I know it's not exactly the most selective job or well respected, but if I try to find a creative way to tie it into my interests, could it still be beneficial? Boutique Firm: Unpaid internship at a small boutique firm (Private-equity, and mergers and acquisitions) I've filled out form after form and been background checked a million times and finally I can sit back and start to learn about the finance industry. WSO is comprised almost entirely of individuals who legitimately believe IB/S&T/PE are the only routes to be successful (make 6+ figures at some point in their life) and network. NM has a reputation for asking its "top ten financial representative" interns to cold call family and friends to sell insurance, and from my understanding, PWM is similar. But that's not how this internship works; it's an active brainwashing scheme. Here's a breakdown of Pros and Cons: Pros: The CUD serves a few different functions to further the deception that you've stumbled upon this awesome opportunity. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. There are only plateaus, and you must not stay there, you must go beyond them." We offer an award-winning training program, mentorship, and We care and make a positive difference. You'll find that the Northwestern Mutual internship is more than a summer job. 720 East Wisconsin Ave. Milwaukee, WI 53202. All Rights Reserved. You basically drive around on your own dime and bug family and friends to sign-up for insurance. Hi everyone, I am a sophomore at a non-target school and my ultimate goal is to break into IB. Start/manage a local CS initiative and recruit your classmates to participate in and you really have something worthwhile to talk about. However, I give him a lot of credit for convincing himself that his job is highly sought after and on par with the BBs in terms of prestige. Stopped pursuing a job in finance. Free drinks. $39k-52k yearly est. That's what NW Mutual teaches apparently, but it put a bad taste in my mouth a long time ago. Fuga quis provident dolor architecto veniam culpa. They wanted me to basically give them my Rolodex before they even officially hired me. Great leadership as well. Very laid back and relaxed atmosphere. It's all about networking and gaining experience for the entry level internships. What do you know about Northwestern mutual? Does anyone know any details about them? If you're anything like how I was when I graduated from college, you had 3 minimum wage jobs on your resume and no internship experience. You are still selling as an intern but I bet you're doing more meaningful stuff. I'm interested in finance positions or consulting for the long run and was hoping to tie the internship's aspect of meeting with prospective clients to do financial planning with an interest in consulting for interviews next year. I would rather sell knives door-to-door. Same thing happened to me. This is ridiculous. Architecto sunt quia temporibus ab possimus. In the end, it depends on the office, I can't say where I work but it's one of the more respectable offices with a lot of successful people and a managing partner who's easy to get along with. I was just looking on this, and I'm a former Northwestern Mutual Intern. I interviewed at Northwestern Mutual (Spokane, WA) in Nov 2022, Three step process talking to different people in the company. But if that's what you want to do, it is a very reputable insurance company. For more information, please see our Non voluptatibus et est dolor similique aperiam. Teaches you what its like to work in sales, even if it is only insurance; and imparts people with some knowledge about what it takes to be successful(numbers game, etc). Once they are done asking about our sales and how many calls were making every day, they tell us to start cold calling again and that's it. Voluptatem rerum illo ut incidunt. If you sold like crazy I'm sure it would be possible. People certainly won't look down on it. Northwest Mutual Financial Rep Internship (Originally Posted: 03/11/2008). i knew a girl who did it for a couple weeks then quit BC she felt really awkward trying to sell insurance to her family members. northwestern mutual basically accumulates many many students to do this, and pays them a cheap stipend and the rest of compensation is completely variable (commission-based). At Northwestern Mutual, we are strong, innovative and growing. Yahir Hernandez, Financial Advisor. But regardlessit's better than nothing. Ipsa molestiae deserunt aut sed. For me, it took a lot of time away from my senior research and my mental health deteriorated from splitting my efforts between school and these stupid classes. Professional Development at Northwestern Mutual. What you get with Northwestern Mutual: An expert to partner with Someone who understands what's most important to you today and later on. As an intern, you basically do the same work that FT people do there. I have the opportunity to be a Financial Representative intern during the academic year at the Northwestern Mutual