Basically, I am a Finance major, junior year, looking for a summer internship. My school is in NY but not a target school. We are recognized as having a decent business school though, especially for accounting. IB is something I have been really looking into and maybe one day I will get to see what its like. As of now, I have tried to land summer spots at many places, still havent heard from many, dont exepct to from some. My grades are not spectacular but nothing bad. Overall I would say I have a weak GPA (compared to your typical 3.9 kids) but I can make up for it in other areas I would hope. I am still waiting to hear from InRoads and SEO. (so yes I am a minority) Recently at a job fair I landed a interview with Northwestern Mutual Financial Network. Yes I know that is in a completely different field but the recruiter loved me and asked me back for the 2nd interview in the city. My question is, would trying to land this summer internship be bad? I'm thinking any experience would help, as in if I don't land anything else from any bank. Would future IB people even recognize me for working at NMFN? (its got almost no pay, some commission) Also, I hear many bad things about the program off the vault program (especially about the pay), if this is such a bad program why do vault and forbes and other people rank it so highly? Thanks in advance to anyone who reads this and has some advice.
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My cousin did the program and had mixed feelings about it. He told me that the NWM program dealt more with Life Insurance policies. For IB jobs I am in the same boat as you. Best advice I can give to you is network as much as possible. Good luck
do you mean to network within my internship? or I shouldn't take it and try a different approach? Thanks
It will be a great internship for your resume in terms of overall finance. Yet for IB I doubt you will make great connections within NWM, so you might want to look elsewhere for networking. Overall this is a great internship so don't turn down this opportunity unless you get that IB internship.
I will definitely try to get as far as I can with NMFN. I hope that some bank will take me for the summer as well.
What school do you go to, if you dont mind my asking?
I'm guessing the University of Rochester.
nope. Binghamton University
Do what you can with the internship. All these guys think if you didn't go to Harvard or something you don't have shit. They are wrong. Be positive
NWMN is a fucking joke. I go to a non target and if you have above a 3.0 they more or less will give you an offer on the spot. My soph year I went through the whole interview process and got the job but eventually figured out they just want you because you're free labor and they figure you'll hit up your parents for some life insurance or some shit. The only reason they're ranked is because they pay off the people who rank them.
hmmm... thanks for the info. I am gonna try to see how far I get because I suppose if I don't get anything else, it couldn't hurt my resume (but it will definitely leave me broke) Did you have to do the presentation in front of the execs at their offices?
sounds pretty bad. I would recommend going to fortune 500 company and doing work or Asset Management. The shit your trying to get won't help for recruiting.
Yeah, its just the part about getting a fortune 500 to hire me thats proving kind of difficult...
try kimberly clark & Intel. I have heard of them hiring students with a GPA of 3.2. If your GPA is under that than don't even think about banking.
truth!
yea my gpa is right above that, and constantly moving up (hopefully)
truth indeed. Any other suggestions?
I felt your pain as a non-target. If you really aren't feeling NWM, another alternative is to attend summer school at Binghamton (or elsewhere). This gives you a "free semester" that you could potentially take off during fall or spring of senior year to do a solid internship.
Winter and fall internships are traditionally less competitive and you have a better chance of being hooked up with a solid firm, not necessarily in IB though. In my opinion/hearing about the experience, NWM doesn't sound like that great of an internship--neither in the name nor the type of work being done.
Just a thought.
has anyone else ever heard of NWM?
Yes, they(NWM) recruit heavily at my school - which is a very bad sign.
yah, i've heard of it. they came to a career fair at my school (nontarget) and offered jobs to pretty much anyone with a GPA over 3.0 with a business-related or econ major. basically you're their bitch and they hope you sign up some of your rich family members for their insurance or retirement policies. it's probably a good internship for someone looking to get into a commission based lifestyle of insurance sales, but for any prospective IBer, it's useless. you'd be much better off working for a fortune 500 or at least trying to get a job as an underwriter intern for an insurance company if they are your only option.
wow...hearing all this makes me incredible depressed. I already set up my 2nd interview, where I have to do a 10 minute presentation to some high level people about why I am qualified. I suppose if I get an offer I can just decline... =(
Best thing to do is look for a valuation shop. I am sure there is one in your area. They give you the skill set you need to move towards IB. Plus, they have a relatively low GPA standard. I agree with others try a fall or spring internship they are usually less competitive. Also consider possibilities with Big Four Accounting firms.
hmm I have never heard of valuation shops but I will look into that. Thing is, I have a list of about 60 banks that I have applied to or am about to apply to. I figure the more I apply to the better my shots at getting anything? I applied to most of em about a week ago so I will be calling them soon to see if I can talk to anyone about it. I guess I was just getting my hopes up with NMFN because of all the crap I hear about it. How can they be ranked top 10 internships by CNN, forbes, vault, etc?
Because they pay off CNN, Forbes, Vault etc...
good point...
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