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Working at Charles Schwab — Reviews by Employees

Learn what employees have to say about Charles Schwab pay, work/life balance, care potential, job security, and much more by reading our anonymous employee reviews.

Reviews of Jobs at Charles Schwab

4.2Rating Details
Category
Pay4
Respect5
Benefits5
Job Security4
Work/Life Balance4
Career Growth4
Location5
Co-Workers5
Work Environment5

From Englewood, CO — 04/09/2010

Only started with the company recently, but I can say that's it's a much better work experience than I was expecting from such a large firm. Core benefits are better than most firms and the 5% match is nice.
Employees are competent and many of them in Englewood have been with the company for over 10 yrs. Management is kind and patient. I don't feel like there's somebody breathing down my neck in any way whatsoever. Employees in my area perform their jobs in a professional manner and are treated with a hands-off approach from management because of it. People get their work done and head out for the day... sometimes that's early and other times it's later, but the work has to be done.
Lunch can be purchased on site and they offer a reasonable menu.
Sure they don't allow outside accounts, but that's typical for the industry, and most people really don't need anything more than what Schwab accts offer. Employees also get a discount on trades. All in all, my trades cost about a third or fourth of what they did at my last employer.
Coworkers are VERY helpful and have patience for the new guy. Nobody seems to be too stuck up or have a mentality of "figure it out".
Technology is a bit dated for the back office, but the advisor interface seems to be pretty nice.
Parking is not a problem and RTD stops right in front of the building for those that live downtown. Easy access to Castle Rock too.
Getting in at 7:30 and leaving at 4:00 keeps me out of the traffic and allows me to enjoy the summer afternoons.
I do get the impression that networking helps for internal job progression (more so than performance) and that the firm may be quick to hire from the outside, but it's a bit too early to say that for sure. The company does offer a lot of different positions and I can say that I've spoken to a lot of senior colleagues that have held many different positions over the years, so working your way up the totem pole can't be that bad.
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3.2Rating Details
Category
Pay2
Respect2
Benefits4
Job Security4
Work/Life Balance5
Career Growth1
Location5
Co-Workers5
Work Environment4

From Englewood — 02/20/2010

It was an OK place to work. You have to be really comfortable with feedback, as you will get it daily, and sometimes hourly. You are required to report any financial events, outside jobs, outside brokerage accounts (which you probably won't be able to have) and all felonies and certain misdemeanors. Also, if someone files a complaint against you, there are legislatures out there that want this complaint to follow you for the rest of your life. Regardless if you were ever proven guilty, or if you've switched industries. I never had a formal complaint against me, but I took a complaint from a customer because the FC had moved the client to a higher yielding (FDIC insured) option. The client really hated change.
After every call the clients get a chance to review you. If they give you anything less than a 9 it will hurt you personally. And it does not matter if they say in their notes, I loved the rep but I had a problem with such and such. This will still hurt your bonus, potential for a raise (which about half the people the last two years got 2%, the other half got 0), and your potential to move within the company.
The break rooms were pretty cool looking. We did get free coffee, but no cups or utensils. Also, no washing machine. It is very difficult to clean dishes there, so it is best to bring in microwave dinners, or to bring dishes home to clean. And you'll want to bring your own cups as well.
There are no company parties. Sometimes they have team outing were everyone gets $10 for drinks, but this usually gets cancelled when the market goes down. Sometimes you also get team meetings, but this usually get cancelled if the alert levels are high. Everyone takes breaks at different times (of course, it is a call center) so it is very easy to feel isolated and alone. Usually your best bet to make a friend is to make sure you sit next to them in the cubes, and then these people will talk over their cubes all day long. It is kind of annoying if you are not apart of that friend group.
Everything you do is closely monitored. There will be something wrong with every call you take. The idea is for you to take on extra responsibility (becoming an acting team manager) first, and then you get put in a large pool of people for promotions, and a few only actually get the promotion. So you'd be a manager for a while, without actually getting any promotion.
There are two personalities that do very well here. The personaility that can pretty much ignore all of the feedback. They tend to stay at the entry level job, and stay there for 10-15 years. The other group are the natural born salesmen. They tend to get promoted to different groups. They are very rare, I'd say 1 in 15. For the middle of the road people who want to do a good job, and want to work hardů you may get burnt out pretty fast.
You do get paid holidays, health care benefits, and a 401K match.
Also, their surveys are not private. If you join the company, and take a survey, just say how much you love everything about Schwab. Also, I would never voice any complaints. These will be used against you (even if they ask for them).
The best part of the job is you are always learning. You play the role of an FC, tax advisor, customer service representative, and banker. Sometimes you're explaining things to clients as you are just now learning about them yourself. It can get a bit tiring, but boy did I learn a lot.
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4.6Rating Details
Category
Pay4
Respect5
Benefits5
Job Security5
Work/Life Balance5
Career Growth5
Location5
Co-Workers5
Work Environment5

