The McKinsey Internship Guide for Those Who Want to Get into Consulting

1. Roles and Opportunities for Interns at McKinsey

Interns at McKinsey work in teams of 3-5 consultants, playing an active role in all aspects of client engagement. This includes gathering and analyzing information, formulating and testing hypotheses, and developing and communicating recommendations. They help clients make lasting improvements to their performance and realize their most important goals. The work structure for interns is very similar to that of full-time associates, providing them with a realistic insight into the world of consulting.

2. Eligibility Criteria for McKinsey Internships

The eligibility criteria for McKinsey internships vary depending on the specific program. However, outstanding academic performance and excellent leadership, achieving, and problem-solving skills are generally required. For undergraduate internships, applicants should be in their junior year or a second-year of a non-business master’s program with less than 2 years of work experience. For MBA internships, applicants should be currently enrolled in an advanced graduate degree like an MBA or PhD.

3. Popular Internship Programs at McKinsey

McKinsey offers several popular internship programs including the Summer Business Analyst (SBA) Internship, Sophomore Summer Business Analyst (SSBA) Internship, First Year Summer Business Analyst (FYSBA) Internship, Summer Associate Internship, Summer Associate Implementation Internship, and McKinsey Insight. Let’s learn more about each program:

• Summer Business Analyst (SBA) Internship: The SBA Internship at McKinsey & Company is a unique opportunity that provides a glimpse into the life of a business analyst. Interns work on case teams and are given responsibilities equivalent to full-time analysts. The internship typically lasts for about 10 weeks, usually during the summer. Successful interns often receive return offers for the Business Analyst position.
• Sophomore Summer Business Analyst (SSBA) Internship: The SSBA program is designed for second-year undergraduate students, providing them with an experience similar to the Summer Business Analyst program. This internship lasts for approximately 10 weeks during the summer, offering real-world consulting experience and opportunities to build new skills through a specially designed training program. Successful interns may receive a full-time offer upon graduation.
• First Year Summer Business Analyst (FYSBA) Internship: The FYSBA internship is a selective program open to rising sophomore students, particularly those from minority backgrounds attending eligible colleges. The program provides an introduction to consulting at McKinsey & Company, with successful interns receiving return offers for sophomore summer internships.
• Summer Associate Internship: The Summer Associate Internship is targeted towards MBA and other advanced degree candidates. Most candidates apply during their first year of business school and intern during the summer before their second year. The internship is similar to the summer business analyst program, providing a valuable insight into the consulting profession.
• Summer Associate Implementation Internship: This internship is similar to the Summer Associate Internship but focuses on the implementation aspect of consulting. It is designed for MBA and other advanced degree candidates, who typically intern during the summer before their second year of business school.
• McKinsey Insight: The McKinsey Insight Program is a two-day workshop designed for students with advanced professional degrees. It provides an opportunity to experience what it’s like to work in management consulting, similar to BCG’s Bridge to Consulting program. Participants are given the opportunity to learn more about McKinsey and the field of management consulting.

4. Timing and Start Date of McKinsey Internships

McKinsey internships typically last 10 weeks in the summer. For undergraduate internships, applications need to be submitted around mid-October. For MBA internships, applications should be submitted in the first couple of days of December if enrolled in a US-based MBA program.

5. Interview Process for McKinsey Internships

The interview process for McKinsey internships is highly competitive and includes multiple rounds of personal and case interviews. The interviews usually consist of two sections: Personal Experience Interview (PEI) and fit questions, followed by a case interview. It’s recommended that applicants practice with mock interviews before the actual interview.

The Personal Experience Interview (PEI) is a crucial part of the McKinsey interview process, designed to assess personal qualities and determine if candidates would be a good fit for the company. This is particularly important for internship applicants, as it provides an opportunity for them to demonstrate their potential.

Some real examples of questions asked during the PEI at McKinsey include:

1. Tell me about a time you had to convince someone to change their mind on something important to them.
2. Tell me about a difficult situation where you had to rely on your communication skills.
3. What do you want to be remembered for and how are you achieving it?
4. Tell me about your biggest career achievement to date.
5. Tell me about a time you overcame a significant challenge at work.

In addition to these, McKinsey also asks fit questions during an internship application. These questions are designed to assess whether the candidate’s values and working style align with the company’s culture. Some examples of fit questions asked at McKinsey during an internship application include:

1. Can you describe your life with 3 words and why?
2. What is your future plan for life?
3. Why do you want to be an intern at McKinsey?

When answering these questions, it’s important for candidates to focus on themselves and their impact, using the word “I” rather than “we”. They should avoid repeating answers or providing irrelevant stories, and they should know all the details of their stories. The responses should be concise, usually taking 1 or 2 sentences per action, and the results part should have 1 or 2 sentences describing the outcomes. This part is crucial as it finalizes the story and leaves a lasting impression on the interviewer.

6. Conversion of Interns to Full-time Roles

McKinsey has a high conversion rate of interns to full-time roles. In fact, top management consulting firms like McKinsey have offered full-time positions to nearly 90% of their interns. At the end of the internship, successful interns may receive an offer to join McKinsey as a full-time associate or analyst.

7. Salary of Interns at McKinsey (India vs USA)

The estimated average pay for a student intern at McKinsey in the United States is $17.11 per hour, which is 11% above the national average. This translates to nearly $17,000 for the 10-week period. However, the salary can vary depending on the specific program and location. For instance, MBA interns are compensated an impressive total of $32,000 for 10 weeks. Note, there is no public Information about intern salaries in India.