Charles Schwab Reviews

Updated March 28, 2015
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3.0
260 Reviews
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Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
570 Ratings

260 Employee Reviews

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  1. Great Resume Builder / Average Career Opportunities / Lots of Micro Managers

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - BROKERAGE SERVICE Representative in Austin, TX
    Former Employee - BROKERAGE SERVICE Representative in Austin, TX

    I worked at Charles Schwab full-time (more than a year)

    Pros

    Professional culture, dedication to customer service, benefits, chance to acquire Series 7 & 63

    Cons

    Managers lacked vision....very few true leaders on the floor. The queue dictated when/if training or team meetings would take place. Bogus sales lead metrics seemed to be on an equal footing with providing resolutions.

    Advice to ManagementAdvice

    Micro-managing does not empower employees. Put more consideration into the metrics you use.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2. Great culture, less than average pay for the industry

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab

    Pros

    culture, a workplace your can be yourself in. Business casual , or casual-casual, unless the Execs come to town. The Execs dress down the employees dress up-- pretty ironic. Training opportunities are above average.

    Cons

    Career opportunities are coming to rely on Gallup surveys a little too much. Pay is laughable based on all that you do.

    Advice to ManagementAdvice

    Don't lose qualified employees to other firms because of pay and Gallup surveys.

    Recommends
    Positive Outlook
    Approves of CEO
  3. Sr. Manager

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab full-time (more than 5 years)

    Pros

    Open organization. Some very talented people.

    Cons

    Geo policies changing all the time.
    Management priorities change often.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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  5. Good company that treats their employees fairly. Lots of opportunities for internal lateral movement.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Risk Analyst in Englewood, CO
    Current Employee - Risk Analyst in Englewood, CO

    I have been working at Charles Schwab

    Pros

    Every 5 years of tenure you get a month long sabbatical. Tiered vacation system where you get more vacation the longer you work there. After 3 years you get 10 hrs/month plus two floating holidays. Generous sick time. Decent pay.

    Cons

    Poor upward mobility. Benefits are decent but not what they once were.

    Recommends
    Positive Outlook
  6. Challenging work, great people.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Staff Software Engineer
    Current Employee - Senior Staff Software Engineer

    I have been working at Charles Schwab full-time (more than a year)

    Pros

    CompaNY actually cares about its employees. Good benefits and transparency.

    Cons

    Lack of flexibe work options despite being a technology company. Lack of paternity leave.

    Advice to ManagementAdvice

    Working remotely does not mean lack of collaberation. Trust you employees will work remotely responsibly and ease up on the telecommuting policy to allow employees tOK achieve a better work life balance.

    Recommends
    Positive Outlook
    Approves of CEO
  7. 1 person found this helpful

    Great place as a client, tough place to grow as an employee

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Brokerage Service Representative - Retirement Plan Services in Austin, TX
    Current Employee - Brokerage Service Representative - Retirement Plan Services in Austin, TX

    I have been working at Charles Schwab full-time (more than a year)

    Pros

    Charles Schwab has great name recognition within the industry, and that leads some instant credibility on the resume. The benefits are solid in my opinion, and most of my coworkers were some of the best people I have ever worked with anywhere. The company has a lot of room to grow. If you want to get your foot into the door in this industry getting licensed at Schwab and putting some time in is a great place to start.

    Cons

    There is very little room to grow as far as your compensation is concerned. Even working your way up through multiple positions you will see your salary grow at an astonishing slow rate. There is an annual bonus, and you better believe they will do everything they can to make sure you don't get it. The higher compensated positions, both incentive and salary based, require significant tenure within the company (read: 5+ years), however it is easier to get into these positions as an outside applicant. During this 5 years, you will be bounced from call center to call center to become further indoctrinated and at the end, your salary may go up by 10%.

    Advice to ManagementAdvice

    Blow up the management structure within Retirement Plan Services because no one in that department knows what they are doing. Stop looking at call center stats like they tell the whole tale of who can manage other people and direct projects.

