Business Analyst Intern Salary
Business Analyst Intern Salary – A primary route to getting your foot in the door at McKinsey – one of the three most prestigious consulting firms – is to successfully complete an internship and compete for a full-time offer while on the job.
With a 1% acceptance rate and uncompromising hiring criteria, how do you stand out as the cream of the crop? In this article, I will explain the two types of internships at McKinsey, and reveal the six steps you can follow directly to get into McKinsey as an intern.
Business Analyst Intern Salary
Internships at McKinsey are divided into two main tracks, the Graduate Internship and the MBA Internship. These internships usually last 10 weeks, sometimes a week more or less. Salary is higher (about $7,000 per month) than at big tech companies like Google or Amazon The work of consulting interns is very similar or identical to that of first-year full-time consultants.
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Check out the snapshot below where I have summarized the salary, duration, application deadline and eligibility criteria for two routes of McKinsey Internship – Undergraduate and MBA:
The specifics of an internship depend on many factors. For example, compensation or consulting work may depend on the office you apply for, the business function you are assigned to, and your work experience.
Regardless, these differences usually spread along a clear line. To summarize, there are three essential facts about McKinsey internships that you should know beforehand.
Undergraduates are hired as business analyst interns, while MBAs are hired as associates. If you’re unfamiliar with these titles, check out this article I wrote on Career Path Advice for a visual overview.
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For now, keep in mind that Associate positions are one level above Business Analyst positions at McKinsey, although this may not be the case at other consulting firms due to different nomenclature.
For both undergraduate and MBA routes, an internship at McKinsey lasts about 10 weeks, not always but usually in the summer. This is why the deadline for McKinsey summer internship positions is very early (usually 7 months before the internship).
At the graduate level, you should submit the application by mid-October. At the MBA level, your applications should be submitted within the first few days of December, if you are enrolled in an MBA program in the US.
For undergraduate internships, McKinsey pays its interns around $6,700/month, which adds up to a total of around $17,000 for a 10-week period. This rate is very competitive at famous well-paid tech companies like Facebook, Amazon, or Google.
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For MBA internships, McKinsey compensates its interns an impressive total of $32,000 for 10 weeks, the same rate as the Big 3 consulting firms. To put it into perspective, this means that in just 10 weeks, a typical MBA intern at McKinsey makes about 70% of what a typical American in any industry makes in a year.
Now that you have an overview of the essential information about McKinsey internships, the next step is to understand a typical intern’s job and the skills needed to do it well. Having an in-depth understanding of what you will actually be doing is very useful as you can tailor your application to what is expected of you.
If you make it to the case interview round, you can even use these insights in solving the case to show the interviewer that you can work well. This will undoubtedly give you a better chance of getting an offer.
At the graduate level, successful candidates are often assigned to the main track of the McKinsey internship program – the business analyst intern role.
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By nature, the work of business analyst interns is similar to that of full-time business analysts. In general, business analysts oversee the “manual” work of a project, while engagement managers manage the big picture.
Specifically, when interns first take on a new project, they begin gathering information about the client company and industry. They then meet with the client, interview the client, and gather further insights using data from the client and from similar cases in the past. The collected data is usually used as input for an Excel model to analyze the problem and find the root cause.
If this all sounds generic, watch this video where I break down the detailed work processes of my first project as a business analyst intern at McKinsey.
On a project, business analyst interns are typically hired to support a senior business analyst or associate with larger workstreams. In some rare cases, interns may lead a smaller workstream. If you are assigned to support a Business Analyst or Associate as an intern, you will report directly to that person. If you lead a small workstream, you will report directly to the Engagement Manager (EM).
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At the MBA level, successful candidates are often assigned to associate intern roles. Again, your job structure is similar to full-time associates.
Like business analyst interns, associate interns and full-time associates have similar jobs. Interns do what real consultants do, usually the “manual” work of a project, while engagement managers oversee the big picture. For a deeper insight, watch this video.
The Associate Intern position is an interesting position. Upon their entry, associate interns are already much more senior than other interns. So, even though associate interns are technically new to the world at McKinsey, the company will ensure that they move into senior positions very soon.
Specifically, McKinsey does this by delegating more responsibilities to associate interns: they typically lead or semi-lead a workstream. A common practice is for the engagement manager to hire another lower-ranking but senior staff member, such as a business analyst, to help show McKinsey. Throughout the project, associate interns report directly to engagement managers.
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Now that you understand the key facts about McKinsey internships, let’s dive right into the 6 steps you can take to land one of these lucrative offers.
Here’s the cold hard truth – you have to be the “crème-de-la-crème” to get the slightest chance at top consulting firms. This is especially true at McKinsey, a firm often considered in a league of its own among the Big Three consulting firms (MBB).
Apply when you’re ready! McKinsey, like many other consulting firms, has a 2-year ban on unsuccessful candidates. That’s why it’s important to start early and develop a strategy to increase your chances beforehand.
Consultation preparation is ideally a lengthy process. You can spend a year or more learning basic skills and adopting the mindset and at least 2-3 months preparing for resume screening, tests and case interviews.
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I’ve had clients who have gone through the hiring process with very little preparation, but that’s more the exception than the norm. So if you’re running out of time, you might still have a chance – learn the “killer tips” quickly in the Case Interview End-to-End Program. But in general, it’s always better to start early.
To equip yourself with the best skill set for consulting, read and practice the following topics:
Top consulting firms often hire from the Ivy League in the US or equivalent big brand name institutions in other countries, and McKinsey is no exception.
Recruiters prefer big names under the assumption that only super high achievers get into top schools. More importantly, big names influence clients.
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Now what does this mean? This means that if you’re from one of the targeted schools, congratulations, your chances are already much higher than people who aren’t. However, if you are from a regular school, it means you have to put extra effort into networking and practicing. That said, even if you come from a target school, counseling preparation is always a challenging process.
There is no official statement from either firm about their target schools, but we can make a fairly good guess. Below is a list of the top schools contributing a significant percentage of consultants to McKinsey, according to a 2018 analysis of Wall Street Oasis users.
A large part of the McKinsey internship selection process involves case interviews conducted by managers—these interviews are expensive because they take away income-generating hours from the supposed managers.
To get the most out of these expensive interviews, consulting firms highly favor candidates with positive reviews from within the firm or alumni network – hence the importance of networking in the early rounds. If you find a mentor – a current/former mentor at your target firm – even better, because in addition to referrals, he or she can give you invaluable insider advice.
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If you’re still in school, get a step ahead of networking competitions a year before the career event, then try to get referrals. Referrals increase the likelihood that employers will review your CV first.
Anyone from any practice can refer you, so don’t worry too much about applying to a practice when referred by people from other practices.
Does the seniority of your contacts really matter? Often, one referral from a partner is equivalent to multiple referrals from non-partners. So the bottom line is: if you don’t get a referral from a partner, make sure there are many
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