Charles Schwab
3.1 of 5 802 reviews
www.schwab.com San Francisco, CA 5000+ Employees

Charles Schwab Reviews

Updated Jul 8, 2014
All Employees Current Employees Only

3.1 802 reviews

                             

61% Approve of the CEO

Charles Schwab President and Chief Executive Officer Walt Bettinger II

Walt Bettinger II

(482 ratings)

54% of employees recommend this company to a friend
213 Employee Reviews Back to all reviews
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    1 person found this helpful  

    Overall an okay company, but I probably wont be here forever.

    Senior Manager (Current Employee)
    Denver, CO

    ProsExcellent employee services. Seriously, the best I have ever seen. Free access to a Financial Consultant, discounts on trading fees, and a generous Employee Stock Purchase Plan. Honestly, the 401K isn’t bad either. Match up to 5%, good funds to select from, and a discounted managed portfolio for those that want it. Ok pay, ok salary increases (3% in 2014), ok profit sharing bonus.

    Large and stable company that you know is going to be around for the long haul.

    ConsFrankly, I have to agree with most of the other comments I am seeing on here. Schwab is a very conservative organization that is slow to change and improve. Seriously, I am still using Windows XP and Office 2003.

    I also agree with the comments regarding management. It appears to me that the people promoted to directors and VPs aren’t really the best candidates, but have been the ones that stayed around the longest. Most don’t appear to have any new fresh ideas of how to improve the “client experience.” They also aren’t very realistic on their expectations and timelines they set for the executives. I saw one comment about how managers shield the executives from what is really going on and I could not agree more. I will also add that the directors and VPs that really have fresh new ideas tend to get pushed out fairly quickly. I think a lot of the VPs and even the managing directors really set up some of the employees for failure.

    I also completely agree with the negative comments regarding the healthcare benefits. I was very frustrated with this change and it has caused me to look for employment elsewhere. I also completely agree with the feedback regarding the possible advancements.

    It definitely appears to me that Schwab has implemented several tactics meant to keep employees even those that might want to leave, which I think leads to some of the negative comments about the workforce. For example, Schwab doesn’t contribute to your 401K regularly it’s only once per year in February. Also, the bonus (really more of a profit sharing bonus) is only paid annually in March. The profit sharing bonus I get, but the 401K contributions really bother me.

    I would also like to highlight one of the most confusing elements at Schwab. I completely agree with the comments about Schwab being very client focused. Seriously, they will bend over backwards and even provide client experience gestures (money) to people that complain. However, the directors and VPs just don’t seem to even think about ways to improve the client experience in a practical sense. I could list 20 or so things that as a client just drive me nuts that Schwab could fix really easily, but they don’t.

    Advice to Senior ManagementThere is a significant difference between being busy and being productive. All of the directors and VPs I work with appear to be super busy all of the time, but never seem to get anything done.

    Also, be realistic about your expectations. Some of the town halls and other presentation I have attend make me think you really expect total loans to just take off by sending out spam emails…really? Is that really realistic?

    There is also a significant difference between leaders and managers. Just because someone appears to be really good at their job does not automatically qualify them for management.

    Lastly, there is so much more to the "client experience" than how you resolve complaints. Why not make the process just easier for the client from the get go? There are always going to be exceptions and things that just don't work right, but seriously, some of the smallest changes could really make a big improvement.

    No, I would not recommend this company to a friend

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    Senior IT Manager

    Senior Manager (Former Employee)
    San Francisco, CA

    ProsTalented, smart people, and benefits are good. Salary is average for the responsibility required. Training is excellent. Downtown San Francisco is near the Embarcadero and lots of different restaurants to hang out.
    Challenges to learn how to build enterprise software.

    ConsDirectors, VP's back bite, say rude things, and act very unprofessional, not all, but many. They bring in VP's who don't know how to mentor and grow talent, just perpetuate their self delusions of grandeur. They are driven by utilization of the dollar per head. They don't understand how to actually develop quality software and make 3rd party vendors higher priority than full time employees, because they look at how cheap the offshore head count add to a low figure in their spreadsheet.

    Advice to Senior ManagementGet wise, get smart, and get some morals

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Great place to start a career, leave to get paid

    Anonymous Employee (Current Employee)
    Austin, TX

    ProsThe company employs individuals that are generally outgoing. In Austin, most folks are new to the area so friendships are forged easily. If you're new to the industry, Schwab gives you a month off the phones to study for your 7 and 63. If you're lucky, they will even pay for additional certifications like AAMS and CFP.

