Students seeking their master’s degree in business will likely make more money interning this summer than those in the average American household.
Poets & Quants revealed the highest median salaries of MBA student interns in 2014 and the numbers are startling. Last year, the highest-paid MBA intern made the annual equivalent of $384,000. (Tweet this)
The Census Bureau estimates that the median household income in America in 2013 was $52,250.
The University of Chicago’s Booth School of Business’ MBA interns managed a median of $8,200 a month. That’s $98,400 annually without sign-on bonuses. Booth’s program had the highest median salary for interns, but was closely followed by Columbia, Wharton, MIT Sloan and Dartmouth, with each delivering median monthly paychecks of $8,000.
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Generally, MBA interns work 10 to 12 weeks each summer, which means that many of these students are making almost half of the American median income in a fourth of the time.
Poets & Quants reported that interns at consulting firms brought home a median of $10,600 each month, while consumer product, private equity and manufacturing company interns saw an average of $6,600.
The site noted that big-name universities such as Harvard, Vanderbilt and Stanford likely saw lower monthly payments because students may have opted for experience rather than pay and were establishing long-term employment or accepting opportunities in start-ups.