Charles Schwab - Dissapointing | Glassdoor
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There are newer employer reviews for Charles Schwab

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Helpful (4)

"Dissapointing"

Star Star Star Star Star
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Broker in Phoenix, AZ
Current Employee - Broker in Phoenix, AZ
Doesn't Recommend
Neutral Outlook
No opinion of CEO

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 Management

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.

Other Employee Reviews for Charles Schwab

  1. "Broker Trainee"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Broker Trainee in Indianapolis, IN
    Former Employee - Broker Trainee in Indianapolis, IN
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Very good company! High Ethics, good work environment, very talented people, good place to get experience, they pay for your licenses.

    Cons

    Pay is atrocious if you can't get into the Financial Consultant world. You don't necessarily get the hours you want, and the phones can be terrible. Great place if you're a CFP with no book.

    Advice to Management

    Increase pay in order to retain talent.


  2. "It was a pretty good company to work for"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Consultant in Philadelphia, PA
    Former Employee - Financial Consultant in Philadelphia, PA
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Charles Schwab full-time (More than 5 years)

    Pros

    The benefits were pretty good

    Cons

    They change compensation too much

There are newer employer reviews for Charles Schwab
There are newer employer reviews for Charles Schwab

See Most Recent

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