- Deloitte, which has more than 100,000 employees in the US, has delayed many of its full-time hires’ start dates to late January.
- New full-time hires received a $4,000 stipend to compensate for the delay, current students who were not authorized to speak to the media told Business Insider.
- One student said Deloitte’s MBA summer internship was revamped into a two-week virtual introduction to consulting.
- A spokeswoman declined to comment on Deloitte’s popular policy to pay for the second year of business school for its summer business school interns.
- The company has not confirmed with students who accepted a summer internship that they’ll still have their second year paid for.
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Deloitte, which has more than 100,000 employees in the US, has delayed many of its full-time hires’ start dates to late January.
The firm is also shortening its summer internships for MBA students.
The move underscores how the coronavirus pandemic has complicated the timelines for undergraduate and graduate students in terms of prestigious internships and lucrative full-time gigs.
New full-time hires at Deloitte received a $4,000 stipend to compensate for the delay, current students who were not authorized to speak to the media told Business Insider. To be sure, some new hires who were needed in specific offices or practices, like healthcare, are starting as planned.
One student said Deloitte’s MBA summer internship was revamped into a two-week virtual introduction to consulting.
Professional services firms have been upended by the coronavirus and social-distancing measures, which has limited their ability to perform things like on-site audits and other work for clients. And many companies are putting major deals and other transformational projects on hold.
Some of the industries hit hardest by the pandemic are starting to restructure debts or filing for Chapter 11. In the recent Chapter 11 bankruptcy filing for J. Crew, for instance, Deloitte was listed as having run up $23 million in bills for the ailing retailer.
A Deloitte employee who was not authorized to speak to the media said an optional undergraduate intern program will run from July 13-24, and the specific focus is still being determined. All interns will receive a stipend, regardless of participation, and they’ll also get full-time offers.
A Deloitte spokeswoman declined to comment on specifics for new hires’ start dates and stipends, along with specific changes to the internship program. She noted that all internships were moved online and shortened, with unspecified compensation.
The spokeswoman also declined to comment on Deloitte’s popular policy to pay for the second year of business school for its summer business school interns. The company has not confirmed with students who accepted a summer internship that they’ll still have their second year paid for.
Summer internships across industries are often a critical try-out period for full-time roles, and a way to get hands-on experience and networking.
According to Deloitte’s website, summer internships for MBAs and other advanced degrees had previously lasted 8 to 10 weeks. Interns would work as part of a client-service team in one of the firm’s businesses: risk and financial advisory; audit & assurance, consulting; and tax.
The internships had typically offered events such as lunch and learns and other trainings to help develop technical and client-service skills, according to the website, as well as social activities for networking.
These changes mirror moves by other industries such a law, where Business Insider has reported firms are delaying, shortening, or eliminating their summer internships.
Wall Street banks have also been looking at shorter — and potentially virtual — summer internships.
Goldman Sachs told all of its prospective summer interns outside India in April that the investment bank would delay and shorten its summer internship but pay its full original offer. The firm’s summer internship program is set to start on July 6 and run for five weeks, and the bank was considering “virtual components” to the program.
JPMorgan, which is also headquartered in New York, has pushed back the start of its internship program to July 6 and is exploring the possibility of a virtual format, according to a Bloomberg report in April. It will also be paying interns for the original, full 10-week program.
Citi is guaranteeing its summer interns in New York, London, Hong Kong, Singapore, and Tokyo full-time offers before their shortened five-week program kicks off in July, Business Insider previously reported. Morgan Stanley was the first major bank to make most of its 2020 internship programs fully virtual, Financial News reported in April.
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