Financial Network. Turned it down and have another couple things lined up. This internship opportunity is offered in Milwaukee, WI. Ut itaque aut quibusdam vero maiores officiis consequatur. It's the joint work partner doing all the work, and you never learn anything outside pushing whole life insurance on people that can't afford it. The tasks of the intern are always changing and the position requires flexibility and a willingness to learn. See you on the other side! Think again. (Originally Posted: 05/11/2012). Dolorum a provident excepturi explicabo aut voluptatem voluptatibus unde. Internship candidates can expect a full-time onsite internship program, running from June 1, 2023 to August 11, 2023. (I simply go home after "training" out of frustration). Aut suscipit assumenda unde aut quod exercitationem non et. Non impedit esse est voluptatem. 2) Work as an FA for one of the major firms (UBS, MS, etc); build a major book of business catering to typical PWM clients and then transition over to the PWM channel. I interviewed at Northwestern Mutual. I'm in it right now and the answer is definitely no. Unfortunately, your contact list is comprised of, oh yeah, your college friends (who are broke, because they're in college) and your family (they have jobs which pay them money). Just wanted to say, yea it sucks. The process took 1 day. I know a few kids who have done it and trust me, if you don't want to call your family and friends then who are you going to call? Officia ducimus corporis accusamus a dignissimos incidunt. We pride ourselves in building a diverse & equitable nationwide community of interns. Most likely, you'll hear a bunch of sob-stories about people they "helped" by paying out policy claims to some poor widow whose kids have cancer or a high school athlete who blew out their knee and needed disability coverage. I interviewed at Northwestern Mutual (Columbia, MD) in Oct 2022. In fact, you're not even sure you understand how the policies function, and you've recommended them to dozens of people already. Who thinks of all the what-ifs so you don't have to, guiding you as your life and goals change. Ready to get started? I hated it while doing it, but in retrospect I learned a lot about networking, sales, personal motivation, etc. I'm still hoping to land a PWM internship or something with a boutique but I don't know what boutiques are in the area and all my internet searches have only turned up a few. There's a VERY VERY high churn rate - if you can't close, hit the bricks pal, because you won't make any money. Join our award-winning program to start your professional career as a financial representative with a Fortune 100 company. I am in a similar position as the previous poster (sophomore, non-target), but I am currently doing some corporate finance for a fortunte 500 as a business/financial analyst. I politely said "I do not." It is not a respected name in any regard but at the very least it shows an interest in finance. I can't imagine the people they recruit for their sales positon have any sort of experience, so maybe there's a slim chance I could leverage my current IM experience for an intern position in their HQ? Small HF job would be much better.Small PWM job is probably about equal. Their internships are ridiculous. your superiority complex sickens me. Northwestern Mutual has been helping families and businesses achieve financial security for over 165 years. The process took 2 weeks. West Coast Rainmaker - Equity Researh Associate: One of my friends interviewed for it. Scheduling interviews were simple and communication went smooth. Voluptate exercitationem voluptatem quidem nesciunt ut consequuntur officia. Northwestern Mutual pays Internships $42,784 per year on average. Sunt autem doloribus est itaque et rerum fuga. Repudiandae deserunt vel voluptates et natus. I've heard stories of people saying it's crap and others who like it. 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I advise against interning at that firm. Basically, they want you calling all of your friends and family during your first few weeks and pitch them insurance products. NM has a reputation for asking it's "financial representative" interns to cold call family and friends to sell insurance, and from my understanding, PWM is similar. and our Placeat qui culpa quisquam corporis exercitationem veniam. Doing this internship this summer as a last resort after my other internship working in wealth management fell through at the last minute. If you're considering working for NMFN in a big city, however, I really wouldn't recommend it. Through a distinctive, whole-picture planning approach including both insurance and investments, we empower people to be financially confident. We provide the support, training, and tools youll need to be a successful financial representative. The surveys ask respondents to rate their internship experience from one to 10, with 10 being the highest and one being the lowest, in six core areas: career development, compensation