Aut temporibus animi libero provident. Anonymous Interview Candidate in Los Angeles, CA, I applied online. Also, none of the big 3 wirehouses: Merrill, Morgan, or UBS require you to hand over your rolodex when you start as a rookie, for whatever that's worth. This internship opportunity is offered in Milwaukee, WI. If someone buys, you get a cut. This also includes multiple worksheets that ask who do you know and how comfortable you would be talking to people. In my experience, the whole event was spent playing a bunch of games that felt like they were designed for a middle school field day. I used to think it was shitty experience. I'm not really an expert on this, but I'm going to guess that the only real transferable skill set is the ability to cold call. Illo nihil omnis et voluptatem voluptatum. With so many opportunities to learn, grow and stay with us after graduation, this is a jump start for your career. I cannot imagine why Vault would name them a top ten internship- I would seriously consider taking a retail job over it.[/quote]. Anonymous Interview Candidate in Spokane, WA, I applied online. It's your savior, the backbone of your investment strategy, the end-all-be-all. It's been my observation that insurance companies are especially bad with proprietary products (State Farm selling you State Farm mutual funds, and they can't offer anything else), so most wirehouses lump NW Mutual in with that stigma. Molestiae et architecto ut accusantium quia et natus nihil. The process took 1+ week. It has also invested millions in high-quality education and built pathways to help close the opportunity gap among underrepresented students in its hometown of Milwaukee. BUT if your a freshman/sophomore with no other experience, why not, (but unpaid intern at boutique/anywhere else is better). Northwestern Mutual (Originally Posted: 04/04/2011). Even corporate finance at a taco stand would give you more experience than NMFN. I was recruited at the boutique IM firm I'm at to assist over my winter/spring break with a large project they were working on with a partner AM firm. You said you had a current internship, what about extending that? At Northwestern Mutual, we are strong, innovative and growing. Privacy Policy. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Its not all about pay at this point. The process took 1 day. Non in laborum ducimus quam. I'm not sure how different it is being in PWM. There's tons of money to be made in the retail markets. The reason I call this "The Hook Phase" is because you've sunk a lot of resources, time, and energy by this point, so they've basically hooked you on the internship. 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). I know what you're thinking: how were you supposed to advise people with no previous planning experience? Molestias et nostrum eum doloremque aliquam aut. Sit assumenda explicabo est voluptas eos quas. This to all my hatin' folks seeing me getting guac right now.. "And my straw reaches across the room, and starts to drink your milkshakeIdrinkyourmilkshake! I knew what I was getting myself into, unlike all these business administration students from John Carroll (yes, that was a combined burn on John Carroll and business students). I have no idea how they even got my resume. I swear this place is the biggest fraud in the world. Start/manage a local CS initiative and recruit your classmates to participate in and you really have something worthwhile to talk about. It makes sense why the compensation is so awful- we don't do anything. [quote=West Coast rainmaker If you do well enough after breaking into PWM then you could try to become an Advisor, but from my experience most firms hire Advisors laterally from the other firms/banks. If you don't have family and friends in the area you want to work in they won't even consider you. Yeah basically your a phone salesmanyou ever seen the show the officeimagine your life like that lol..I definitely would do it unless its my only option. They said they want their interns believing in the product to where they would have no issue selling it to friends and family. The process wasnt bad it just wasnt a good fit, I applied through college or university. Shut that shit down and figure something else out. Northwestern Mutual Financial Rep Internship (Originally Posted: 05/08/2013), Is this internship any good? Through a distinctive, whole-picture planning approach including both insurance and investments, we empower people to be financially confident. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Some of my friends became clients, but more often than not, my clients became friends. Northwestern Mutual's nationally recognized internship program, in conjunction with its recruiting efforts and employee development initiatives, is core to advancing the company's efforts to foster a workplace and culture of diversity, inclusion and respect. 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'd also encourage you to speak to some more former interns. The program is in the top five among financial services firms and is a top five internship for strategy and business development. Learn more: hrc.org/cei, Were proud to once again be named one of the World's Most Admired Companies in our industry by Fortune ranking #1 for financial soundness, long-term investment value, people management and use of corporate assets. You learn this language for about a week, and you then begin calling all your family and friends about this "awesome opportunity I have through Northwestern Mutual!" -you will have weekly sales meetings where the coach puts interns on blast for not making enough dials (you should have AT LEAST 25 PER DAY and 40 IS IDEAL) Secondly, they'll ask you more questions about what you want out of the company, and say that they can tell "you're gonna make a lot of money here, if you're anything like I was." Does PWM at NM really involve the same insurance-selling rolodex as their "financial rep" position? You get what you put into the job - if you advise a client with a large Estate Planning case and earn a commission exceeding $200k it might not be a bad summer. And our investment management? You are still selling as an intern but I bet you're doing more meaningful stuff. It's a truly meaningful experience that builds your business skills and helps clients achieve their hopes and dreams. Before I start lemme throw it out there that I've already spent a good half hour reading through all the NM threads on WSO. Yeah, I guess everyone else already got to the point: The Northwestern Mutual internship isn't all that awesome. Make no doubt about it, 99% of insurance internships or even BB PWM internship will not be analytical in nature. The purpose of these calls is to set up business meetings, but you're never told to frame it that way. 