Charles Schwab Reviews | Glassdoor

Charles Schwab Reviews

Updated May 26, 2017
1,628 reviews

Filter

Filter

Full-time Part-time

3.5
Star Star Star Star Star
Rating Trends Rating Trends
Recommend to a friend
Approve of CEO
Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
933 Ratings

1,628 Employee Reviews

Sort: Popular Rating Date

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. Featured Review

    Helpful (6)

    "Financial Services Professional"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Phoenix, AZ
    Current Employee - Financial Services Professional in Phoenix, AZ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Charles Schwab full-time (More than a year)

    Pros

    There is great leadership at Schwab. They care about your career and if you want to go somewhere, they will help you get there if you put in the effort and show dedication. They are really good at hiring as there's a lot of strong talent.

    Cons

    Not many downsides... It's very busy on the phones. They may be understaffed. If you like competition this is the place to be. There is a lot of strong talent.

    Advice to Management

    Keep up the good work when it comes to hiring. Continue to hire people who care. Stop hiring people fresh out of college with the motivation of money.... they will not last and some of them are even bad for the brand.


  2. Helpful (9)

    "Schwab heading downhill, get out while you can"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Managing Director in San Francisco, CA
    Former Employee - Managing Director in San Francisco, CA
    Doesn't Recommend
    No opinion of CEO

    Pros

    Location, pay, some of the long-time people

    Cons

    Culture, direction, management, HR, no retirement plan whatsoever

    Advice to Management

    Fire Walt and Jan, bring back Chuck, or at least someone Chuck-like


  3. Helpful (12)

    "What's FERSTT?"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mid-Level Management, Technology in San Francisco, CA
    Current Employee - Mid-Level Management, Technology in San Francisco, CA
    Doesn't Recommend
    No opinion of CEO

    Pros

    The stated company values are FERSTT: Fairness, Empathy, Respect, Striving, Teamwork, Trust. 4-week sabbatical leave every 5-years. You can ride the geographic strategy wave and cruise along if you are in Denver, Austin or Phoenix. 10% employee commission discount. Telecommuting. Public transportation to work if you are in San Francisco. Generous severance package if you are lucky enough to get laid-off. 15% discount for Employee Stock Purchase Plan (stock buys on February 1 and July 1 only).

    Cons

    Due to geographic strategy to leave San Francisco, there is bad morale eroding team & individual productivity. Employees undermine each other to make themselves look good to hang onto their jobs. Individual contributors and management alike abuse telecommuting policies. No one works on Fridays (branches may be the exception due to branch hours). Bad traffic & commute in Denver, Phoenix and Austin. If you are in Technology, expect long working hours to span San Francisco, Denver, Austin, Phoenix and India (offshore to Wipro, InfoSys and EDS Mphasis). Employee Stock Purchase Plan introduced this year only allows buying stocks on Feb 1 and July 1. No dollar cost averaging throughout the year. The 401K match only applies if you are employed on December 31. No 401K matching if you are fired, laid-off or forced to resign prior to December 31. The fattest end-of-year bonus payout is dragged out to mid-March.

    Advice to Management

    Just give people their severance package. Don't use dirty tactics to force people out. Vice Presidents and above get their fat bonuses and one-year severance packages. Don't try to cheat your "underlings" out of their meager severance packages by forcing them to resign. Many managers are giving poor performance reviews, fabricating false reasons, providing no concrete reasons, playing god with their team's careers and livelihoods, ridiculing people at meetings, creating a hostile work environment to force people to leave.


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Helpful (8)

    "Chuck is OK but needs to hire better people"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Managing Director in San Francisco, CA
    Current Employee - Managing Director in San Francisco, CA
    Doesn't Recommend
    Approves of CEO

    Pros

    Opportunities in Denver,Phoenix and Austin

    Cons

    m
    Management is disconnected from what is really going on and frankly doesn't care

    Advice to Management

    Wake up - you need to get in touch with the people who actually care and do most of the real work of running an organization the size of Schwab


  6. Helpful (4)

    "I can help you with that!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Registered Representative in Indianapolis, IN
    Current Employee - Registered Representative in Indianapolis, IN
    Doesn't Recommend
    No opinion of CEO

    Pros

    A good place to start and get you licenses. A company with Integrity. But, ffter you have learned the markets and how they are driven, please update your resume because you will then fall into the "go to work and then come home" mentality. By that I mean, that you begin to lose your creativity and willingness to participate since you will no longer be treated with respect. Working in a call center has been compared to working in a factory. If you do not want to be a Manager, then your career path is not nearly as bright as those who do. This leads to bright, industrious, faithful employees being managed by young, unknowledgable employees and an end product of brain drain of the experienced personnel.

    Cons

    Schwab has turned from a company that placed clients first and employees second to a company that treats it's employees as if they were a dime a dozen. If you won't say "I can help you with that" like a good robot, we will replace you with one who will. I don't care how long you have been here. It is totally a call center atmosphere and until current middle management changes or upper management sees the results of the plan, see brain drain above, Schwab will not change, especially since Chuck has turned over the reins. In the past, Schwab was a firm to look to retire from, now use them before they use you and get out.

    Advice to Management

    Listen to your senior employees who have stayed with you over time, not just the masses.


