Charles Schwab

  www.schwab.com
  www.schwab.com

Charles Schwab Reviews in Arizona

Updated November 24, 2014
Updated November 24, 2014
895 Reviews
3.2
895 Reviews
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Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
534 Ratings

Review Highlights

Pros
  • It does allow for a good work/life balance which was very important to me (in 80 reviews)

  • good benefits especially Sabbath every five years (in 59 reviews)


Cons
  • Not much room for growth in Indy unless you want to stay in a call center (in 45 reviews)

  • There are very few woman and people of color in middle and senior management (in 25 reviews)

More Highlights

121 Employee Reviews Back to all reviews

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  1.  

    Fairly typical financial institution

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Associate in Phoenix, AZ
    Former Employee - Associate in Phoenix, AZ

    I worked at Charles Schwab full-time (more than 5 years)

    Pros

    Benefits in line with industry norms. Conservatively run, but stable company to work for.

    Cons

    The atmosphere is quite political, you're not really allowed to have an opinion on anything. A healthy questioning of authority figures and their decisions is certainly not tolerated.

    They don't like to promote people if they can avoid doing so, but if you do intend to advance, you will need to know the manager. It's an extremely nepotistic environment. As I mentioned, the company is managed conservatively, so don't expect an above average starting salary, or a massive raise every year.

    The company does not require a pre-employment drug screening of job applicants. For this reason, not all of your co-workers will be consummate professionals.

    Advice to ManagementAdvice

    Start paying market rates, and start drug screening new applicants. If you pay peanuts, you'll get monkeys. It's not difficult.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 4 people found this helpful  

    Dissapointing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Broker in Phoenix, AZ
    Current Employee - Broker in Phoenix, AZ

    I have been working at Charles Schwab full-time

    Pros

    Entry level training. In the first year you work at Schwab you will go through 2-3 months of training depending on what time of year you start. Most significantly you will get a full month to study for your brokerage licenses. If you have no experience in the financial industry this is a great way to get your feet wet.

    Cons

    Entry level is the only thing Schwab is good for. They hire young 20 somethings and pay them to get their licenses and then work them till they quit. Overall salaries are pretty weak. If you are anything except a recent college grad they will be low balling you. God forbid you have a family to support, after the take 30% of your pay for insurance and retirement benefits you are going to be bringing home $2,000 a month as a broker. Management makes a big deal about the "opportunities" for growth and advancement, but in reality it is just going to another phone department and doing your same job for a negligibly higher salary. Actual career advancement occurs in two possible ways, either you go to a branch and try your hand as a financial consultant (don't let the name fool you, this is a sales position and has almost nothing to do with advising or consulting with clients), or you can become a team manager. Both of these take upwards of five years to achieve. After your first real promotion is when prospects start to look really hairy. Schwab is a pretty flat organization (only 6 managers between me and the CEO) but that means that each successive level of responsibility is drastically smaller than the last. Several hundred phone reps are competing for 2 dozen or so manager jobs, who in turn are competing for 4-5 director positions. To make it even harder Schwab has a ridiculous habit of hiring upper-level managers from outside of the company. Of the 5 directors in my section only one of them started their career at Schwab, and most have only been there for a few years. When I look at my management chain I literally have to go all the way to Walt Bettinger before I find a boss that has been with the company for more than 7 years. This is really disheartening to a lower level employee, considering that I do not see a single upper level manager that started in my shoes and made it to where they are now.

    Advice to ManagementAdvice

    Promote from within. When half the FC's are from Edward Jones, and all the operations center managers are poached from Vanguard, how are your employees supposed to maintain their drive and ambition? You will reduce turnover and develop real leaders.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3. 4 people found this helpful  

    Call Center Sweat Shop

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative in Phoenix, AZ
    Former Employee - Registered Representative in Phoenix, AZ

    I worked at Charles Schwab full-time (more than 3 years)

    Pros

    They pay you money, have benefits (but they've gotten worse and more complex), peers are generally good people, phoenix is a 24 hour center has many different time slots you can work, good back office processing (they rarely make mistakes).

    Cons

    Non stop taking call after call after call after call for 8 - 10 hours depending on your shift, on average about 80 inbound calls ranging from about 50,000 topics that clients expect you to be an expert at, yet you're just entry-level. Clients are unpredictable, annoying, and ridiculous, 99.99% of the time clients are wrong (thats why they are calling because they don't know what they're doing). You're basically a human punching bag for them to verbally assault you over the phone even though clients are wrong. Lots of managers don't know what they are doing, they don't know much about the market, options, and margins, they got to where they are by sucking up a lot.

    Advice to ManagementAdvice

    Combine some operations tasks with brokers. Nobody likes being stuck on the phone for 10 hours. Make a couple hours available for people to process paperwork. This will give them a better understanding of how forms and applications are processed and keep people happy at work instead of miserable and complaining. Give your own personal Schwab systems test to candidates who are trying to become managers because some managers don't know anything about options and margins and those departments are closed after 5.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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  5. 6 people found this helpful  

    Perfect job for a person with IQ of 80 or below. Must Love Bingo, Pokeno and Coloring.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Broker Trainee in Phoenix, AZ
    Current Employee - Broker Trainee in Phoenix, AZ

    I have been working at Charles Schwab full-time (more than 3 years)

    Pros

    I no longer work there.

