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The Guardian - US
The Guardian - US
Business
Niamh Rowe

‘Friends end up blocking you’: Northwestern Mutual sold college grads a dream job. They left in ruin and debt

a man looking at a camera
‘It felt like survival of the fittest,’ says Jeremy Biar of his time working at Northwestern Mutual. Photograph: Antranik Tavitian/The Guardian

Northwestern Mutual likes to think of itself as a storied American institution offering specialized financial advice. The 168-year-old financial giant, ranked 109 on the Fortune 500, and regularly anointed one of the World’s Most Admired Companies by the magazine, describes its financial advisers as “expert listeners” or a “trusted partner who helps you continue to reach goal after goal”.

It also tops Forbes’s list of Best Employers for New Grads, a title that makes it attractive to hundreds of college students desperate for an internship that could launch them into a career in financial services. Each year they file into Northwestern’s glassy offices across the country for a three-month internship that they hope could change their lives. There, they are slotted in beside thousands of full-time “financial representatives”, many of them recent graduates themselves.

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