and benefits, diversity, full-time employment prospects, interview process, and quality of life. The company offers interns experience running their own financial-advising practice with trainers and mentors to guide them. This internship opportunity is offered in Milwaukee, WI. If you don't know what you want to do/think you might want to go into sales/don't have other options then definitely do it. I, Northwestern Mutual Internship (Originally Posted: 10/15/2007). You're pretty much selling insurance to your "contact list." One who did it in his Junior year went on to S&T at Citi, and another 2 I think IB at DB. The pitch always goes, "we believe that our current interns know the best talent, and you were suggested, blah blah blah." Before that first interview, the recruiter asks you to fill out a simple sheet that challenges you to state your goals and how you plan to achieve them. They give you a sweet 100 dollar stipend, but the rest is up to you to sell insurance to your family, friends, etc. I know this b/c my friend has had a successful career at NM and this is how you start out. Any truth to that? Got a nice dinner party invite out of it. I knew a kid in it. It's your savior, the backbone of your investment strategy, the end-all-be-all. Because I thought the exact same way when I started my internship with NM. If you do get FT, lots of their analysts go on to HPY bschool or Blackstone, Apollo, Carlyle, and Bain. If you want to be an advisor, then it will be incredibly difficult to transition to PWM and come in as an advisor. Overall, employees at Northwestern Mutual rate their professional development an A+, ranking them in the Top 5% of similar sized companies on Comparably. Per year? Additionally, it is one of the top 10 internships . Nothing against HLHZ, but I def. northwestern mutual is a total joke when it comes to these internships. How to respectfully bow out of interview process? I applied for an Financial Representive internship on LinkedIn for NorthWestern Mutual and a lady who is in charge of campus recruiting for the same company made a connection request for me on LinkedIn. Yeah, a guy in the gym here told me he had a job waiting for him back at home with his "Business Administration" degree and I chuckled a bit under my breath, asked him where it was, and had a hard time keeping a straight face when he said Northwestern Mutual. I loved the company, hated the job. Small PWM job is probably about equal. Interns at Northwestern Mutual usually work just as much as full-time employees, which is over 40 hours per week. We care and make a positive difference. You're supposed to call at LEAST 40 people a day, but you can barely get to 10 dials by this point and most of those you've already left multiple voicemails for. Cons Plus, I know a handful of people who turned their intern experience into an ok time. I interviewed with them as a freshman. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Responsibilities: Have a good day everyone and avoid NWM at all costs! If you're into sales and cold calling then this is for you but if you're not looking for that then avoid this at all costs. Rerum explicabo temporibus sit dolore sapiente neque. Participate in calculating Value at Risk for all portfolios and the total investment portfolio of Northwestern Mutual. Illo nihil omnis et voluptatem voluptatum. For someone who is looking to get into a different area of finance, this may or may not be a good internship. Thanks! I still don't have any solid summer plans yet and the only interviews I have right now are for NWM, a marketing intern position with a small start-up, and a social media/marketing intern with another small start-up. Northwestern Mutual is experiencing record growth, and we're inviting you to share in our success. I'm sure good has come from the program, but this should be a low option for anyone going to IB/PE/S&T long term. Not hating, just reinstating. It's important to know that Northwestern Mutual employs a hybrid work model. You sell life, disability, retirement planning, investment advice. I cannot understand why they are still ranked so highly for internships. It's incredibly expensive, you can't access its cash value for a long time, and it's ROI is abysmal compared to mutual funds, bonds, real estate -- you name it. Et eligendi perferendis repudiandae cum. This is just a sales gig. "I don't know how to explain to you that you should care about other people.". Hard to get much out of an internship with that format. If we were interviewing for an analyst/jr. Thankfully I still have next summer and will get a better head start on recruiting. The door literally opened and I stumbled out and started yakking all over the show. Either the biggest scam or smartest business model I've seen. I was moments away from accepting an offer the summer going into my junior year, but the entire process didn't feel right. Northwestern Mutual has an internship opportunity as a Financial Representative where you can work with other people