1999 Wharton Undergraduate Summer Survey Report
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WHARTON UNDERGRADUATE CLASS OF 2011 SUMMER 2010 EMPLOYMENT REPORT Student responses were collected using an online survey. Of the 698 Wharton seniors scheduled to graduate during the 2010 - 2011 academic year, 404 completed the survey (57.9% response rate). Of those, 392 students indicated whether they were full-time employed, part-time employed, or participating in other activities. Full-Time Employment Part-Time Employment Other Activities Number of Respondents: 367 Number of Respondents: 14 Number of Respondents: 11 Percent of Respondents: 93.6% Percent of Respondents: 3.6% Percent of Respondents: 2.8% Paid Experience: 358 Paid Experience: 6 Classes: 6 Unpaid Experience: 9 Unpaid Experience: 8 Travel: 2 Number Reporting Salary: 283* Number Reporting Salary: 6* Other: 3 (*US employment only) (*US employment only) Average Monthly Salary: $4,248 Average Monthly Salary: $967 Average Hours Worked Per Week: 64 Average Hours Worked Per Week: 19 Range of Hours: 35 - 120 Range of Hours: 5 - 30 Industries Employing Wharton Interns Venture Capital/ Commercial The internship search was somewhat less Services (non- Private Equity Banking Accounting challenging than recent years for the Class consulting) 6.4% 1.3% 1.5% 0.5% Communications of 2011 as the economy showed signs of Technology 2.3% improvement. More students landed paid Retail/Wholesale 5.1% Consulting internships this year and fewer pursued 2.8% 10.4% unpaid internships or other activities. Real Estate/Land Energy Development 1.0% Students interned in a wide array of 1.3% Healthcare industries as in previous years. More Other Financial 2.0% worked in investment banking, venture Services Insurance 1.8% capital and private equity, while fewer 3.3% pursued opportunities in communications, Not Specified real estate and consulting. 0.3% Nonprofit/Educ./ Gov't 3.6% Investment Investment How Students Obtained Internships Banking Manufacturing Management 43.3% 4.6% 8.7% Other Career Contacts: Services Leads Online Site Family/Friend/ (non-OCR) 1.3% Alum/Professor 9.3% 17.6% Other The largest number of students landed their internships Special Program 4.8% through the On-Campus Recruiting Program (56.4%) 0.8% and a significant number found internships through Previous other Career Services leads (9.3%). Similar to last Employer 2.1% year, other students relied more heavily on networking and contacts. In addition, some students also found Applied Directly 7.7% that applying directly to organizations was a useful tactic. Prepared by: S. David Ross On-Campus Associate Director, Career Services Recruiting 56.4% University of Pennsylvania February 2011 1 COMPENSATION Salary statistics are based on those 283 students who worked full-time during the summer in the United States and reported salary data. Percentages of responses related to monthly salary are also based upon those 283 students. Average Monthly Summer Salary By School SCHOOL OF # OF RESPONDENTS AVERAGE MONTHLY MONTHLY SALARY ENROLLMENT SALARY RANGE Wharton 182 $4,060 $500 - $8,000 Wharton/College 56 $4,476 $500 - $6,500 Wharton/Engineering 44 $4,723 $2,000 - $8,000 Wharton/Nursing 1 * * Average Monthly Summer Salary By Industry INDUSTRY # (%) AVERAGE MONTHLY MONTHLY SALARY SALARY RANGE Communications 8 (2.8%) $1,958 $800 - $3,200 Consulting 32 (11.3%) $3,877 $800 - $5,200 Energy 3 (1.1%) $4,040 $3,200 - $5,720 Financial Services 192 (67.8%) $4,706 $500 - $8,000 Healthcare 2 (0.7%) * * Manufacturing 14 (4.9%) $2,806 $1,332 - $4,000 Non-Profit/Education/Government 3 (1.1%) $2,360 $1,760 - $3,360 Services (non-consulting) 15 (5.3%) $2,345 $500 - $3,120 Technology 14 (4.9%) $4,197 $1,600 - $5,800 *Salary statistics not released for categories representing less than 1% of respondents Organizations Employing Five or More Wharton Interns Goldman Sachs & Co. 24 Barclays Capital 10 J.P. Morgan 17 Microsoft 9 Bank of America Merrill Lynch 16 University of Pennsylvania 9 Credit Suisse 13 HSBC 6 Blackstone Group 12 Bain & Co. 5 Deutsche Bank 12 Jefferies 5 UBS 12 Lazard 5 Citi 12 Oliver Wyman 5 Morgan Stanley 11 Target Corporation 5 2 Average Monthly Summer Salary By Job Type Data includes 281 respondents who indicated job type, worked full-time in the United States and reported salary data. JOB TYPE # (%) AVERAGE MONTHLY SALARY MONTHLY RANGE SALARY CONSULTING 40 (14.1%) $3,663 $500 - $5,200 Management/Strategy 33 (11.7%) $3,711 $500 - $5,200 Research 6 (2.1%) $3,422 $2,400 - $4,800 Technical/Information Systems 1 (0.4%) * * EDUCATION 1 (0.4%) * * Administration 1 (0.4%) * * ENERGY 1 (0.4%) * * Management & Policy 1 (0.4%) * * ENGINEERING 1 (0.4%) * * Research & Development 