Pros
1) The benefits are very impressive - between the health options, small 401k match, and true pension, the benefits are a true highlight of the company and often under appreciated by most employees. 2) Truely a 9-5 work environment - The average worker often forgets that they work in the financial services industry, which typically means longs hours, and showing face. At New York Life, no one thinks less of you when on 9 out of 10 days you come into work at exactly 9 and leave at exactly 5. There are often overtime opportunities for those who are looking to participate, but it is nice to know you're going to have a 40 hour work week for the most part. 3) When you take initiative it pays off - The company is often internally criticized for the slow growth process, however this is not always the case. They are willing to partially pay for an MBA, allow you to take additional FINRA tests, and have other certifications readily available to every employee. Ask for more responsibility, and they will find a way to assign you a new project or initiative. Those that show initiative and take advantage of these opportunites are rewarded. Tenure is a key component of promotions and raises, but the complaints and criticism of growth often come from those who do not show ambition and willingness to grow. 4) Great place to start - Departments take the time to fully train employees (over several months in some departments). With some initiative an entry level employee can obtain licenses and find their specialty within the company. 5) Job security - To lose a job at this company, you need to be doing something terribly wrong, are being extremely careless, or have been warned 3+ times of unacceptable behavior. The company completely withstood the test of the recession, and in fact had a tremendous year as there was a flight to quality.
Cons
1) Comparatively Lower Salaries, raises, and bonuses - This is truely my sole complaint thus far at the company. New York Life is an ultra conservative company in regards to pay. Starting salaries are typically not on par with the industry. Alot of time, this is because they hire people with little financial experience and train them to complete their job function. Bonuses and raises have also been disappointing thus far. A standard raise is typically given across the board to promoted individuals in the same pay grade, which can be frustrating to someone with a more applicable background and greater set of responsibilities.
