Upshots of a Good Internship

"The proof of the pudding is in the eating," or so the popular saying goes. It means that the true value or quality of something can only be judged when it's put to good use. Or, otherwise stated, "Results are what count."

This is especially true when it comes to the valuable professional experience of a good college internship. When weighing opportunities, the prudent student would be wise to look at the program's track record.

With the Northwestern Mutual Financial Network internship program, the word is out on its success: In 2007, the experts at Vault, Inc. recognized it as one of America's Top Ten Internships for the 12th year in a row. The previous year, CNNMoney.com hailed it as one of the "Five Best Internships for Real Work." On top of that, Selling Power magazine ranked Northwestern Mutual in 2007 as the number one service company to sell for.

Since 1967, more than 22,500 students have participated in the program, and it continues to grow. "Many of these interns go on to become top performers in the Network," said Michael Van Grinsven, director of Field Recruitment at Northwestern Mutual and head of the internship program. "In fact, one in five of our leading financial representatives, and nearly half of our top Field leadership are former interns."

Comprehensive Interviews

For two young men, their internship experience with the Northwestern Mutual Financial Network began with a series of comprehensive interviews.

"It was the most thorough interview process ever for me," said Phillip Washington, who majored in finance at University of Texas at San Antonio. He recently completed a year-long internship and is now full-time with the Network's Texas Financial Group – San Antonio. "I had four meetings with the recruiter. I had to complete market surveys with 10 to 15 individuals, which allowed me to get a feel for the internship and to see how others felt about the industry I was looking to enter."

Wesley Burns, a current intern with the Network's Middleton Financial Group in Seattle, Washington, had a similar experience. "I had to give a presentation on why they should hire me." Like Washington, he also participated in market surveys. "Little did I know those surveys would prepare me to ask relevant questions to potential clients."

Real-life Experience

The two agree that it was the quality of the internship experience that drew them in.

"What attracted me to Northwestern Mutual's internship program was the opportunity to run my own financial services practice exactly as if I were a full-time representative with a degree," said Washington.

"We pride ourselves on providing real-life, on-the-job experience to the college students," said Van Grinsven. "Interns are trained and licensed just as full-time reps are required to be, offering them a leg-up when they graduate."

Burns concurred. "I'm not doing other people's paperwork or busy work, but instead actually having to find my own clients," he said. He expects to transition to full-time when he graduates from Seattle University in June.

Another thing that drew Burns to the Northwestern Mutual internship was the income potential. He understood that he would be in business for himself, and his earnings would be a direct reflection of the level of work that he put in, giving him that much more motivation to succeed.

Professional Development

Phillip Washington had two prior internships, and recognized that personal attention is what sets this program apart. "The Northwestern Mutual experience was different because I felt the company took a real interest in developing me as an individual," he said.

"We provide interns with a broad array of resources for their personal and professional growth," confirmed Van Grinsven. "This includes strong mentoring from seasoned professionals beginning on day one and continuing throughout their development." 

Washington said his responsibilities as intern ranged from developing a marketing plan for his business, prospecting for clients over the phone to set up an introductory meeting, learning about sales cycles and the different products available, and how to assess a prospect's needs.

"Typically, I scheduled about 15 appointments a week on the phone and went to see about five to seven people to conduct a fact-finding interview or present solutions to any gaps that might exist in their current strategies," he said.  "I also made sure to ask everyone with whom I met to introduce me to their friends, colleagues and family."

Personal Growth

Wesley Burns explained that his development was more than just professional. "The whole experience has become less about me making a sale and more about helping people with important financial decisions. As soon as I realized this, my confidence rose. This has been my biggest area of growth – staying client-centered."

Washington said he initially found the selling process extremely difficult. "I had to understand that when people said 'no,' they were not rejecting me but perhaps instead didn't fully understand how I could help them. I was really pushed to the limit by the experience, but I learned a lot about myself and that I am really good at meeting new people, getting them to warm up to me and learning something new from them. I also learned how much I value being able to influence the lives of others in a positive way."

More information about internships with the Northwestern Mutual Financial Network can be found on-line at www.internship.nmfn.com. The Northwestern Mutual Financial Network is the marketing name for the sales and distribution arm of The Northwestern Mutual Life Insurance Company, its subsidiaries and affiliates.