previous interns felt about their experiences before selecting an internship opportunity.
7. What are the top companies providing MBA Internships in India?
Almost every business of any size and in any domain of the industry requires interns for specific job functions. This means there are multiple start-ups and MSMEs that will readily hire anyone with a decent track record, academic performance and domain knowledge.
However, getting selected by an MNC or a large-scale conglomerate for an internship can often prove to be challenging. Some businesses that offer such competitive internships include Samsung, Google, Microsoft, Flipkart, Ernst and Young, Goldman Sachs, McKinsey Co, Ogilvy, etc.
8. When is the best time to start an MBA Internship?
Internships are most beneficial during the third and fourth semesters. This is when the specialisations have been cleared and the candidate has adapted to the study pressure. Ideally, students should utilise their first year of college to ease into their new environment and routine.
The next step is deciding on the prerequisites of an internship one wants to pursue. And, students should ideally begin doing this and looking for the right internships during their first year itself. This way, one may consider their options before deciding on a company to start their career.
Interning at a firm allows students to garner experience in the field they intend to pursue after graduating. It is also an excellent medium for honing existing skills and developing new ones for the corporate world. This professional experience allows students to engage with various industry leaders and open the door to building successful professional relationships. These connections will be quite helpful once the MBA is completed. Connect with an expert mentor at Sunstone to know more about such internship opportunities today!
Sunstone is a leading higher education services provider that works with academic institutions in upskilling students for employability. Sunstone offers career-oriented training interventions for undergraduate and postgraduate students at 40+ institutions across 30+ cities.
Sunstone’s training programs are industry-endorsed to enhance employability. These programs are designed for hybrid delivery with an unparalleled focus on soft skills and personality development. Sunstone’s focus is to provide students with a holistic educational experience.
Frequently Asked Questions
- Is MBA very difficult?
MBA is a competitive course to take up. However, it is not difficult with initial effort and gradual practice. Being proficient in a subject such as English or Maths can also give a candidate an edge over the others.
- Which type of MBA is best?
There is no right answer to this question. All MBA specialisations have their own advantages and core competencies. For instance, Finance is the best suited for candidates with mathematical acumen and interest in accounts or related fields. Similarly, an MBA in business analytics is best suited for someone with the basic know-how of data science and technical analytics.
- How do I know if MBA is right for me?
MBA is a versatile degree programme that provides an overarching knowledge of the market, industry practices and common business operations. It is the right fit for anyone seeking to accelerate their career in the corporate world or to mark a step up into a position of leadership.