Fun in the Sun With MBA Internships
While others relax at the beach, five University of Miami business school students will be hard at work, dividing their summer between Bacardi and Royal Caribbean to learn firsthand how one of the leading spirits producers supplies the cruise giant.
The Emerging Leaders Internship Program at the University of Miami School of Business Administration is one of a number of MBA internships that offer MBA students direct industry experience and open doors to exciting post-business school careers.
"It's an opportunity for both sides to determine fit," said Mary Young, director of the Ziff Graduate Career Services Center at the University of Miami School of Business Administration, about the Bacardi/Royal Caribbean MBA internships. "We believe internships are critical for long-term employment success."
Data from the 2011 Graduate Management Admission Council (GMAC) Corporate Recruiters Survey confirms that one of the best ways for MBA students to prove themselves is to intern at a company in their targeted industry of employment.
According to the survey, U.S. and European companies have the highest hiring rates for interns who apply for full-time positions, 65 percent and 64 percent respectively, while Asian companies have the lowest at 40 percent.
Career services office can help find business school internships
At the University of Miami, Young says students must begin thinking about MBA internships the moment they walk through the door. "We start working immediately when they join us in the fall," she said, noting that deadlines for internships are usually in the fall.
University of Miami coaches business school students in a number of areas to help them find internships or full-time employment. Career services staff analyze students' resumes to build the credentials required to land targeted jobs. Alumni come into school to direct mock interviews. Case competitions allow MBA students to sharpen their presentation skills for case-based interviews. The goal is to provide students "critical feedback" so business school students can land targeted positions, Young said.
Where are the dream business school internships?
Many companies around the world offer great business school internships. Take a look at a few exciting internship opportunities for MBA students.
Bacardi and Royal Caribbean: University of Miami business school students get to spend two months at Bacardi U.S.A. Inc. and two months at Royal Caribbean Cruises, getting a "unique perspective" on their marketing, sales, finance and strategy operations, according to Shivani Joshi, assistant director of Miami's Ziff career services center. "It's the first time both organizations have joined to do a program like this," Joshi said.
L'Oréal: The cosmetics giant holds A Taste of L'Oréal MBA weekend in New York to recruit marketing talent. "Innovation, resilience, flexibility … we want the mixture of the analytical and the creative," Sarah Hibberson, senior vice president of human resources at L'Oréal USA, said of talent requirements on the 2010 event video.
During MBA internships, business school students assist L'Oréal in marketing products to hairdressers and salon owners or help determine the luxury and mass market products that consumers want.
J.P. Morgan: "We take recruiting Summer Associates seriously and view them as the future of our firm," the prestigious global bank J.P. Morgan says on its MBA internships web page.
During MBA internships, J.P. Morgan places business school students in investment banking, sales and trading, research, or private banking roles. It also has in place a 10-week Management Associate Program to expose future financial services leaders to areas such as strategic planning, new business and product development, employee management, and international operations.
Environmental Defense Fund: This summer, the Environmental Defense Fund (EDF) has placed 57 business school students in companies such as Adidas, AT&T and eBay to develop energy efficiency plans. The EDF reports that 2010 interns identified the following:
- $350 million in potential net operational cost savings over project lifetimes
- Potential reductions in energy use of 678 million kilowatt hours annually, enough to power 60,000 homes per year
- Opportunities to avoid over 400,000 metric tons of greenhouse gas emissions annually, equivalent to taking more than 67,000 SUVs off the road per year
Google and Boston Consulting Group (BCG): These industry leaders organize popular MBA internships for students interested in technology and management consulting.
"My impression in the end was that I had never learned so much," BCG consultant Laurent says about his internship experience on the company's website. "This impression has never left me."
MBA students can seek out their own unforgettable internship experiences. School career services offices are the place to start the search.