    Recommends
    Positive Outlook
    Approves of CEO
  8. 1 person found this helpful

    Senior Marketing Manager at Charles Schwab

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab

    Pros

    There is good work and life balance

    Cons

    Not a lot of opportunity for personal growth

    Advice to ManagementAdvice

    No advice for management

  9. Good brokerage firm to work for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President
    Current Employee - Vice President

    I have been working at Charles Schwab

    Pros

    Diversity, will do everything for the client

    Cons

    Some management are very focused on their advancement at the expense of their employees

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10. 1 person found this helpful

    Top Heavy Management - Too many layers of management and not enough people to actually do the work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Charles Schwab

    Pros

    Mundane work with little challenge

    Cons

    Good benefits market salary decent time off

    Advice to ManagementAdvice

    Hire managers that actually know what they are doing and how to manage good people

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  11. 6 people found this helpful

    Great Client Focus, but handcuffed by the worst that "Human Resources" can dream up

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Client-facing Financial Services Representative in Phoenix, AZ
    Current Employee - Client-facing Financial Services Representative in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 10 years)

    Pros

    A completely ethical, client-focused business practice geared toward providing unbiased financial help & advice to its clients. Clients compliment us for our openness and honesty, which helps with the feelings of job satisfaction. Health Plan was among the best until Obamacare forced the company to stop offering a "Cadillac Plan", but still provides good access to health care. Decent pay for a competent client phone services person. Four-week sabbatical every 5 years for employees is also an excellent benefit.

    Cons

    The company has gone way overboard with minutia thanks to "Human Resources" policy changes during past 10 or so years. One example is how they've crafted a mechanism by which they find ways to avoid paying bonuses to employees. It used to be that the company paid out a full bonus quarterly, depending upon the company's performance for the preceding business quarter. All employees were able to participate, and in a particularly good quarter, everybody felt a genuine feeling of achievement & reward for a job well done, which went light years towards fostering an environment that helped keep employee morale high. With the change fostered by the HR geniuses, the first three quarterly bonuses in the year are now considerably smaller amounts known as an "advance"; the fourth, paid out during the first quarter of the following year, is now a rigidly calculated, employee-performance-based amount, which the average front-line employee may or may not receive, depending upon whether you're in good graces with your immediate manager. The emphasis of whether employees fully participate in a corporate bonus plan has shifted from the company's performance to that of the individual employee. What used to be a fairly quick, efficient and concise quarterly review process when bonuses were disclosed has evolved into a minutia-laden process that now requires a 16-page document to explain why you might or might not get an annual bonus. The longer that document gets, the smaller your annual bonus is likely to be.

    And get this - if you leave the company prior to that annual "bonus" calculation, you get nothing, in spite of the effort you put in during the previous 12 months. The changes in the bonus plan payout implemented by HR have been front-loaded in favor the company at the expense of employees.

    So it should come as no surprise that, thanks to the implementation of Obamacare. employees who used to benefit from an outstanding health care plan - most able to enjoy the convenience of small co-pay instead of much larger co-insurance costs - now face a much larger portion of those costs. To its credit, the company has contributed up to $1000 annually to Health Savings Accounts for employees; whether that contribution continues remains to be seen. But in describing the changes to the company's Health Plan, one of the company's HR higher-ups mentioned that some employees may have "cash flow problems" as a result of the changes. Obviously, a guy with a 6-figure income has a different definition of what constitutes a "Cash Flow Problem" than the average front-line employee.

    And don't get me started on the invasion of our privacy in the world of e-mail, IM, and even outside social media use. Forget about passing jokes along to co-workers, unless you like putting your bonus, or even your job, at risk. HR-implemented policies in this regard will help keep employee morale in right in the toilet. Apparently, a sense of humor is not welcome in this type of HR-focused world.

    I'm baffled by a recent trend to hire managers for jobs in which they have no experience nor expertise. It gives off an appearance that higher-ups view managers as interchangeable pegs which they are then able to place in a variety of holes, whether appropriate or not. I see no benefit to employee morale from this type of policy. The team cohesiveness which once existed between team members and their manager - largely because the manager knew and understood every facet of the job faced by the front-line employee - is an important bond which helps keep an esprit de corps among the troops and has gone missing.

    Advice to ManagementAdvice

    Listen to your front-line employees. They're the ones who actually communicate with your client base, and they're very adept at telling us what they like about what we offer. If you consider how much customers liked discounted commissions, access to a wide range of no-fee mutual funds, and expanded access to these services via our Internet platform as the years rolled by, try to remember that they came to us because they liked what we offered them. They didn't come to us because we told them to like it - such as the disastrous implementation of a multiple-tiered, multiple fee-based account option forced upon clients back in 2004, which then expended employee capital in a lame defense of these poor policies (which wisely - and thankfully - were discontinued).

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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