1 (0.4%) * * FINANCE 175 (62.3%) $4,812 $800 - $8,000 Commercial Banking 2 (0.7%) * * Commercial Lending 2 (0.7%) * * Corporate Finance (non-banking) 5 (1.8%) $2,990 $1,400 - $4,700 Financial Planning & Analysis 5 (1.8%) $2,990 $1,400 - $4,700 Financial Management/Marketing 18 (6.4%) $3,890 $1,600 - $5,384 Investment Management/Counsel 18 (6.4%) $3,890 $1,600 - $5,384 Investment Analysis 126 (44.8%) $4,939 $800 - $8,000 Capital/Money Markets Analyst 10 (3.6%) $4,905 $3,850 - $6,000 Financial Analyst (Generalist) 54 (19.2%) $5,092 $800 - $8,000 Mergers & Acquisitions Analyst 32 (11.4%) $5,104 $2,000 - $8,000 Private Equity/Venture Capital Analyst 11 (3.9%) $4,287 $2,000 - $6,400 Public Finance Analyst 5 (1.8%) $4,257 $3,000 - $5,384 Risk/Foreign Exchange Analyst 2 (0.7%) * * Securities Research Analyst 12 (4.3%) $4,651 $2,400 - $5,600 Sales and Trading 24 (8.5%) $5,250 $1,600 - $8,000 Sales 8 (2.8%) $5,273 $4,800 - $6,000 Trading 16 (5.7%) $5,239 $1,600 - $8,000 INFORMATION SYSTEMS/ 9 (3.2%) $4,756 $2,800 - $5,800 COMPUTER SCIENCE Applications Programming 1 (0.4%) * * Program Management 4 (1.4%) $5,300 $4,800 - $5,800 Systems Analyst 1 (0.4%) * * Technology Analyst 3 (1.1%) $4,933 $4,800 - $5,000 INSURANCE 4 (1.4%) $3,790 $3,440 - $4,200 Actuarial 3 (1.1%) $3,720 $3,440 - $4,200 Benefits & Pension Planning 1 (0.4%) * * 3 JOB TYPE # (%) AVERAGE MONTHLY SALARY MONTHLY RANGE SALARY LEGAL 1 (0.4%) * * Paralegal 1 (0.4%) * * MANAGEMENT 5 (1.8%) $2,412 $1,280 - $3,120 Administrative Asst./Office Mgmt. 1 (0.4%) * * Human Resources 1 (0.4%) * * Operations 3 (1.1%) $2,740 $2,400 - $3,120 MARKETING 32 (11.4%) $2,836 $500 - $5,640 Buyer/Merchandising 5 (1.8%) $2,556 $2,240 - $2,800 Marketing Analysis 6 (2.1%) $3,133 $1,600 - $4,000 Marketing Research 4 (1.4%) $2,115 $1,260 - $2,720 Media Planning 1 (0.4%) * * New Business Development 4 (1.4%) $1,758 $500 - $3,200 Product/Brand Management 9 (3.2%) $3,561 $1,750 - $5,640 Sales/Sales Management 3 (1.1%) $3,080 $3,000 - $3,200 NONPROFIT 1 (0.4%) * * Research 1 (0.4%) * * REAL ESTATE 3 (1.1%) $3,040 $1,920 - $4,000 Development 1 (0.4%) * * Real Estate Investment Analysis 2 (0.7%) * * OTHER 8 (2.8%) $2,285 $1,400 - $3,840 * Salary statistics are not released for categories representing less than 1% percent of respondents. 4 Geographic Distribution of Interns Includes 388 students who reported internship location. UNITED STATES INTERNATIONAL Arkansas 1 Australia 1 California 26 Belgium 2 Connecticut 9 Canada 1 D.C. 1 China (excluding Hong Kong) 2 Florida 3 Germany 1 Georgia 1 Hong Kong 21 Illinois 9 Italy 1 Massachusetts 15 Japan 5 Maryland 5 South Korea 2 Michigan 1 Malaysia 1 Minnesota 5 Singapore 5 North Carolina 1 Taiwan 2 New Jersey 9 United Arab Emirates 1 New York 193 United Kingdom 4 Pennsylvania 43 Tennessee 1 Texas 3 Virginia 6 Washington 7 49 students (12.6% of respondents) reported completing internships outside of the United States. Date Internship Offer Was Received Prior to January 2010 6.7% January 2010 - February 2010 40.4% March 2010 25.3% April 2010 16.5% May 2010 7.2% June 2010 or later 4.0% Average Monthly Housing Costs Housing information was reported by 384 students. (Note that housing cost data for students who did not pay anything for housing are not included in the average cost and range calculations.) ACCOMMODATION NUMBER NUMBER OF AVERAGE RANGE OF STUDENTS MONTHLY STUDENTS INDICATING HOUSING COST COST Rented Apartment 198 185 $1,141 $200 - $5,000 Dormitory 87 81 $1,417 $225 - $5,200 Lived at Home 67 6 $817 $50 - $1,500 Other 32 14 $1,754 $100 - $4,000 5 SUMMER INTERNSHIP POSITIONS Students responding to the summer survey provided the name and location of the organizations they worked for, along with their job titles. The list is organized by the student concentration and major (for dual degree students). Wharton Degree Only Accounting Fortress Investment Group - Logan Circle Partners, Philadelphia, PA: Fixed Income Research Intern Trade As One, Santa Cruz, CA: Operations and Accounting Intern Accounting / Finance Apollo Investment Corporation, New York, NY: Summer Analyst Argus Information & Advisory Services, White Plains, NY: Summer Analyst Bank of America Merrill Lynch, New York, NY: Summer Analyst Bank of America Merrill Lynch, New York, NY: Summer Analyst Bank of America Merrill Lynch, New York, NY: Summer Analyst - Mergers & Acquisitions Barclays Capital, New York, NY: Summer Analyst BNP Paribas, New York, NY: Analyst Citibank, New York, NY: Investment Banking Summer Analyst Deutsche Bank AG, Hong Kong, China: Summer Analyst Employer Name Not Provided, Hong Kong, China: Analyst - Telecom, Media, Technology Hewitt Associates, Bridgewater, NJ: Intern HSBC, New York, NY: Summer Analyst J.P.