Mythbusters: Consulting Internships

We do it like they do on the Discovery Channel.

CONSULTING INTERNSHIP MYTHS

Ever considered a career or an internship in management consulting? Many people do-it’s generally thought of as a great industry for new grads. We’ll discuss 10 myths associated with consulting, and bust’em or confirm them.

 Are you ready? (Don’t try this at home, folks.)

MYTH 1: I need to be an expert in something to consult!                          

Not at all! Entry-level positions and internships are there for a reason: to help you build expertise. Consulting firms are most often looking for analytical and critical thinking abilities. Show them you can think!

MYTH 2: What are the “Big 5” firms? Do they even exist?

They do exist, but which firms are specifically meant by that title vary. When people refer to the Big 5 firms, they often mean the older accounting firms. When they are discussing strategy consulting, there are simply 3 “Big” firms. Names you will often hear in this context include: McKinsey & Co., PricewaterhouseCoopers (PWC), the Boston Consulting Group (BCG), Deloitte, Accenture, Bain & Co., KPMG, and Ernst & Young. Firms often merge and recombine.

MYTH 3: Consulting interns and entry level positions make a ton of money!

Yes, the myth can be true. At Deloitte, intern salaries can be $24 per hour, significantly above the minimum wage in most states.

MYTH 4: Consulting internships have to be acquired through connections.

Not at all! Consulting firms like Deloitte and Accenture recruit heavily on campuses, and have established intern application programs. Search for some cool positions through WayUp!

MYTH 5: Consulting internships are really competitive.

Some internships are very competitive, especially those with the big consulting firms, and others are not as competitive. There’s a range in the market!

MYTH 6: Consulting interns work long hours.

It’s plausible, as it depends on the firm. Many consulting firms do require their employees to work long hours, yet, consultants are usually paid by the hour!

MYTH 7: Management consulting is all there is.

Not at all! While many people only think of management consulting firms when they think of consulting, the industry is made up of technology consulting, environmental consulting, healthcare consulting, and many others. Specialization can occur based on interest in a particular field. For example, the Albright-Stonebridge Consulting Group consults in international affairs, while IBM has many arms, including an Environmental Consulting division.

MYTH 8: Consulting is evil corporate America.

Firms often never resemble “Corporate America,” including Frontline Solutions and other firms that specialize in nonprofit consulting and social entrepreneurship.

MYTH 9: Nobody knows what consulting interns do all day.

We beg to differ; here’s a day in the life of an intern at Deloitte!

MYTH 10: John Legend worked for BCG before launching his music career.

We’ve heard it from Ramit Sethi, and it’s therefore got to be true. John Legend: that soulful crooner, midshipman of the Love Boat, and captain of our hearts, was once in fact one of the lucky few to work with one of the best management consulting firms in the biz.