Every summer, hundreds of Penn students pursue internships at brand name companies. But what is it really like to work for a company whose brand equity rivals Coca Cola’s?
Career Services lists finance, consulting and technology as some of the most popular fields for 2012 graduates. The Daily Pennsylvanian spoke to eight interns in those industries to find out what it is really like to represent the companies at which many Penn students aspire to work.
People and Place
Interns at Morgan Stanley, Google, MasterCard and Deloitte & Touche, LLP identified substantive assignments as highlights of their jobs.
“[Deloitte] treats us exactly the same as they do new first-year associates,” said a rising Penn senior interning in the New York office. “I never do meaningless tasks.”
While errands are part of his daily routine, a Morgan Stanley investment banking intern echoed that some of his work goes directly to clients.
Google interns in New York and Mountain View, Calif., emphasized that they too have individual responsibilities within their teams. “Some of my work is going up to senior VPs after I leave,” the Mountain View intern wrote in an email. “No one is ‘just an intern’ at Google.”
A MasterCard intern noted that she also saw her efforts reflected in the development of MasterPass, a free digital wallet service.
Co-workers were also cited as a reason that working for brand name companies is worthwhile. The Google NYC intern noted that he has even been out for drinks with full-time employees from his office, including his superiors.
Related: How to be a perfect intern
Morgan Stanley and Deloitte have offices set up to encourage collaboration with those “incredible” people.
Deloitte’s New York City office works on a system known as “hoteling,” in which teams reserve tables or small rooms around the office that they then work at together for the day. “It really reminds me of Penn’s GSR system,” wrote the Deloitte intern.
At Morgan Stanley, you “sit really close to everyone,” said a Global Capital Markets intern. The environment encourages constant conversation and learning, she added.
Even when he’s not with his team, Google’s campus makes the Mountain View intern feel productive. “At times … you can find me sitting in the sun working on my computer,” he wrote.
Perks and Pay
Big brand employers do not pay minimum wage, which is currently $7.25 per hour. Instead, the lowest hourly rate among the interns interviewed by the DP was $10 per hour. Morgan Stanley, Deloitte, Google and MasterCard all pay in the $20 to $40 per hour range.
Related: Debating unpaid internships after federal court ruling
Take-home pay is not the only factor in compensation for interns at most branded companies, though.
“[A] major perk is getting into certain museums and events free with the ID badge,” said an intern for Time, Inc. in an email.
The Deloitte intern mentioned national intern conferences at “Deloitte University” near Dallas and networking events on boat cruises around Manhattan or at Dave & Buster’s as additional benefits to working for the company.
MasterCard’s intramural sports teams and Google’s “on-site massages, hair cuts and bowling” were just a few of the other benefits available to their respective interns.
And interns at big brand companies do not go hungry.
MasterCard has a fully subsidized cafeteria— where, if you’re not an employee, you can only pay with a MasterCard— and Morgan Stanley gives interns $25 toward their dinner on Seamless, an online ordering service, if they stay past 8:00 p.m. Deloitte does not pay for daily meals, but it does subsidize meals for teams that have just received a new member or for other small meetings.
Google interns, meanwhile, have access to a plethora of free on-campus dining options in both New York and Mountain View that serve “everything from tri-tip steak to gourmet sushi.” Every office space is within 100 feet of a “microkitchen” stocked with snacks, as well.
The Downside
The Morgan Stanley IB intern mused that although his compensation is substantial, it cannot replace the hours he is contributing to the company.
“In my opinion, we deserve [the pay],” he said. He noted that his hours are the equivalent of working more than two full time jobs every week— and that an intern in his division quit last week because he felt he was being overworked.
Maintaining the company’s reputation can be stressful, too.
The intern recommended that future applicants visit the floors they would be working on as interns. If people are being yelled at in conference rooms as you pass through, it’s a good indicator that you will be yelled at, too, he said.
The intern concluded that he did not regret spending his summer at Morgan Stanley but that “whether I want to do it again is up in the air.”
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