Charles Schwab reviews

3.7

66% would recommend to a friend

(7,805 total reviews)
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Rick Wurster

72% approve of CEO

63% positive business outlook

Charles Schwab has an employee rating of 3.7 out of 5 stars, based on 7,805 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Charles Schwab employee rating is in line with the average (within 1 standard deviation) for employers within the Financial Services industry (3.7 stars).

Reviews by job title

8K reviews
2.0
Oct 26, 2023

Internal Audit is a Mess

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Many people are wonderful and really care about each other. The culture used to be stronger but you have access to training and the benefits are decent.

Cons

As some have mentioned, the culture has become one of extreme micromanagement, where management spends so much time tracking dumb metrics and there is so much bureaucracy that the audit department is more focused on internal administration then actually performing value added work for the business. Management has hired some terrible leaders in the department, especially on the broker dealer team, where broker dealer leadership has displayed some of the most toxic leadership behaviors, including bullying, gossiping about others, failure to manage conflict, failure to deal with poor performers, lack of any career pathing for team members, poor hiring decisions, creating a ‘yes’ mam culture, slashing budgets for projects, working extreme overtime, useless meetings where leadership listens to themself speak the whole time, and the list goes on. Each year we have repetitive conversations on why the broker dealer engmt scores tank and each year come up a list of action items that each year fail to help at all, primarily as our team needs a change in leadership. Oh, by the way we were told layoffs are coming and then we just sit around for months wondering what will happen - what company does that? Probably one that can’t manage RTO….

3.0
Jan 31, 2024

Messy

Recommend
CEO approval
Business Outlook

Pros

Great retirement matching and free management of those funds. Bonuses.

Cons

No chance of internal promotion, Very unrealistic expectations, Extremely unorganized and going downhill fast due to hiring quantity over quality (a lot of young workers with not nearly enough supervision to add to this burden). Not enough pay for the stress you are put under (I was on phones and wasn't allowed to transfer out of the customer service umbrella without applying as if I wasn't already in the company and getting a job outside my department was slim because the role I had was one that no one wanted). They really deceive you with the idea that you will be able to work your way up within the company. They also screw you if you do their internship program as you are a contractor and not entitled to bonuses or insurance or any other benefit. In the future they don't even count that time as experience with the company. I wasted a whole year being an intern because they tell you it will help advance you when in fact it held me back in comparison to my peers and created a lasting bitterness for the company. Wasn't the worst job I've had but you couldn't pay me to go back.

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Charles Schwab Response
2y
Thank you for your review! We encourage all Schwabbies to work with their manager on solidifying a strategy for career growth, development, and knowledge on how to build your career across different areas of the firm. Your individual development plan (IDP) is there to serve as a north star for your career trajectory. We pride ourselves in providing an empowering work environment that offers competitive compensation and an outstanding total benefits package. We thank you for your time at Schwab and wish you the best.
1.0
Dec 11, 2017

Financial Consultant

Recommend
CEO approval
Business Outlook

Pros

Used to be a great place to work and maybe it will be again. Nice pens in the branch. The people in the branch want to care about clients.

Cons

Upper management care very little about current clients. Miss management from the very top down. If Chuck only knew nothing is “from the client’s eyes” anymore he would be very upset. UOP is a joke! The structure for FCs is broken. They don’t want you to care about current advised clients (clients paying a fee for management) and want you to focus on the next conversion into advice. The compensation is a joke. Constantly pulling dollars from you via a claw back on assets leaving whether you brought them in or not. The client has had assets here for 20 years and if they are assigned to you and the client spends down their retirement dollars to live well then you have to pay the firm back and won’t get paid on any new assets you bring in until you do. Advised dollars are the same way for up to 2 yrs in the solution. Upper management mismanaged every thing when it comes to finances. They probably can’t balance their own checkbook but are in control of a trillion dollar company. So much micro-managing of our time we don’t have any time left for current clients. Only time we have is to try and bring in new assets and check boxes for their spreadsheets. Not enough time nor incentive for us to care about existing clients. Our comp drives us not to care. I have ZERO confidence in management. The stock price is up and that’s all that’s important. CPS (Client Promoter Score/satisfaction) will plummet in time. Don’t think they care just as long as they promote something different through advertising then how things actually are, get them in and move on to the next client. Drive that AUM men and women. Don’t spend too much time on them (clients). Only way you should work in the branch is if you are desperate. Upper management made disastrous financial decisions and take it out on the only client facing employees they have. Not smart. I say all of this and we still had record earnings but that’s not the whole story. Management made major errors with the rollout of SIP and SIA but blame the FCs not themselves. Such a shame, used to be a great place. Cash sweep? If you are client ask your FC about that. Taking money from clients because of management inadequacies. Great job out here in San Fran. Stock price, stock price, stock price. Sharpening up Resume as you read this.

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