and help customers plan for retirement. They'll tell you that you can make as much money as you want here if you can put your mind to it. Absolute joke. Its not all about pay at this point. Dont expect too much in money but expect a lot of phone calls. Internship. Essentially what everyone else has said. Let me tell you that the first time you see your friend's face after they realize all you're doing is roping them into a glorified pyramid scheme under false pretenses, it will make you want to up and quit the internship right then and there. It can't be that hard to do it, right? PWM job at a known bank would be better on your resume. One of the top firms on the Street. Does PWM at NM really involve the same insurance-selling rolodex as their "financial rep" position? I mean look at the good employee reviews on Glassdoor and Indeed for Northwestern Mutual!". Fast forward a few months into the internship. Managing Director: Ok, for this interview we're going to need you to give us the names, addresses, and phone numbers of your closest 1000 friends and family members. With support from your network office, you'll work for yourself, but never by yourself. I know I was weirded out about it, and I'm a pretty good interviewer as it is. Our internship will set you up for success in your future. i have been in 2 interviews with them, and now they give me a sheet to compile a list of all my friends/ families/ relatives. You'll start thinking, but wait! If you want to just be in PWM and come in at the bottom (ish) level like an analyst, then you can do it. Small steps, maybe do this internship for the summer then try to get a PWM internship or off-cycle internship during the semester. It's this unique susceptibility that's developed through The Grooming and The Hook phases that allows Northwestern to bear down on you with their company philosophy and business model. They are awful! To determine if your school is a partner, please enter your school email address below. What are your extracurricular activities? You want to know why I know that's what you're thinking? You will be calling your friends and family and pitching them life insurance. The process wasnt bad it just wasnt a good fit, I applied through college or university. It should put you in good position for analyst roles during OCR. If we actually learned about investments and different financial instruments I wouldn't be so frustrated but the point of an internship is to learn. Again, Freshmen at CC so I should really take what I can get but selling life insurance to my family and friends is a nice way to get laughed at. I have a close friend who is ~30 and making big $ at Northwestern. Interested applicants can visit Northwestern Mutual's websiteto learn more about available financial advisor internship opportunities. Do Not Sell or Share My Personal Information. Not sure where that number is from, lol. I would argue that it is worse than doing nothing. They keep talking up the internship, yet they're reluctant to explain how exactly we're going to be paid. Most Northwestern Mutual interns are juniors or seniors studying, business, economics, technology, social sciences, education or liberal arts. It is a sales / cold calling job. He talked about how simple investing can actually be these days, ever since the dawn of the internet; one can open a Fidelity, Vanguard, or TD Ameritrade account in as little as 10 minutes without ever needing to pay a single dollar to a "financial advisor." We invest in our people. We invest in our people. partner position, I'd be lying if I said I'd look at someone with NW Mutual experience the same as someone coming from Northern Trust, but I think that's because they heavily recruited on my campus and my prejudices are there because I remember a couple of times my fraternity brothers trying to sell me life insurance while we were fishing & drinking on a dock. I won't slander them like everyone else, but you need to know exactly what you're in for ahead of time, save yourself a headache. I'm definitely going to show up for my interview on Friday, but in the case that this is the only offer I get and the only chance I have at a summer position and I end up taking it should I be upfront with that I'm not comfortable calling my friends & family for them? Hey! I disagree with this, and I personally have nothing against them as a firm. LOL. Wealth management is an all encompassing term. Do not test my politeness. Some people are successful at it though. Fugit nulla tenetur aut voluptas alias et voluptatibus ratione. "We're honored to be included on this list again, particularly at a time when we doubled-down on our internship program while the pandemic made it more difficult for some students to secure internships. Through a distinctive, whole-picture planning approach including both insurance and investments, we strong... In retrospect I learned a lot about networking and gaining experience for the summer then try to into! 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