Interactive Brokers Reviews | Glassdoor

Interactive Brokers Reviews

Updated November 14, 2018
146 reviews

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3.6
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Interactive Brokers Chairman, President, and CEO Thomas Peterffy
Thomas Peterffy
88 Ratings

146 Employee Reviews

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Pros
  • "Free lunch, good stable environment" (in 44 reviews)

  • "good for work life balance and trading" (in 7 reviews)

Cons
  • "Limited vacation time with no work/life balance, new-hires would receive 10 days vacation, 6 days sick time, and 3 days bereavement" (in 6 reviews)

  • "Work from home option almost non-existent (this has to do mostly with security concerns and the nature of business)" (in 5 reviews)

More Pros and Cons

  1. Helpful (7)

    "Great place to work for some breed of people"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Software Engineer in Greenwich, CT
    Current Employee - Senior Software Engineer in Greenwich, CT
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Interactive Brokers full-time (More than 10 years)

    Pros

    - Opportunities to learn and to grow
    - Opportunities to use your brain and see the result. There are moments of a great intellectual satisfaction, which are important for me
    - No red tape. I hate meetings and there are almost none
    - Superb compensation
    - 100% free health insurance

    IB is for you if you like to work and to get well paid for it and do not need anything else. I well understand negative reviews but there are many other opportunities around. Find what is working for you. I found IB.

    I was stunned to see how many people are mentioning free lunch as a pro. Seriously? Is this important for you?

    Cons

    It is a soulless place for introverts. IB is a money making machine and we are part of this mechanism. It works well for me but it is definitely not for everybody.

    Advice to Management

    Keep up! Let's put our stock price to the sky.


  2. "Technical place to work, with good benefits, smart people"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Interactive Brokers full-time (More than 3 years)

    Pros

    Good salary, growing company, visionary founder

    Cons

    I can't really find any cons with this company

    Advice to Management

    Keep it up Thomas, the world needs you!

  3. "Would avoid"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Interactive Brokers full-time

    Pros

    good benefits, big bonuses, cool office location

    Cons

    not open to new ideas or lateral movement, culture of throwing people under the bus, racist/sexist conversations not out of the ordinary


  4. "If it was possible to give 0 stars.."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Professional Services Representative in Greenwich, CT
    Former Employee - Professional Services Representative in Greenwich, CT
    Doesn't Recommend
    Disapproves of CEO

    I worked at Interactive Brokers full-time (More than 3 years)

    Pros

    $12 for lunch and $20 if you work the late evening shift from 10-7 or 11-8 but there are no lunch breaks. Be prepared to eat your lunch at your desk while still answering the client hotline

    For a fresh out of college grad, this can be leveraged to attain your Series 7,63 licenses and learn about trading , exchanges, and listed products. Especially beneficial for those do not have econ , finance or management degrees since the firm has a low barrier for entrance. The entry test involves basic mental math skills and definitions for product terminology.

    Cons

    - Extreme Micromanagement
    - Poor org infrastructure, no internal mobility. Limited vertical growth unless your boss gets fired (most have been there 15+ years).
    - NO DIVERSITY. Few to no females or minorities. 5-10% females are in management positions but there’s no in between. Mainly American white males over 40. Women, be prepared to be condescended to.
    - High attrition, constantly shorthanded.
    - Management has openly called customer service employees “shift workers”. Be prepared to work in a call center and take on further volumes due to being shorthanded. There is no management respect or concept of firm culture.
    - There is no culture, period. The annual holiday party is supposed to be a blindfold for the lack of performance based bonuses or team culture. Bonuses are fixed set amounts , regardless of merit. Ranging from 2-8K for the first 3 years. There is no manager or employee concept formal year -end reviews . Bonuses are written and left in sticky notes on your desk. While the company has had a 200% rise in stock price since 2013, employee raises were denied due to the cost of living "decrease" by 1%. So while the firm overall does well through client service that maintain business , the profits are not cascaded down.
    - there is no peer review feedback or manager review, thus no accountability or transparency
    - Culture of "Vest & Rest" for those with stock compensation that are tiered but seek to only retain the worst performing , attitude employees.
    - Employees openly complain about management on the floor where managers are within clear ear-shot, but do nothing to implement changes or a formal feedback process
    - No HR oversight or enforcement leads to an miserable and uncomfortable working environment.