From Phoenix, AZ — 05/10/2009

Some of the reviews here are not really helping out because you don't know the role they are in. Also, some of these people just seem like they like they have an axe to grind. I don't, I just want to report on my experience there as I see it and hopefully someone thinking about Schwab will have a fare assessment before going into it.
My Role and a Typical Day: I work standard market hours from 9am to 4pm M-F. I can work overtime but it is not mandatory at all and no one looks down on you if you don't. It is an inbound call center enviroment and you need to be on the phone for at least 80% of it ready to take calls or on a call. You answer client questions, place trades, help research issues that they might be going through. Additionally, you are coached to look over clients' accounts and see if we have anything that might help them. For example, if they are sitting with a lot of cash, you might ask them their plans on that money. Depending on what they say you will offer a solution. YOU DON'T JUST TELL THEM A SOLUTION WITHOUT ASKING FIND OUT QUESTIONS. You must find their needs first. Also, this is consistent with how management wants you to talk to clients.

Part of the job is casually recommending products, however these are always of benefit to the cleint and over 90% of them do not cost the client any money, which is great and they are always of benefit to the client because you went through their account or asked questions to find out about their suitability. Management listening to calls upscores that and that is exactly what they are looking for.

Pay: The pay is ok. It is a call center job so you can't expect the world. You aren't really selling products to get commission, but you do get a yearly and quarter bonus. If you are on the phones starting out it will be about $34,000 a year plus the bonus. Then they 401K match to 5% and you great benefits with schooling money for a masters and undergraduate studies. . After a year of working there I Was bumped to $38,500.

Great respect at Schwab: People are very nice to work with and you can make a lot of friends quickly there. Management is extremely tactful when criticixm is given and mind you I am not a manager, still a phone rep. However, if you are not wanting to ever be evaluated this is not your job. You have calls that are pulled both by your manager and a quality assurance rep adn they look to see how well you helped the client. As long as you are trying to do the right thing for the client every time you won't have a problem. If you are trying to give the clients the wrong products and services because you are too lazy to find out what they need you will have a problem. However no commission is given anyway. Personally, I am always helping clients find a better interest rate in one of our other products, and I get upscored for that. WHO KNEW? Trying to get the company to pay a client more interest and I get upscored!

Job security is nice. They idea is to thin out management or supporting roles before they ever touch a client facing rep like me. Their philosophy is to keep the ones you are experienced with the clients on the phones where they should be.

Work/life balance: Standard 40 hour weeks. 3 weeks vacation any time you want to use it that is available. Fine with me..

Career potential: You can o almost anyone in Schwab after you hit your year mark. . I got my promotion to their million plus team after 14 months and my buddy who is manager material became one after 13 months.

Location: They are in Phoenix, Denver and Indianapolis for there main places, but then have 300 branches too. Most though are at the big centers.
Coworker comp. is good. All my colleagues I would trust to handle a client as good as I would if not better. The comraderie is great too. so I like the environment.

This is a routine job though. However every client and situation is different so it takes a while to get comfortable and you really have a lot to learn. You are required to get a series 7 and 63, but they pay for it and give you a month of classroom to train for it. I passed my first time. I am getting my masters through them and they are paying up to $5,000 a year on it.

My experience is very positive and the skills you learn are incredible you will become an amazing communicator since you are constantly trying to figure out what a client is needing or what they are really aking.

Sorry for any errors here. When I type it in the text blinks and I can only see it when I hold the key down for a split second.
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