Charles Schwab Reviews | Glassdoor

Charles Schwab Reviews

Updated April 25, 2017
168 reviews

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Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
102 Ratings

168 Employee Reviews

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Pros
Cons
  • Being a call center limits flexibility (in 81 reviews)

  • The seems to be a lack of a proper work/life balance (in 28 reviews)

More Pros and Cons

  1. Helpful (3)

    "Employees are treated like garbage."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Consultant in Houston, TX
    Former Employee - Financial Consultant in Houston, TX
    Doesn't Recommend
    Disapproves of CEO

    I worked at Charles Schwab full-time

    Pros

    Decent 401k, but that is about the only positive there is.

    Cons

    Employees are pitted against each other. Managers pick favorites and make in it very difficult for the non favorites. Sales goal change constantly and are raised to levels that many consultants can't reasonably achieve. If you fall out of favor with the your manager, they will look for any minimal reason to put you on warning and eventually fire you. Management has cut compensation on a regular basis and substituted a "deferred bonus plan". The only problem with the plan is you have to stay at least 5 years and be age 60 before the funds are available. If you are laid off or fired the plan goes away. The suspicion is Schwab is targeting employees that are near the date of getting the plan funds. Morale is to low to measure.

    Advice to Management

    Look at how you are treating experienced consulants. The bull market will end someday and will you will need these consultant to bail out the company!!


  2. Helpful (8)

    "Don't quit your job to come here (CVRC)"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Ops Control Specialist in Lone Tree, CO
    Former Employee - Ops Control Specialist in Lone Tree, CO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Expect the least from this corporation.
    "You'll get a lot of time off after 5 years but will need Stockholm Syndrome to get thru it" is the common joke in the halls.

    Cons

    The workload was so ridiculous, my former department Client Verification and Research Center (CVRC) actually had coworkers working off the clock after their shift was over to complete their queue for the day. That's so illegal. If people didn't finish their queue for the day they wouldn't get a bonus or raise at the end of the year. In January 2017 the CVRC department only granted 60% of the dept a raise - 40% received 0% raise, and those were the ones who refused to work overtime without being paid. Considering Denver's rising cost of living that amounts to a salary decrease.
    Management was a constantly revolving door. So were coworkers. I worked there a year and a half and counted 17 different faces. Still nothing was done about the obvious problems. Managers freely discriminated and were the rudest, most uneducated people you'll meet outside of a Waffle House.
    I left a decent job at Scottrade to go to CVRC in Charles Schwab and was promised the moon and back, promised bonuses, promised raises, promised time off. All of it was lies. DO NOT LEAVE YOUR JOB TO COME HERE!!!!

    Advice to Management

    Gut CVRC management.


  3. Helpful (3)

    "Registered Rep"

    Star Star Star Star Star
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Lone Tree, CO
    Former Employee - Anonymous Employee in Lone Tree, CO
    Positive Outlook

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

    Pros

    Top management strong strategic plan. With the Fed raising short term rates huge help to net income.

    Cons

    Middle management weak. Don't promote on merit. Supervisors are dictatorial. Most do not know how to communicate with people they work with. Employees fear losing their jobs if disagreed with supervisors thinking..

    Advice to Management

    Learn how to manage people.


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  5. Helpful (5)

    "Glorified and spineless meeting schedulers wanted"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Project Manager in Lone Tree, CO
    Former Employee - Senior Project Manager in Lone Tree, CO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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

    Pros

    As a project manager at Charles Schwab you will get to work on a variety of projects and with many people across the organization. You shouldn't get bored. Having worked with a number of teams outside of the Project Services group, I observed a general culture/attitude amongst Schwabies - a proud, driven, team-spirited, get-things-done attitude. I've worked with some highly-driven individuals and learned things from them. Upper management, outside of Project Services, are generally very engaged, supportive and involved operationally.

    Cons

    My rating is based entirely on working as a Project Manager in Project Services at Charles Schwab. The upper management in this group consists mostly of individuals who have somehow made an entire career at Schwab and are now in a position of power. They're toward the end of their careers and care only about themselves, not the people working for them. They've created a toxic environment for those that care and take pride in what they do. The group is a body shop. They're interested in having the personnel so they can bill their clients. The capabilities of the people, the quality of work they deliver and how thinly resources are spread do not matter. It's a matrix organization structure where all the disadvantages of such a structure are playing out very well. The ineffective and poor management has you constantly being pulled in different directions leading to employee dissatisfaction, low morale and high employee turnover. In my experience, it was very difficult to maintain a good work-life balance. Project managers are often allocated multiple projects on the recommendation of project directors who will pull an allocation percentage from thin air, with little understanding or care of what is actually involved or stakeholder expectations. Don't ever question how they arrived at the allocation. The project manager also reports to a personnel manager and has regular waste-of-time one-to-ones with them. The personnel manager knows nothing about your day-to-day work, yet they do your annual performance review. They have no power or influence should you need their support. As a PM, you're also burdened with having to request regular feedback from stakeholders and project directors, something you would think the personnel manager could take on. Only the project director's feedback bears weight so be sure to get along with them. If you want to be a glorified meeting scheduler and don't mind being seen as just that by business partners, then hop on board. If you want to lead teams, add value and learn a thing or two steer clear as you'll be in conflict with Project Services leadership for being in the weeds.

