Northwestern Mutual
I keep getting bombarded by some recruiter from Northwestern Mutual about applying for an internship for Summer 2022. I’m a sophomore in a community college in NY. Anyone know anything about Northwestern? I’ve read it’s almost like a cult and is well respected. Is this true? I just want as much experience as possible with financial analysis…
I hope this is a joke. For your own good..
Unfortunately it’s not.
I would just like a clear answer. I’ve never heard of northwestern in my life…
Avoid at all cost. You will get stuck cold calling people all day everyday trying to sell everyone insurance. You would be better off interning at a no-name regional boutique sweatshop.
Yeah you'd be better off trying to go to one of the old school smile and dile brokerage firms down on Wall Street if you really want to do cold calling. At least with those guys you're working around equities and potentially for the capital markets side of a boutique investment bank. Examples being: Spartan Capital, Fordham Financial, Think equity. I'm not too sure but I also think these guys might sponsor you for your 7 and 63 before you graduate which would make the internship so worth it hahaha.
I can copy you my Glassdoor review:
I'll start this out with a description for anybody who may be wondering. Before you start the internship, you're tasked with obtaining your location specific life insurance/annuities/accident/health insurance license. They pay for that license, but I will say I personally found it an absolute pain to study for because I was already managing a 20-credit course load when they emailed me about it (I pulled either 1 or 2 all-nighters trying to knock out the course they provided, but I definitely wouldn't say that's a requirement). You can later get your SIE (Securities Industry Essentials), Series 7, and Series 63 licenses paid for (which are very good to have so early in this industry) but they don't allow that unless you make it through one semester or summer term and stay with them for the next. At my location, we began with a week long training. The training may vary greatly throughout different locations but mine consisted of a ton of presentations and honestly some very informative preparation for our roles. They went over prospecting (tactics to get people you know or that you've worked with already to give you more names/numbers to call), phoning (what to say when you're trying to schedule meetings with people over the phone), compensation statistics (such as how many people you'd have to call and meet with to make X amount of money), and lots more. We did actual live phoning session competitions where we compared our results (how many people we were able to "reach" and how many people we were actually able to schedule meetings with) and the winner was rewarded with some amount of money. They also place extremely heavy emphasis on organization and very loosely and somewhat unhelpfully guide you in how to do that (by setting up your "ideal calendar") The actual internship consisted of phoning, which as I previously stated is calling people to try and set meetings with them. The other main thing was actually meeting with those clients which is accompanied by a joint work partner. Joint work partners are full-time financial representatives that essentially conduct the meeting on your behalf, allowing you to shadow them to take notes and pick up on what you would say if you were in the meeting alone. Intern commission is 50% so if the prospect decides to purchase a product, you get 50% of their first year premium. Using simple numbers, this means if the prospect buys a life insurance policy that costs them $100/month, one year worth of premium would be $100 x 12 months = $1,200 and the intern would get 50%, so $600. Except if you had a joint work partner (which you will always have at the beginning and likely the entire time unless you're killing it) you split it 50/50 with your joint work partner - meaning you would get $300 instead of $600.
Pros
Cons
Show them your dick during the interview process. They’ll respect you more if it’s-big , they’ll respect you even more if it’s small
I would personally say having no internship is better than interning at NWM. The reputation is so bad that it could be seen as a negative when applying elsewhere. Also this applies to all positions, I think they have a private capital arm which is probably a legit business, but it’s still not worth staining your resume
I'd agree with other posters that this could be a negative on your resume. If I was reviewing resumes and saw someone listed northwestern mutual, it can only go two ways: You were bad at your job, which makes me wonder why you put it on your resume, or your were good at your job.. which makes me assume you have no social skills and didn't feel your skin crawl while working for a pyramid scheme.
Had to drop this gem
https://www.instagram.com/reel/Ctz7m8QAHwb/?igshid=MzRlODBiNWFlZA==
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