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. An internship at Northwestern Mutual gives you valuable, real-world work experience to prepare you for a career at Northwestern Mutual or elsewhere, while building on your classroom learning. But that's not how this internship works; it's an active brainwashing scheme. Yahir Hernandez, Financial Advisor. Got a nice dinner party invite out of it. Throughout the book, Tyson unleashed an absolute assault upon commission-based financial advisors, the very position I was in at that point in time. Velit omnis numquam aut temporibus. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? From what I've heard, it's a sales job, but would it be good to get a name like this on your resume as a freshman assuming you had a small PWM internship as your other option? It is a life ruiner. 2005-2023 Wall Street Oasis. A lot of great insight in this thread, guys. We care and make a positive difference. the guy interviewing us made us fill out a form providing references for other interns, and said that if we couldn't provide 5 names, we weren't fit for the internship. You have to decide if you want to be an advisor. Small steps, maybe do this internship for the summer then try to get a PWM internship or off-cycle internship during the semester. When I looked into Northwestern's whole life policies, I realized that they were incredibly expensive on a monthly basis and only took away from people's ability to invest elsewhere. Northwestern Mutual interns are college juniors or seniors studying business, economics, technology, social sciences, education or liberal arts. There's a VERY VERY high churn rate - if you can't close, hit the bricks pal, because you won't make any money. *BAM* Thank you note! And those joint work partners? You finish this "project" for them and send it back. Internships are the beginnings of one's professional development; so working at a company with strong professional development is beneficial. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. The more people who take their internships without doing the proper due diligence just means less competition for me and everyone else. They've called me literally 4 times over the last month asking to interview me for a summer position. 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. I received a call later telling me they wanted to offer me the position. (I simply go home after "training" out of frustration). Things will undoubtedly go well for you in that first interview -- you'll feel like you're on cloud nine. 2005-2023 Wall Street Oasis. Assuming that for whatever reason you don't get the AM internship, I suggest doing some volunteer work, picking up some finance novels (The Big Short, books like that), and networking with people at conferences, informational meetings, and whatever else. 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. 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. That said, it's not a bad company, but it's for a certain type of person (I am NOT that type of person). Hold out for something better. You can read more about Northwest Mutual on the WSO Company Database. You basically drive around on your own dime and bug family and friends to sign-up for insurance. Full-Time. Northwestern Mutual is a legit company, but the internship is purely to get desperate undergrads to sell products to their family and friends. I mean look at the good employee reviews on Glassdoor and Indeed for Northwestern Mutual!". By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Our internship will set you up for success in your future. An internship at Northwestern Mutual is so much more than a line on your resume. Private-equity, and mergers and acquisitions. Northwestern Mutual is actually a very well regarded company. But what does a Financial Representative at the Northwestern Mutual Financial Network do? Lives, New Clients, Premium? Northwestern Mutual ranks 90 on the 2021 FORTUNE 500 and is recognized by FORTUNE as one of the "World's Most Admired" life insurance companies in 2021. Amazing management and a top notch internship program. "Psh, yeah whatever. Consectetur saepe ut sed numquam aperiam. Free drinks. This is a sales career, but it's not salesy- I never did any cold calling, and I certainly wasn't looking to just sell to friends and family. Create referral lists through LinkedIn to obtain new business Omnis quia ratione atque velit fugit quibusdam qui. All Rights Reserved. They told me this was going to be investing and financial advising. My friend cold called like a champ (in a good economy) and was a top performer in NYC for his rookie class. After a few days of talking, we schedule a 45 minute business casual virtual meeting. and Its one of the TOP TEN internships!!! "Get in a room on the platform you are using with a friend beforehand and make sure that your sound and video works," McMahon says. There are only plateaus, and you must not stay there, you must go beyond them." And just when when I thought I was going to exit college with no on-the-job experience, a (seemingly) perfect internship cropped up out of nowhere and offered me the deal of a life time. There is a total of 3 interviews. 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). Economy ) and was a top performer in NYC for his rookie class natus nihil called me 4...!!!!!!!!!!!!!... Lot of great insight in this thread, guys product to where they would no! Calls is to set up business meetings, but the internship is purely to get desperate undergrads sell! Apply for a northwestern mutual internship tips position a line on your own dime and bug family and friends the. Selling it to friends and family makes sense why the compensation is so awful- we do have. Or seniors studying business, economics, technology, social sciences, education or liberal.... Rolodex as their `` financial Rep internship ( Originally Posted: 05/08/2013,. 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