Charles Schwab

  www.schwab.com
  www.schwab.com

Charles Schwab Reviews

Updated 14 December, 2014
Updated 14 December, 2014
900 Reviews
3.1
900 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Charles Schwab President and Chief Executive Officer Walt Bettinger II
Walt Bettinger II
536 Ratings

Review Highlights

Pros
  • It does allow for a good work/life balance which was very important to me (in 80 reviews)

  • good benefits especially Sabbath every five years (in 59 reviews)


Cons
  • Not much room for growth in Indy unless you want to stay in a call center (in 45 reviews)

  • There are very few woman and people of color in middle and senior management (in 25 reviews)

More Highlights

Employee Reviews

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  1. 8 people found this helpful  

    Was a great place to work #notanymore

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing Manager in San Francisco, CA (US)
    Former Employee - Marketing Manager in San Francisco, CA (US)

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

    Pros

    Filled with genuinely nice, intelligent people who work hard. Secure buildings with lots of restaurants nearby.

    Cons

    Morale has spiraled down since approx. 2007. Executives (Vice Presidents and above) have free parking despite being the ones who can afford it. Pay is not competitive with other companies in same category. Bonuses were once performance based : work hard and you were rewarded. Several years ago bonuses became company performance based and the amount rec'd was a quarter at best of what a dedicated employee was awarded prior.

    Advice to ManagementAdvice

    Stop the condescending speeches : you amazingly have a lot of smart people working for you. Stop trying to spin reasons for low morale: all the attempts at "employee engagement" are sad affairs, if they even happen at all.
    All around the bay area, companies large like Schwab down to small start ups at least have a Christmas party. I was there for a dozen years and the our departments approved holiday party was usually held in the conference center at 4pm on a Thursday. Bottom line? Stop punishing your employees to save a dollar! When your employees realize they are underpaid, underappreciated and everyone on the top floor over there is living large? They will walk. I did.

    No opinion of CEO
  2.  

    Great place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Customer Service Representative in Phoenix, AZ (US)
    Former Employee - Customer Service Representative in Phoenix, AZ (US)

    I worked at Charles Schwab full-time (more than 3 years)

    Pros

    Competitive compensation, extra hours available but not required, clear expectations. Inbound call center with a client base that actually likes the company and services provided.

    Cons

    I can't think of any cons worth mentioning.

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    Good company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Risk Analyst in Denver, CO (US)
    Current Employee - Risk Analyst in Denver, CO (US)

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

    Pros

    Lots of room for lateral and upward movement.
    Generally qualified people.

    Cons

    Pay is mediocre.
    Some management isn't great.

    Recommends
    Positive Outlook
    Approves of CEO
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  5. 3 people found this helpful  

    Micro managers

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in San Francisco, CA (US)
    Current Employee - Anonymous Employee in San Francisco, CA (US)

    I have been working at Charles Schwab full-time (less than an year)

    Pros

    Good people to work with for the most part.

    Cons

    Feels like government work with most people long timers. Seems like you have to prove yourself and put in the time to a job you are overqualified for in the first place. Managers micro manager and are not innovative or see potential and appreciate the positive. Customer comes first, no appreciation of those that work the trenches in the branch. High expectations for financial consultants which gives them little incentive to support operations.

    Advice to ManagementAdvice

    Stop counting each other's feathers and start appreciating and rewarding the people that support your branch.

    Doesn't Recommend
  6. 6 people found this helpful  

    Great Company - Strong Ethics & Leadership

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

    I worked at Charles Schwab full-time (more than 8 years)

    Pros

    Schwab is an outstanding place to begin your career in financial services due to the emphasis on ethics, service and (in the call center) with no hard sales. Schwab lets you take the time to treat the client RIGHT and provides the infrastructure to do so. It is not perfect, but when you need help there is an SOS Team that you can call for ANY question on how to help the client and they will give you information on how to handle the call and help you find the correct procedure, department, etc. so that your learning and professionalism is supported at ALL times. I found the leaders to be inspirational and grounded - people who really care about the welfare of human beings. Our Executive VP in Denver (who has now left) knew every front line associate's name and knew something about their life. She knew ALL of the details about operations and set an amazing example- she would spend a certain number of hours every month taking client calls so that she had a clear understanding of the client experience - just like Chuck did when he started the company. Schwab also has a one month paid sabbatical for employees who work there for at least five years (you get one every five) on top of vacation. Benefits are very good, not great. Health Insurance, 401k, Life Insurance, etc. If you work hard and have a great attitude, you will have lots of opportunities to move up.

