MyIQ Education looks at how important an MBA internship can be for a candidate’s career.
Indeed the best MBA degree from the most prestigious business school expect little importance, if the aptitudes you learnt in the classroom don’t find application in this present reality of business. Therefore, the estimation of professional experience for MBA students and late graduates can’t be accentuated enough.
Regularly, this professional experience is through the type of MBA internships.
Both future and current students are therefore encouraged to begin pondering which organizations will best help to take their career forward once they graduate.
The value of an MBA internship
“Internships (Temporary jobs) give students their first presentation to working in an association furthermore a kind of the practical territory they are keen on seeking after later in their professions,” clarifies Professor Rajesh Aithal, administrator of Placements at the Indian Institute of Management (IIM) Lucknow.
Tina Parashar a student from Strathclyde Business School, Glasgow who set out on a mid year Internship program as a feature of Strathclyde’s Saltire Foundation internship program. She says: “I got a training and marketing entry level position with a Scottish organization called Vets Now. They are at present one of the quickest developing organizations in Scotland and a year ago they had a yearly turnover of £22m. This is the first year that the Saltire Foundation has offered positions in Scotland as regularly they are based abroad.
“I was totally overjoyed when I heard the news… It was exceptionally energizing and showed that beyond having a fundamental temporary position, I had ended up a part of the Saltire family and group which was going to provide for me an opportunity to network with specialists built in the business and make great contacts…”
Irtika Khatri, MBA student at IIM, Kozhikode is a first-year student who arrived an entry level position that encourages her career objectives: she joined Visa for the late spring as financial planning and budgeting assistant in Global Finance. Khatri says she picked the internship placement for its ‘master plan’ perspective of the organization.
“This role will expose me to the drivers of revenue and profitability for Visa,” she says. Her work includes building in-depth business cases for new projects and partnering with product strategists to quantify the financial impact of new product innovations.
“I will have an opportunity to participate in Visa’s annual forecasting process and to work closely with the business units,” she says.
Alternatives to an MBA internship
Anyhow while internships furnish students with chances to experiment and pursue careers that match their scholarly and individual interests, others feel that a work space that is all the more nearly coordinated to the MBA classroom is more suitable at business school. There are a couple of business schools, for example, the Indian School of Business (ISB) that notwithstanding the classroom learning knowledge give experiential learning chances to students in handy courses and undertakings.
Proffesor Dishan Kamdar, senior associate dean at ISB clarifies that: “Internships have their focal points, however given the earlier work experience, universal introduction and differences of the ISB class, we have effectively encouraged live counseling engagements for our students which have gotten an exceptionally positive reaction from industry.”
On the other hand, this strategy is confined to a small fragment of business schools as the entry level position scene has changed significantly contrasted with 10 years ago. Numerous business schools that offer MBA internships as a major aspect of their two-year program have added module credits to them with a specific end goal to guarantee that these are considered important by students and that organizations infer value through their interns.
For the larger number of graduating MBAs, therefore, internships give the opportunity to develop industry-specific abilities; create solid collaboration abilities; build the probability of building professional networking contacts, mentoring connections etc.
Obviously there is no guarantee that a MBA internship will give students a full time position however it will positively upgrade their chances as it will help them get to be practical, experienced job applicants when they are looking for job after graduation.
“Summer internships can themselves be changed over into job offers for a decent performer and if the internship is aligned to the student’s interests then the likelihood of landing a job offer from organizations in the industry likewise increases,” says Professor Aithal.
Actually, numerous executives consider internship involvement in the job consideration, and numerous look to their own particular interns as the best potential possibility for full-time positions.
Robert F Bruner, dean of business administration at the Darden School of Business, University of Virginia says that internships are very valuable for someone who aims to change careers or industry focus after their MBA.
“An internship gives a low risk look at another field. Also, large corporations are increasingly using internships as a vetting device to determine final job offers. To gain an offer for permanent employment at the end of your summer internship is to relieve uncertainty and give you a valuable benchmark against which to compare other offers that you may receive during the second year of your MBA program. The majority of Darden students gain offers of permanent employment from their summer internships.”
Gauging employer or industry desirability
Professor Aithal makes the point that an MBA internship is not only for the employer to gain a grasp of an MBAs ability, but also for the student to gauge the suitability of the employer, or industry.
“Let’s realize that every business student is not only ‘selling’ [trying to find work], but also ‘buying’ [trying to determine the desirability of an employer]. The summer internship helps you buy smarter: you can see what the employer is like from the inside rather than relying on someone else’s opinion,” says Bruner.
But two-year MBA programs aside, a lot of students join shorter, one-year courses that due to time constraints don’t usually offer the option to enroll on an MBA internship. However, these shorter courses do have considerable vocational value, as the ability to return to the working environment sooner can be a huge plus-point for employers.
“One year programs don’t usually offer internships, a disadvantage offset by the speedier return to full-time employment. Students who are returning to the same industry in which they worked before business school will find the fast return attractive. But the two-year format affords experimentation through internship in a field outside your own and the better networking and learning that the summer affords,’’ Bruner points out.
However, if a student enrolled on a one-year program feels they might benefit from an MBA internship, then clearly they are free to apply for one once they have completed their program. If this is the case, then the business school’s MBA career service should be the first port of call.
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