Late Lunchtime Links: Some MBA interns are making $20k a month in consulting
Forget investment banking: consulting is shaping up as the place to be, especially if you're an MBA.
The website Poets and Quants has looked through U.S. business schools' records of student pay and identified that in 2012 consulting interns were better off than banking interns. The average consulting intern at Harvard or Stanford made $10.5k a month, says P&Q. This compared to an average of $8.3k a month for a Harvard MBAs who interned in investment banking. Last year, an MBA from Chicago Booth earned $25k (£16k) a month from a consulting placement, while an MBA from Columbia scored $20k a month - also in consulting.
As we noted last week, even a top MBA costing $90k is no guarantee of getting a job in financial services these days. Anecdotally, consulting careers are becoming a more popular choice for MBA students who say that banking now offers less upside than it used to and that consulting at least allows you to have a weekend.
Poets and Quants also provides the following helpful chart, showing which MBA schools' interns earn the most. Chicago and Columbia come out on top. Figures refer to 2012, unless they're starred - in which case they refer to 2013.
Source: Poets and Quants
Yes, Antony Jenkins is the perfect replacement for Stephen Hester. (Financial Times)
“Stephen has always been like this,” said a City veteran. “He gets exasperated, he blows up, then he gets back to work.” (The Sunday Times)
Anthony Bolton's Chinese experience suggests working in China may not be all that. (Financial News)
Synthetic CDO comeback flops as buyers remain traumatized. (Slate)
If you have a simple-to-pronounce name, you may get promoted faster. (ABA Journal)
In October 2012, David Icke made around £300k for a single lecture on lizards taking over the world. (Sunday Times)