Charles Schwab

www.schwab.com
Employer Engaged
There are newer employer reviews for Charles Schwab

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

951 Other Employee Reviews for Charles Schwab (View Most Recent)

Sort: Rating Date
  1. 1 person found this helpful  

    Ugly Politics and back stabbing

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

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

    Pros

    They have 2 days work from home options which is awesome for an employee.

    Cons

    It used to be great company to work for. Last few years lot of politics from senior management made this company a very bad environment. Pay is miserable.

    Advice to ManagementAdvice

    Decrease some upper management politics. Employees getting suffered.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2.  

    Nice place to start a career

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Charles Schwab

    Pros

    a good work environment and nice people

    Cons

    pay is on the lower side for the industry

There are newer employer reviews for Charles Schwab

Work at Charles Schwab? Share Your Experiences

Charles Schwab

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.