Here is where things are going to get lengthy. First of all I want to start with some background...
I was a COVID-19 hire right out of college. Had no background in finance, but needed a job (when nothing else was available) so I applied at Schwab. Other reviews are exaggerating regarding the training process. There are 2 weeks of standard training, followed by 2 weeks of hybrid training/easy phone calls with clients (not just 1 single week like some people have mentioned). After that you are assigned to your team and thrown to the wolves. That is where I actually want to start this review.
People need to realize this is 100% a call center position. Schwab doesn't do a great job of explaining that to you during the interview process, or even on the application. I had numerous coworkers during my tenure that applied/accepted the position with no knowledge that they would be on the phones for 8 hours a day. Because of that, there are a lot of things you need to know going into the job. I will list some below.
-Your calls are HEAVILY monitored. You will have coaching once a week with your manager and you will basically randomly review calls with them. They can also pull calls at any time and listen in if they would like. Basically, whenever you are talking to a client, there is a chance someone in management is listening in the background.
-There are very strict metrics you MUST follow. You must hit your breaks on time. You must take a certain number of calls a day. You cannot take too long in between calls. There is a report sent out every morning that shows your specific metrics. They are not easy to hit and I saw numerous people (who I would consider bright) struggle to even hit the low end of the metrics.
-OSAT. Basically OSAT is the survey they send to clients regarding their phone call with you. They are absolute garbage. If a client gives you a 6 out of 7 on the survey, they counts as a ZERO. You must get a perfect 7 out of 7 in order for it to benefit you. Also, Schwab has a zero tolerance policy regarding these. I received a negative survey where the client had mistaken me for another rep (they had called in numerous times so it makes sense that they were confused as to who they had spoken with). That one "fake" survey is the reason why I missed a quarterly promotion (one of the final straws for me with Schwab).
Now those things mentioned about aren't really "complaints". Pretty standard practice for a call center, but I think it's important for people to know what they are about to get themself into. Now let's talk about the real gripes I have with Schwab.
The pay is ATROCIOUS. After my first year with Schwab I had....
-Exceeded expectations every quarter
-Passed the SIE, S7, and S63 all on my first attempt
-Been nominated to the advisory counsel
-Taken zero sick/vacation days
-Was the highest performing individual on my team, even beating out tenured reps that had been there for decades.
At the end of my first year I was making $22 an hour. Absolutely ridiculous. I had friends teaching preschool making significantly more than me.
The time off process is a nightmare. Because it's a call center, they need a specific number of reps on the phone at all times. Goodluck getting off around the holiday season. You basically have to put in PTO requests months in advance. You're better off just taking sick days than dealing with their PTO system. Oh one more thing I almost forgot....you are required to work 2 holidays. Say goodbye to your labor day or memorial day weekend.
Their "professional development" plan is fine. They walk you through how it works from day 1, but actually moving up in the company is a nightmare. For the life of me I can't understand why there are individuals that have been there for more than a few years. Seriously, if you are a top performer and have been there for years, your pay will max out at around $30 an hour unless you go down the management route. If you think that you can "work at Schwab for years and slowly make your way up into the 6 figures range" that is NEVER going to happen.
Now for the big stuff. Their website and systems are TERRIBLE. Things break probably once a month, so when angry customers call in guess who has to deal with them......YOU! There was a period in 2021 where we had over 10,000 people on hold at once because our systems broke. People were waiting hours just to speak with a rep. It ruins the client experience, it makes the reps job basically impossible, and us call center reps were the ones who got penalized for that with all the terrible survey scores. There is nothing worse than hopping on the phones at 8AM only to see there were already 1000 calls on hold. I knew reps who literally broke down in tears on a call because they were so overworked.
Finally, attrition and manager turnover is a nightmare. Within my first 3 months of working there every single person on my team had left and was replaced with new employees. During my tenure (of around 18 months) I saw probably 20 people come and go, just within my small team. The manager turnover is also insane. I had 6 different managers, some were great, some shouldn't be employed by Schwab. There is no consistency which makes the team dynamic really difficult.
Overall, if you are wanting to get into the financial services field I would recommend avoiding Schwab (or any big firm) like the plague. Go find a small advisory firm near you where they'll actually care about your growth and pay you an actual living wage. To Schwab you are just a number at a call center. They are constantly hiring for this position because people are constantly leaving.
