Summer In The City, The Value Of Interships: Career Management

Summer In The City, The Value of Internships: Career Management

Viewpoint by Andrew Scharf, Head of the WCW Group

Yesterday with "Le Grand Depart" over 2.5 million people fled Paris for the summer holidays. Although it was also the first weekend for the much awaited summer sales most shopping districts did not have their usual throngs. If the new Ralph Lauren store was empty enough to get into during the sale this should tell you something. This phenomena is typical of European cities at the beginning of the summer holiday season, particularly Latin Europe.

Think of the beginning of that iconic classic film, "Les Vacances de Monsieur Hulot" by Jacques Tati. From now till the beginning of September, Paris will only have about one-third of its normal population. Restaurant reservations are easy to get, at least at those venerable institutions not closed for the summer. Ditto for clubs, theatre, and parking. To those in the "know" Paris is actually the great tourist secret of France because it is devoid of the crowds. Only those native inhabitants who must remain, actually do so.

As the World Cup put forth its potboilers of Spain over Paraguay, Germany over Argentina following Holland over Brazil, we are now back to a European dominated sporting event. The original favorites of Argentina and Brazil are now out. The "new" favorite seems to be on the 2008 European champion Spain. They will soon meet Germany in a rematch of the European championship.

One of the rituals of the American summer season is the NASCAR held in Daytona Beach, Florida. The rainy weather made the Coke Zero 400 a difficult race to start Saturday night at Daytona International Speedway.

As these events were taking place, many undergrads and MBAs on two-year programmes were beginning their summer internships. It almost sounds like a promo for that 1944 musical masterpiece by Vincente Minelli, "Meet Me In St. Louis". Although the story is about a disappointed family who must move to New York, many job interns are ownly too thrilled to take up residence in the Big Apple for the summer. To say that New York sizzles in the summer is an understatement. Of course, if you are in the City this summer, you could always escape to "The Hamptons" to chill out. Summer is a great time to be in New York with its festive atmosphere and party vibe.

The Summer Intern 2010

One of the key selling points of the MBA 2-year programme is the prospect of doing an internship. These internships have nothing what so ever to do with the type most of us think about and did as undergrads. They are in fact work placements. If the internship goes well, it is highly likely that you will be asked to stay, provided of course, that this is your wish as well. The benefit of such a prospect allows MBAs to test drive the next stage in their career.

One cynical voice told WCW that it proved to be a 12-week job interview. The pressure to perform was beyond what was expected. Others have welcomed the opportunity, and seized all the initiatives they could handle. The most coveted berths were in management consulting and investment banking.

From a marketing stand point this is one of the key sales pitches made by American and Canadian MBAs at education and MBA trade fairs. It marks them apart from their counterparts in Europe and elsewhere. The number of students participating in this work option varies from school to school. Statistics of participants is anywhere from +50%.

This option is not usually on offer in Europe unless it is a "project" integrated into the on-going curriculum. IMD and INSEAD feature this option, particularly for those interested in management consulting. It has also become popular for MBAs to join NGOs or community organisations to work on humanitarian projects. Participants pursue this trajectory with genuine enthusiasm, and develop an understanding for the strategic value of green businesses and sustainability. Having the power to get companies to act convinces many MBAs that they in fact do have the ability to lead and persuade effectively.

Among the American programmes, the University of Chicago-Booth and Wharton Business School are excellent providers of internships to participating MBA students. Students find that the opportunities give them a better focus on their futures and what they can expect after graduation, according to the Julie Morton, the associate dean of career services at Chicago-Booth. This view is supported by Tracee Petrillo at the Olin Graduate School of Business at Babson College, just outside of Boston.

There is a particular attraction of internships for the younger members of the MBA cohort. As the average age profile continues to drop in the States, the internship option is more than eagerly seen as a career accelerator.

"Europeans tend to be older and have more experience than their American counterparts", said Stephan Reiss at WCW in London. "The European system makes internships mandatory at the undergrad level so by the time someone is 28-30, they have a pretty good idea where they are headed".

For Further Information

Andrew Scharf is a regular contributor to WCW inSIGHT on leadership and Business Education Trends. He is also the head of the MBA Coaching & Career Development division of Whitefield Consulting Worldwide, whose unique coaching methodologies have helped countless professionals harmonise their professional aspirations with their developmental needs.

Visit: http://www.whitefieldconsulting.com

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