    Advice to Management

    A major shake-up or disbandment of the Project Services group is needed, perhaps where business teams take on the project management function.


  6. Helpful (3)

    "Call Center"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Indianapolis, IN
    Former Employee - Financial Services Professional in Indianapolis, IN
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I worked at Charles Schwab full-time

    Pros

    The benefits and 401k match were good. Along with that pretty much 3 out of your first 6 months are training. And during one of the months they pay you to study for your 7 and 63/66.

    Cons

    Major downside is the call center enviriment, it's not for most people. After a few months on the phones taking calls after calls after calls it burns you out. Most people on my team about 10 people couldn't wait to get moved to a branch or find another job in the financial industry just so they could be off the phones.

    Even after you get your license and become a "broker" plan on most of your calls being service calls such as password resets and questions about their accounts. Only trades you take are unsolicited so don't plan on using any analytical skills to help the client pick an investment.

    So if you're trying to get into the finance industry this job is a good start but only if you really can't find another job in the industry.


  7. Helpful (7)

    "Lots need to be fixed"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Operational Control in Parker, CO
    Current Employee - Operational Control in Parker, CO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    Schwab has good talent working there. Have or will be investing in new facilities. Benefits are industry standards (not pay).

    Cons

    Pay disparity btw peers and genders is significant
    Business growth is significant however leadership won't invest in people or systems
    Teams are overworked
    Pay for performance is not based on performance but rather strategy
    Leaders are bullies

    Advice to Management

    Take care of your pay gaps, hire more people


  8. Helpful (6)

    "Worst management"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Move Money in Phoenix, AZ
    Former Employee - Move Money in Phoenix, AZ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Monday through Friday - received a pay check

    Cons

    I was there 2 years and had 5 managers.
    Training was horrible. This was the job where I have felt the least important- answer the calls - nothing was ever good enough. There are were no written policies in this department.
    Management clocks in and out. There is no care for people, you are a number just like their customers.
     Employees speak to each other with the utmost disrespect.
    Reporting issues caused retaliation.

    Advice to Management

    The best managers are not the ones who perform the best. Managers are leaders, motivators.


  9. Helpful (5)

    "Some areas are great, others not so much. It all depends on where in the company you work."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Managing Director, Third Party Risk Management in Lone Tree, CO
    Current Employee - Managing Director, Third Party Risk Management in Lone Tree, CO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    You get a 4 week paid sabbatical every 5 years you work. Free financial consulting for all employees. There are a ton of really great people that work here. The CEO is the real deal.

    Cons

    Don't work at the Bank (Charles Schwab Bank). The leadership team is driven by emotion. Systems are terribly antiquated with very little appetite to invest further. Most processes are very manual, but as the Bank continues to grow staffing for those processes doesn't keep pace leaving existing staff to pick up the slack by working longer and longer days.


  10. Helpful (2)

    "Software Engineer, Lies, managers don't even know what the job description means."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Software Engineer in Chandler, AZ
    Former Contractor - Software Engineer in Chandler, AZ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Charles Schwab as a contractor (Less than a year)

    Pros

    The pay is good. They might sponsor a CISSP certification if you get hired full time.

    Cons

    Prepare for an exercise of futility and the mundane! Power plays, information silos, selfishness are already described by the other reviews for this company. Good luck getting hired full time. Managers are only interested in making themselves appear good. To the extent at which they can't even hold an honest conversation with you. I feel sorry for anyone who thinks this environment is normal. This company is so far behind...

    Advice to Management

    Admit that you are ignorant and stop being so selfish with your own career.


  11. Helpful (4)

    "Account Solutions"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Operations in Orlando, FL
    Current Employee - Operations in Orlando, FL
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

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

    Pros

    The people you work with are great and the 401k match is fantastic. Management supports getting licensed.

    Cons

    Licenses are limited to department need, so if you eventually will need a license to transfer to another department they will not allow you to sit for it, even if you pay. OSAS is a joke. The entire management team is out for themselves and won't assist in growth unless they see it as convenient. The managers are constantly trying to meet nonsensical numbers and force their stress on their employees. Everything is about numbers and not quality of work or even client service. If you need time off and you're in a supervisory role, GOOD LUCK. You'll have a less stressful outcome if you just prepare yourself to call out. If you're pregnant, they want you to get on FMLA so that it will cut into your (already short) maternity leave.

    The pay is below industry standard and it is well known. They don't do anything to make up for that fact. Management announced that Schwab was the #1 publicly traded company and that same month lowered the quarterly team allotment for outings. That's the only extra incentive, too. The morale is low and the department is a sinking ship.

    Did you do everything they asked last year? Did you exceed everyone else's numbers but didn't do enough brown nosing? Then you're not getting a promotion or your bonus. There are very few people I know here who are happy with their job/career, and who want to stick around long term.

    The company may be different in other states but I would never recommend the Orlando office. I'm currently researching other companies for better opportunities.

    Advice to Management

    Stop playing favorites and reward good work with MONEY or other worthwhile incentives. Realize how hard your people work and don't just tell them they're doing well, show them. If you don't, they'll search for other companies that will. Also have people's backs. If you're afraid to stand up for your people, you're not a good manager. Genuinely help people grow, and realize OSAS is not a forever career for most. Look long term at raising up your employees to keep them at Schwab, not send them running.


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