  7. Helpful (5)

    "Charles Schwab, where you can go to collect a paycheck in the brokerage business."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Support Specialist in Indianapolis, IN
    Former Employee - Senior Support Specialist in Indianapolis, IN
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Employee Benefits package was excellent, due to a hugh insured base. Great medical plan, RX plan, dental, etc. Unless you had a "real" job in the company, being a phone monkey in the call center was about the easiest job ever. Required you to be licensed to trade, but not to think. As long as you had the phone stats and quality assurance numbers, you were golden. Most people could "game" the system and get the numbers, read from a call script, and transfer calls instead of directly helping the customers. The best benefit that Charles Schwab had was a generous tuition reimbursement program. I was a call-center broker and was able to get numerous IT certifications on the company's dime, which I later used to land a dream job making a lot more money and happiness. Charles Schwab can be a great stepping stone for a better job if you play your cards right.

    Cons

    Management lacks basic skills to manage. Employees are treated like a valuless commodity. Excessive layoffs have caused the weakest of management to "nest" and make it difficult for truly skilled employees to ascend the ranks. Management became populated with "yes" people who could quickly change loyalties to the new "senior leadership" without any regard for self-respect or sense of decency to the employees underneath. Middle management would target potential competition by "managing out" the employees who exhibited ambition, skills, and aptitude. If you just want a paycheck and don't mind being treated like cattle, then Charles Schwab is the place for you. Stay low, play the game, get your numbers, and make your manager look good and you will be rewarded with a salary, mediocre bonus, and maybe a little bit of job security...that is until they have weeded out the higher paid, veteran employees who have been in the game a little longer than you. Oh, and don't even think about changing areas in the company. There is a caste system, and if you come from a call center, then you are an "untouchable", no matter how smart or good you are.

    Advice to Management

    Stop treating your employees like cattle. There is a tremendous wealth of knowledge, skill, and talent in the ranks that you are crushing and wasting. Happy employees are more productive employees. Employees who are treated with respect can be your greatest asset. Your company succeeds despite itself. Charles Schwab has become like ancient Rome...great and majestic at its creation, then a ruthless unifying empire, and finally a decadent republic.


  8. Helpful (8)

    "No more reorgs"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Project Manager in San Francisco, CA
    Current Employee - Project Manager in San Francisco, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Great people to work with.

    Cons

    Sr. management consistently underestimates the negative impact of ongoing reorgs and the positive value of an established relationship with a manager.

    Advice to Management

    Minimize changes at the manager level. Keeping consistent manager and worker relationships is key toi stability and satisfaction in the workplace.


  9. Helpful (3)

    "Charles Schwab is not the company it used to be."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - VP-Financial Consultant in San Diego, CA
    Current Employee - VP-Financial Consultant in San Diego, CA
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The best reason to work at Schwab is the 401k match.

    Cons

    The compensation plan is complicated and constantly changing. There is a large percentage of compensation that we lose because the tracking system is poorly designed and archaic. We get paid more to set up checking accounts than we do for consolidating $250,000 in new assets made up of individual stocks and bonds. We get paid more to push home equity lines of credit onto clients than we do to help investors reach their investment goals and financial dreams.

    Advice to Management

    1) Simplify our compensation plan and remove the conflict of interest that favors selling cash over CD's. 2) Pay us more! 3) Eliminate the excessive layers of useless and redundant management (Regional Branch Executives) and give branch managers more power to run their offices without interference from micromanagers above them.


  10. Helpful (6)

    "Good place to learn the biz - get in and get out fast though!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Registered Representative in Phoenix, AZ
    Current Employee - Registered Representative in Phoenix, AZ
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Schwab will hire anyone for the customer service roles. Most employees in the call center are young, fun, etc. It's nice to have a job in a crappy economy. Standard health, dental, 401(k), etc. offered elsewhere are also offered at Schwab.

    Their training program is great for people new to the industry. For some reps, Schwab will even pay for Series 7 courses, training, tests, and tehy pay you to come to work and study.

    Cons

    Terrible schedule. They promise that you'll get one of your top 3 schedule choices. I got my 7th ranked choice out of a possible 8 schedules.

    In my case, the training course was more like waterboarding since I have an extensive background in financial services. They want to teach you the "Schwab Way." It turns out that the Schwab way is basically the same as industry standard practice.

    You are, of course, required to keep any brokerage accounts you have with Schwab. Not a big deal and standard across the industry due to FINRA, SEC regulations. However, the section of the company that handles employee accounts is terrible. Don't expect anything short of terrible service from them as they don't have an client - firm relationship with you, but rather an employee - employer relationship.

    Advice to Management

    Why are we giving Walt almost 900,000 stock options in the worst economy in generations?


  11. Helpful (9)

    "Steady paycheck but go elsewhere for a career."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Systems Administrator in Phoenix, AZ
    Current Employee - Systems Administrator in Phoenix, AZ
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Steady paycheck, competent benefits, some talented staff are still around.

    Cons

    The company that existed 10 years ago is long gone. Values of the Chairman don't make it down anywhere near the level of the rank and file. Poor management at all levels. Every time the job market becomes difficult externally, management takes advantage and institutes adversarial policies. "If you don't like it, then quit and don't let the door hit you on your way out" mentality results in people who stop caring about their work. Constant reality of layoffs around the corner. IT staff whom work long days/nights/weekends lost their ability to telecommute once a week, and management chose to advise of this on "Earth Day April 22nd" (I'm not kidding). Promotions so out of touch with reality that you're certain there's a hidden camera around planning to capture the joke for posterity. It's a shame because there is some talented staff at the firm, but they're mostly ignored in favor of more "connected" members of the good ol' boy network. "It's not what you know, it's who you know" applies here.

    Advice to Management

    My advice would be to . . . . well, they don't take advice or listen to feedback so what's the point?


Showing 1,628 of 1,709 reviews
Reset Filters