Charles Schwab

www.schwab.com

Charles Schwab Reviews

Updated January 30, 2015
Updated January 30, 2015
934 Reviews
3.2
934 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
550 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

Employee Reviews

Sort: Popular Rating Date
  1.  

    It was a great experience.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Charles Schwab in Orlando, FL
    Former Employee - Charles Schwab in Orlando, FL

    I worked at Charles Schwab as an intern (less than a year)

    Pros

    Learned a lot and everyone there was very friendly.

    Cons

    Everything was all good and smooth.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Great Culture with a focus on the client experience

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

    I worked at Charles Schwab full-time (more than 10 years)

    Pros

    Culture - the company has a long tradition of focusing on doing the right thing for clients by focusing on their needs and the experience. They also recognize that employee engagement is a big part of creating a great experience and long lasting client relationships.

    Business plans are tied to company mission and focus on the client.

    Benefits - they offer a one month fully paid sabbatical for every 5 years of service. This really is huge, as during that time employees get to really disconnect and recharge. It also helps with retention. Vacation accruals increase over time from 8 hrs to 13.3 per month. They also offer a 401k match.

    Smart driven colleagues that also know how to make work fun.

    Cons

    Annual reorganizations - can be a make it challenging to keep project momentum up and are also tough for employees who end up with new management structures. It requires flexibility and adaptability, as well as figuring out how to quickly get to know your new manager's work style and expectations.

    Flat annual pay increases that necessarily keep up with inflation, also demotivating for employees. While the company does have a bonus program to provide differentiation and works to recognize performance, often the rewards for project management and marketing related roles rely on the luck of the draw and being on the most visible project for that year.

    Still - Schwab is a great place to work and a great brand.

    Advice to ManagementAdvice

    Reconsider your approach to incentives.

    Keep up the culture of client focus and teamwork.

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Great work atmosphere and a place to build a career.

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

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

    Pros

    Amazing management teams that will help you figure out a career path. Plenty of resources to take advantage of within your career.

    Cons

    18 month contract for customer service positions before you can transfer departments.

    Recommends
    Positive Outlook
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  5. 3 people found this helpful  

    Disappointing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Vice President in San Francisco, CA
    Former Employee - Vice President in San Francisco, CA

    I worked at Charles Schwab

    Pros

    Strong customer focus, great work:life balance, great brand

    Cons

    Political, slow decision making, little connection between executive management and the rest of the company

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 2 people found this helpful  

    Overall, it was a good experience. I resigned because of change in culture that started from the top down. Not good.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - VP-Financial Consultant in Dallas, TX
    Former Employee - VP-Financial Consultant in Dallas, TX

    I worked at Charles Schwab full-time (more than 10 years)

    Pros

    Commission pay was decent. However, that accounted for the majority of your income. Most offices have a relaxed environment. You also have a corp. credit card for client events.

    Cons

    Training is overwhelming and non-stop. The base salary is extremely low. The recent changes has made the company more product pushing focus versus being client centric.

    Advice to ManagementAdvice

    Stop changing the comp plan every year and stop trying to be a firm for every investor. Focus on a key area whether it is advice or trading, etc.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    Used to be good...

    • 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

    Compensation is fair. Benefits are good and location is great.

    Cons

    There has been a recent change of management in investor services that has led to major deterioration in company culture. Recent increases in workload and reductions in support staff have made Schwab Private Client a poor place to work. In 2014 the turnover in the Denver location has been around 20%.

    Advice to ManagementAdvice

    start thinking about employees again.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  8.  

    Great learning opportunities but zero growth opportunities

    • Comp & Benefits
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    Former Employee - Relationship Specialist in Orlando, FL
    Former Employee - Relationship Specialist in Orlando, FL

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

    Pros

    The training at Schwab is unprecedented. It is a great place to learn the ins and outs of brokerage and advising, while maintaining personal integrity. They also instill a great sense of client service in all of their employees.

    Cons

    Schwab is one giant machine, and at times working here was like ants in an ant farm. Your function is one tiny integral piece of a giant whole, and you are expected to be OK with that and stay inside the box. The opportunity for personal growth beyond your role is nonexistent.

    Advice to ManagementAdvice

    Pay your employees more, treat them like people instead of parts, and get rid of the time-clock punching attitude.

    Recommends
    Neutral Outlook
    Approves of CEO
  9.  

    This company offers minimal opportunities for advancement

    • 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 10 years)

    Pros

    A lot of good knowledgeable people, nice culture, however getting worse lately

    Cons

    Unless you are in upper management, you get stuck in a position without opportunites for advancement. Salaries not competitive. Diminishing benefits. Lack of performance recognition. Technologically backward.

    Advice to ManagementAdvice

    Value your best performers and recognize them. Make it possible for them to advance. Be open to innovation. Playing safe becomes boring when overused.

    Doesn't Recommend
    Negative Outlook
  10.  

    Was a nice place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Technical Director in San Francisco, CA
    Former Employee - Technical Director in San Francisco, CA

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

    Pros

    Decent pay and benefits. I wish I could say more, but it's hard to find anything positive. It was a thriving company to work for. It slowly disintegrated as the work was off loaded out of state (CA).

    Cons

    Continual layoffs and reorganizations. The company is moving from San Francisco to Denver, Phoenix and Austin in a cost cutting ploy.

    Most employees are just trying to hold onto their jobs and won't rock the boat even though the layoff cloud is hanging over everyone's head.

    Overly bureaucratic organization. Even simple changes require multiple levels of review and approval. The work is stressful and deadlines are unrealistic.

    Over reliance on outsourcing for development work. The in house technical leaders mainly write powerpoint presentations and are disconnected from the real work.

    Doesn't Recommend
    Negative Outlook
  11. 2 people found this helpful  

    Steadily downhill.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Advisor Services in Orlando, FL
    Former Employee - Advisor Services in Orlando, FL

    I worked at Charles Schwab full-time (more than 10 years)

    Pros

    Great benefits, including 4 weeks sabbatical for every 5 years of employment.

    Cons

    Management is out of touch with the employees and the clients. They seem to be behind the curve and aren't keeping up with industry innovations.

    Advice to ManagementAdvice

    Keep it simple. Beaurocracy is rampant and need not be.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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