    ConsThe pay is sub par. Most other firms in the area offer much more pay for entry level positions. Bonuses are not paid out 100%. Also, corporate goals are often candy coated - they definitely have most folks drinking the cool aide. Turnover is also pretty high in their broker roles.

    Advice to Senior ManagementRevaluate 18 month requirement for new position. Offer competitive pay to keep great people.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    You are just a cog in a big machine

    Senior Staff Technology Solutions (Current Employee)
    Denver, CO

    ProsCompany is stable, honest and treats customers very well. The business side of the house has the customer service aspect of the industry figured out.

    ConsIt is a shame employees don't get the same treatment customers do. You are just a cog in a big machine and unless you have your nose up the right rear end your chances of a promotion are non existent. Forget about being promoted based on merit as all advancement is competitive between internal/external candidates. Trying to move to anther role in a different department is a nearly gargantuan task. Most IT jobs being moved to Texas over time. Highly skilled long-term employees leaving and being replaced with lower skilled workers at less pay. Moral is dropping by the day in IT as people in SF being forced out as company shifts jobs to AZ and TX.

    Advice to Senior ManagementKick out most of the leaders on the technology side and replace them as the left hand does not know what the right hand is doing. Stop letting the company be run by auditors and grow some balls.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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    2 people found this helpful  

    Great coworkers and equally great training...just not my bailiwick.

    Registered Representative I (Former Employee)
    Indianapolis, IN

    ProsThe pay is decent 40k for Registered Rep plus small yearly bonus (x <= 5k). Also able to work overtime during tax season and random peak times (when I left they were implementing new software that would better forecast call volumes, providing managers and those responsible for staffing a power tool of efficiency. This may have resulted in better use of overtime hours). You learn a great deal about how to place trades and the basics of finance, but make no mistake, this is a call center. During a shift you may receive anywhere from 30-80 calls...personally this got old fast.

    ConsOnly 30 minutes for lunch. 2 15 minute breaks during your shift. I was bothered by the lack of team management goal uniformity...what I mean is my particular team was good at providing polite service for our customers but we fell short when it came to signing customers up for additional services or bringing in additional customer assets... I wish team managers would have gotten together and developed helpful guidelines for both RR and CSR based on their individual strengths. I was lucky to work with many intelligent people at Schwab.

    Yes, I would recommend this company to a friend

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    Things have gone downhill in morale across the San Francisco offices.

    Anonymous Employee (Current Employee)
    San Francisco, CA

    ProsGood work/life balance. You can run a 8am - 5pm workday if that's what you want. Work load isn't overwhelming.

    ConsSalaries are below industry averages. Announced layoffs (relocating jobs to Denver) for 50% of staff in San Francisco over next 2-3 years. Leadership is marketing/sales oriented, not investment managers.

    Advice to Senior ManagementHire some leaders with actual investment experience, and focus less on the marketing.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Share your experience with us ... but

    Senior Manager (Current Employee)
    San Francisco, CA

    ProsEgalitarian, inclusive, charitable, good starting salary; opportunities for continuing education

    ConsSchwab does many things very, very well. This does not mean that they have nothing to gain from the experience of new hires. Unfortunately, a too-often repeated phrase is, "Thanks for that but that's not how we do it here."

    Advice to Senior ManagementWhen you bring new talent into the company, take advantage of that experience rather than trying to bend it to the existing shape of the job.

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    Just keep Selling

    Vice President, Financial Consultant (Former Employee)
    West Palm Beach, FL

    ProsGreat people. Great benefits. Made many friends there. Good place to learn.

    ConsMicro-management. No chance to advance career in the branches. Revolving door for employees. Need to do massive volume to make a living.

    Advice to Senior ManagementSchwab has a good thing going and do not know what to do with it. Allow FC's to build revenue book and promote to real advisor role. Then bring in new FC to repeat the process. Old SPC model would have worked, if they didn't mess with it.

    No, I would not recommend this company to a friend

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    Ups and downs

    Anonymous Analyst (Current Employee)
    Richfield, OH

    ProsCulture is great, work with really good people. Leadership in my location is extremely approachable. Tons of vacation time and a sabbatical.

    ConsNo growth opportunities unless you want to move to Austin or Denver. Pay is sub-par and despite achieving exceeds or above on several year end reviews I've yet to receive a good bonus. If you want to keep your best employees, they need to be better awarded.

    Advice to Senior ManagementPay your top performers in accordance with their work. Remove the managers that clearly do not have the requisite skills to be people managers.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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    A kearning experience

    Anonymous Employee (Current Employee)

    ProsFlexible hours, casual work environment

    ConsI choose not to comment.

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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