    Advice to Management

    Please please get some human resources to teach management skills and employee culture. Please fire management who have no idea on running a brokerage and running teams. Enable peer feedback reviews and make teams a meritocracy. However, management themselves are so far removed from the employee and client experience , I'm not holding my breath that this will make any difference.


  5. "Professional Service"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I have been working at Interactive Brokers full-time

    Pros

    Management help you resolve problem when needed

    Cons

    no growth opportunity. The higher management dislike the service team


  6. "Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at Interactive Brokers full-time (More than 3 years)

    Pros

    Job security, free lunch, nice people

    Cons

    Old technology, a lot of bugs


  7. Helpful (2)

    "Professional Services"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Professional Services Consultant in Greenwich, CT
    Current Employee - Professional Services Consultant in Greenwich, CT
    Recommends
    No opinion of CEO

    I have been working at Interactive Brokers (More than 3 years)

    Pros

    Free lunch, competitive 401K, stock incentive

    Cons

    Micro Management environment, little to no guidance, no upward movement,

    Advice to Management

    add more structure

  8. "Professional Services Associate"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Professional Services in Greenwich, CT
    Former Employee - Professional Services in Greenwich, CT
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Interactive Brokers full-time (More than 3 years)

    Pros

    You will be able to learn a variety of subjects in the securities industry. From products to trading, strategies, the role of a broker-dealer. As your tenure reaches a year and trust its build between the managers and you, you will gain relationship management experience and operations experience. Great experience right out of college.

    Cons

    The manager likes to micro-manage. Some call him the editor in chief as he will look at every email sent out by the team. There is a team lead in the Professional Services group that act like a manager but when complaints arise does not take ownership.

    Advice to Management

    Senior management needs to hire new middle management as they have been with the company for more than 15 years. Due to this, business processes lack innovation and many things are done manually though the company portraits itself as a technology firm.


  9. Helpful (8)

    "Low Quality"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Software Developer in Greenwich, CT
    Current Employee - Software Developer in Greenwich, CT
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Interactive Brokers full-time (More than 5 years)

    Pros

    - Free lunch. Although there is no "lunch hour" and you usually end up shoveling your lunch in as fast as you can, it's still nice not paying for it.

    - Flat org structure. Very easy to make yourself and your achievements known to senior staff.

    - Great compensation for programmers.

    - Opportunity to take on responsibility quickly. Despite the cons listed below, this is probably the only reason my rating is a 3. IB does not have a normal career advancement system in terms of titles (your 'role' will probably remain the same throughout your employment here). But it does afford an opportunity to take on responsibilities and large scale projects which would probably take a lot longer to work your way up to at other companies.

    Cons

    Everything about this company is driven by senior management's unrealistic expectations of how fast products can be delivered. There is no business sense whatsoever about the mindset of the company's employees.

    Day-to-day goals usually revolve around trying to complete as many tasks as possible, as fast as possible, with an insouciant mindset as to what the effects of these tasks actually are. If one group is perceived as "too slow" then mercenaries from other groups will be thrown into projects they know nothing about in order to "speed things up."

    The project workflow at this company generally works like this:

    1) Group 1 operates in complete isolation to work up a specification for something they want from another group.
    2) Once Group 1 finishes their spec, they surprise Group 2 with it.
    3) Group 2 is immediately demanded to provide an ETA, and is given very little (or none) opportunity to review, reject, or push back on the spec, despite Group 1 probably having no knowledge of how Group 2's systems work. As far as Group 1 is concerned, their "task" is done and now Group 2 is being an annoying bottleneck.

    Obviously, many large projects end up being fraught with confusion, last-second decisions and broken results.

    Advice to Management

    Slow down. The attitude of "everyone can do everything" where there are no team boundaries or rules of ownership is not efficient or productive. It ends up producing a low quality product where every 10% of the code was written differently and nothing functions together cleanly.

    Just because one team writes a specification for something they want, it does not mean the specification phase is done. All stakeholders should be involved in specs, not just the group that wants something.

    Pushing out something fast is not an accomplishment if it's broken.


  10. "Good Company to work for"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Interactive Brokers full-time

    Pros

    Free lunch and nice people.

    Cons

    None, nada, nothing, zilch, zero.


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