There are newer employer reviews for T. Rowe Price

3 people found this helpful

Depends on where you work...

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Retirement Specialist in Owings Mills, MD
Former Employee - Retirement Specialist in Owings Mills, MD

I worked at T. Rowe Price full-time (more than 5 years)

Pros

Friendly co-workers for the most part, that's the best part. Decent place to start off your career and get ground level experience in finance.

Cons

The entire department of Retirement Plan Services (RPS). I would highly recommend you AVOID this part of the company at all costs. They will advertise "room for advancement", but your pay never gets much better and the so-called advancement is just them circulating you through the departments. And unless you know someone, every "promotion" is preceded by an entire interview process, which is the sole deciding factor in you getting your new position. Its entirely conceivable to be crushing all of your departments rating metrics and be loved by your manager, but if the current 'leadership' happen to like someone else, then so sorry, try again next time.

In the end, even if you get the promotion, new managers working there for 5+ years will barely hit $50k, with no over-time pay. In my almost 6 years there, I never even broke the $45k mark.

This is the part where they will point out that if you're not salaried, then your income will be supplemented by overtime. Boy, will it ever. In the course of about 5 years, RPS went from occasional overtime and the ability to "flex" overtime and leave early some days, to constant overtime and no flexing allowed whatsoever. In some departments, they even have mandatory early start times and shortened lunches every week. Most weeks, you will know you have 2-3 hours of overtime coming, before you even start the week. Add on the additional overtime, and you're looking at a lot of 9-10 hour days, more the rule than an exception. Don't expect a personal life unless you have a family. If you have a family, you can cop out and claim you need to leave early or come in late and its usually universally acceptable. Anybody else, you're screwed, as you have to pick up the slack for those lucky few.

The final nail in the coffin is the stigma attached to RPS. Other departments won't hire you. They know that RPS hires, literally, uneducated people, and people with zero experience. So when you apply outside of RPS, your resume is often times ignored. Being internal is a liability more than a boon from within RPS. You might as well leave and work somewhere else, then in 6 months to a year, apply to that same position and you'll get an interview at the very least, probably even hired. Crazy.

Advice to ManagementAdvice

Priority number one is to PAY YOUR PEOPLE. I realize you hire a lot of under-experienced and uneducated people, but once you find good talent, pay those people more to keep them. I watched countless reps get hired, cycle through the departments, and then leave once they realized they wouldn't make any money. There is a constant ongoing training and coaching system that never stops, because once someone gets trained, they're off to greener pastures. There is literally no incentive to stay at TRP in RPS. The pay is sub par, the bonuses are laughable, and there is zero respect for a person's talent and experience. Shape up RPS.

Doesn't Recommend
Neutral Outlook
No opinion of CEO
reviews filtered by
  • Any Location
  • Any Job Title
  1. Great place to work really laid back!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Software Engineering in Baltimore, MD
    Current Employee - Software Engineering in Baltimore, MD

    I have been working at T. Rowe Price full-time (more than a year)

    Pros

    Department dependent, work is very relaxed and moderately difficult. Working environment is also very satisfying. Benefits are great as well. most associates stick around and return for it.

    Cons

    Subject matter can sometimes be boring for software engineering. Pay is below average and most of the staff is in their mid 30's to there early 40's. If you love technology I would suggest a more technology focused organization. TRP is lagging in a lot of cutting edge tools and software. Although things have been changing drastically within the last two years or so. So dont allow that to ruin your perspective.

    Advice to ManagementAdvice

    Get more active in whats going on. Stop hiding behind your desk.

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

    Solid Entry or Mid Level Career

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Retail Associate and Client Manager in Owings Mills, MD
    Current Employee - Retail Associate and Client Manager in Owings Mills, MD

    I have been working at T. Rowe Price full-time (more than 3 years)

    Pros

    Benefits are very nice (Insurance, Base 401k and match, year end bonus). Salary is mediocre, but benefits help bring closer to competition. There are a lot of people that work there, so it's easy to find "work friends" to make the days/weeks more tolerable. Lots of group outings. They try their best to provide additional incentives, though they tend to be lackluster (Recognition program, random free lunches, raffles) in the form of gift cards, and they are taxed which is understandable yet tacky. RIS (entry level) was pretty bad, but as long as you aren't an idiot you can get promoted pretty quickly, especially recently. PSG is more skill intensive, challenging, and satisfying. PSG also has a much more appropriate salary (though a parrot could be an average RIS associate, so it's understandable).

    Campus is great, parking is amazing, and commute isn't bad. There are plenty of restaurants in the area and the commute isn't terrible.

    Training program was great, continuing education is decent. Every once in awhile they have interesting road shows where important people (CEO, Portfolio Managers, etc) present.

    Overall I would recommend the job, especially for somebody moving into the area or just graduating college and need something solid to put on your resume. Don't expect to get anywhere substantial for at least 2 years unless you graduated from an Ivy League school. There are double MBAs with CFAs working for 50 grand. It's also not required that you have a business degree to get hired into RIS or PSC, and once you're in the company, degree doesn't matter at all.

    Cons

    There are very limited opportunities from RIS, one of the better would be PSG. It is very hard to get promoted from PSG to somewhere worthwhile, even if you are a "superstar." RIS management micromanages and has a very corporate mentality; there is very little opportunity for productive thought. Management tends to be former RIS representatives that have been in the job for a long time and weren't good enough to get better jobs, so settled for management. They also tend to get big heads about how important they actually are.

    Days get very monotonous and bad clients can easily ruin days. It can be very stressful when clients have unrealistic goals or expectations. Management is also very cut and dry, so logical exceptions to policy are rarely made.

    Recognition is given on a quarterly basis, but rarely recognizes appropriate employees. The winners of Associate of the Quarter, et al tend to be representatives that management like rather than those that consistently maintain high standards. I've also heard that management tends not to give a representative an award more than once, though I think that is counter intuitive.

    They have ridiculous rules for promotion. You could be the best and smartest person on the floor, but still have to go through the normal promotion (1 year in your current role, rarely get out of RDS without putting in at least 2 years in various departments).

    Advice to ManagementAdvice

    Have stricter expectations for employees. There are a lot of duds (especially in lower to middle management). On the opposite end of the spectrum, acknowledge those that are actually good at their jobs. Increasing salary a tad would be helpful, especially for the phone groups since they really take a mental beating.

    Recommends
    Neutral Outlook
    Approves of CEO
There are newer employer reviews for T. Rowe Price

Work at T. Rowe Price? Share Your Experiences

T. Rowe Price

 
Click to Rate
or

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