    Cons

    When hired they never tell you that there is sales involved. They also never tell you that it is a call center. If you have never worked in call center, you will not know that in this job you do not have any autonomy on anything. Your breaks, lunchtime, and desks are selected for you. I often called it Schwab High School. They tell you silly phrases like "make new best friends on the phone call" or "this is a fun job" You are required to play silly games like Bingo, Pokeno, and do coloring activities ... yes I am serious coloring..like crayons and markers .... If you have a backbone and do not particpate in these ascinine activitie , expect a write up. I was written up for not playing Bingo and not using my personal time to go to happy hour on my own personal time for team activites. If you are person of an IQ of about 80 it is the perfect place to work. They will think for you so there is no need for reasoning or logic.

    Advice to ManagementAdvice

    Evaluate job performance not similarities of personalities. Not every good employee wants to be your friend.

    Doesn't Recommend
    No opinion of CEO
  6.  

    By far the best employer that I've ever worked for.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - IT Employee in Phoenix, AZ
    Current Employee - IT Employee in Phoenix, AZ

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

    Pros

    Schwab is very particular about the worker that they hire. They will not only test your skills, but your personality and fit for culture as well. Benefits are generous, although there is very little if any tuition reimbursement. VERY good work and life balance. Ample opportunity for advancement. Senior leaders are very smart, tuned in, and actually care. All of them answer e-mail. Will your CEO answer an e-mail with a well thought-out answer that you send him? Walt will.

    Cons

    Pay can be slightly below market in some areas. Company re-organizes frequently which can be confusing. You must be able to prioritize and juggle many projects at once. Lots of drive-by and last minute "this must be done now" requests.

    Advice to ManagementAdvice

    This company is great because it's full of smart, talented people. Schwab is a huge target of head hunters looking to steal your greatest assets. Keep this in mind when computing bonus payout percentages.

    Recommends
    Positive Outlook
    Approves of CEO
  7.  

    Enjoyed working for Charles Schwab

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Business Systems Analyst in Phoenix, AZ
    Former Employee - Business Systems Analyst in Phoenix, AZ

    I worked at Charles Schwab full-time (more than 3 years)

    Pros

    Intelligent, smart people. Great corporate culture. Opportunities for learning new skills.

    Cons

    Most perm employees tend to be overworked, so life/work balance becomes difficult. Pay tends to be lower than industry. Tends to hire from outside rather than promote from within.

    Advice to ManagementAdvice

    Continue all the great things you do to encourage employees to stay but add internal promotions and raises to the list.

    Recommends
    Approves of CEO
  8. 3 people found this helpful  

    Soul crushing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Stock Broker in Phoenix, AZ
    Former Employee - Stock Broker in Phoenix, AZ

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

    Pros

    Great people, great training, you will not move up!

    Cons

    Extremely low pay. You are told one thing in on board training and once you get to your desk reality sets in. They do not care about your experience or knowledge, you are rated on your ability to get clients to click on sections of the website and bring in funds. You will NOT be compensated for it. They want robots who drink the Kool aid and monitor every single thing you do. Expect to take phone call after phone call after phone call! Most of what you will be doing will be resetting passwords for people who have no clue about the Internet. Get your 7 and 63 and GTFO!

    Advice to ManagementAdvice

    Pay your employees! There is a reason everyone wants out!

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9.  

    Great Company to work for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Operations Specialist in Phoenix, AZ
    Current Employee - Operations Specialist in Phoenix, AZ

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

    Pros

    Diverse culture, Higher then average pay, collaborative environment, employee focused with emphasis on growth development.

    Cons

    Long hours attributed to staffing issues.

    Recommends
    Positive Outlook
    Approves of CEO
  10.  

    Very improved after Pottruck was fired

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative II in Phoenix, AZ
    Former Employee - Registered Representative II in Phoenix, AZ

    I worked at Charles Schwab full-time (more than 8 years)

    Pros

    Chuck Schwab and Walt Bettinger seem like the real deal ... sincere in caring about both their employees and their customers.

    The company has been pretty successful in eliminating conflict of interest in the products that the brokers sell.

    The 'customer comes first' attitude seems to be real again. No longer just lip service.

    Cons

    At least when I left there were still several directors that had yet to convert away from the greed of the Pottruck years. Some departments were clearly happy and doing well. Some were still suffering.

    Employee incentive still seems to be misaligned at times.

    Advice to ManagementAdvice

    Continue to the return back to Chuck Schwab's founding principles. Do more to make employees also Schwab stock holders. Continue weeding out those directors and managers that are still holding on the 'Pottruck' attitude. You will continue losing your best people until you can really fix the employee experience.

    Recommends
    Approves of CEO
  11.  

    Good people, but low pay

    Former Employee - Associate in Phoenix, AZ
    Former Employee - Associate in Phoenix, AZ

    I worked at Charles Schwab (more than 5 years)

    Pros

    Good culture and provides a lot of training. Many career paths to take if you are located in one of the primary service center cities.

    Cons

    Low salary and annual salary increase is terrible. Tell you 2% is standard, and should be grateful in the "current environment".

    Advice to ManagementAdvice

    Have more openness with salary info, especially with your own employees. Two people in the same department, working the same job could have a completely different salary. Even it out, and pay people what they deserve.

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