    Cons

    No raises for a very long time, and some support teams (which I worked for) are not as strongly recognized for their hard work due to the nature of their position and not having client contact.

    Advice to ManagementAdvice

    Loosen the purse strings for raises, and you will keep your most valued assets - your long-term employees. Walt Bettinger seems a great leader, but a little stringent with Operations costs at times. Sometimes it makes sense to give people a big financial moment with an unexpected stock award or bonus to keep them excited. Give your managers and leaders a little latitude to spend money in ways that will keep employees on site motivated - executive leaders off site can't be everywhere all the time and know what's going on locally. Competition for good people in the local area will sneak up on you and then you lose out.

    Recommends
    Approves of CEO
  7. 2 people found this helpful  

    Ok for people looking to just get by.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Registered Representative I in Indianapolis, IN (US)
    Former Employee - Registered Representative I in Indianapolis, IN (US)

    I worked at Charles Schwab full-time (more than an year)

    Pros

    Benefits are okay, but not great.

    Cons

    No consideration from management about the opinions of employees. Complete micromanagement of every second of the day. Low salary

    Advice to ManagementAdvice

    Listen to employees, and raise the benefits.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8.  

    More and more levels of ineffectual middle management suck ups being added in branch network sales organization.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - VP-Financial Consultant in Chicago, IL (US)
    Current Employee - VP-Financial Consultant in Chicago, IL (US)

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

    Pros

    Autonomy to run your practice the way you want, and the single best thing about Schwab is it's great name recognition and Schwab presents the opportunities to you, so lead flow development isn't a huge problem, although they have been shunting lead flow to the phone sites lately now that there are "centralized" Financial Consultants that they can pay less than the branch network staff.

    Cons

    Too many layers of management who are mostly micro-managers since many of them have no real sales experience. When I started, there were two layers of management between me and the branch network executive, now there are four. There seems to be no real vision for Schwab that includes the development of its key branch network employees, except running them ragged and churning and burning. Also, the regulatory environment is terrible and Schwab being a conservative company with antiquated computer systems makes managing compliance issues another part-time job in addition to your sales expectations. It's a race to the bottom for clients and getting them in advice.

    Advice to ManagementAdvice

    Get rid of all of the (new) middle managers that don't do a damn thing except eat up company resources. So called "Market Leaders" don't do anything to help us, hell, RBE's don't really as well, but at least I get the point of them. Then, there's new roles above the RBE's that I'm sure are good at sitting on conference calls all day, but not much else.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9.  

    Participant services representative

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

    I worked at Charles Schwab

    Pros

    Great way to get your foot in the door with an established firm. Excellent training and career development opportunities. Great way build experience as you will learn all aspects of retirement plans and will learn technical skills.

    Cons

    Pay is subpar and is significantly below the industry standard. Extreme micro-management with a high focus on sales.

    Advice to ManagementAdvice

    Offer competitive pay and you will retain your best employees.

    Doesn't Recommend
    Neutral Outlook
  10. 6 people found this helpful  

    My job at Charles Schwab was a good experience.

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

    I have been working at Charles Schwab

    Pros

    The people at Schwab are great. They are extremely friendly and professional. They are flexible with respect to work schedules, as well as working remotely during inclement weather or when personal/medical appointments become necessary.

    Cons

    There is too much outsourcing at Schwab. While most of the analysis-intensive jobs are in the U.S., the majority of the actual technical jobs (particularly coding/programming positions) are contract positions in India.

    Advice to ManagementAdvice

    Bring more jobs back to the United States.

  11.  

    Have been working here for 7 +

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President, Financial Consultant in Sunnyvale, CA (US)
    Current Employee - Vice President, Financial Consultant in Sunnyvale, CA (US)

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

    Pros

    Education and employee development. Management is willing to work with you to improve areas of weakness.

    Cons

    Lack of a technology has been a bit of an issue. Seems to be more of an area of focus recently.

    Recommends
    Positive Outlook
    Approves of CEO

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