Working For Charles Schwab

Job Rating star
1
Salary Rating star

1 review so far

"Modern Day Slavery... Low Pay, Robot-like work, no room for creativity"
posted November, 2009

COMPANY RATING

1
star

POSITION

Stock Broker

WORK DATES

- Nov, 2009

LOCATION

San Francisco, CA, CO

SALARY RATING

1
star

WORK ENVIRONMENT

strict, cut-throat, conservative, old-fashioned, disorganized, high-pressure, bureaucratic, unprofessional

Working at Charles Schwab:

Extremely regimented playscript - if you failed to say one of 5 requirements (name of client, I can help you with that... etc STUPID and INAPPROPRIATE) you were dinged on your "QA score". And if you were 1% below minimum expectation, you are fired!

The position of Stock Broker is highly skilled and regulated by FINRA but Schwab doubles the stakes by placing a tight straightjacket on their Brokers. The pay is abismally low: $16/hour for a Series 7 and 63 Registered Broker!!!!!
The benefits are substandard and the 401k is self contributory unless you are there after the end of the 1st year.

The Management is RoboCop style and make the work environment the worst I have ever experienced in my career.

The systems you are given are ancient ("Legacy" they call them) and extremely inefficient. At any given time you have 12 to 16 different applications open on a Windows XP environment with ancient computers slower than molasses. Clients get impatient with the slownes and it is always, of course, blamed on you for being so slow. Add to the=at the highly bureaucratic structure and the simplest task will take 2 and 3 times as reasonable. Of course, the client is always right and you will be dinged for the slightest complaint and eventlually you are forced out.

Stay Away at All Costs!!!! A crappy Company with C rappy Work Environment.

Charles Schwab Salary and Benefits:

No Pros.
All Cons.