Hello,
I recently received an offer from Charles Schwab in their broker trainee program when I graduate undergrad in May. The main reason I'm considering this position is the fact that they sponsor the 7 and 63. Does anyone have experience in this program, or at Schwab in general? Also how difficult is the process to move from retail to institutional investing?
Thanks in advance.
Schwab is a very stodgy, conservative organization that doesn't offer a lot of rapid upward mobility. If you're fine with that and/or have no other offers, go ahead and take this one.
Thanks for your input
It depends on the location. If it's in NYC, I would say definitely take the offer if you have no other options. Otherwise, I would rather work at AlphaSights
It's cool but weird.
Bump!
I went through the same program in Denver a few years ago, BEFORE going back to school to finish my undergrad. It was a great door opener in the sense of getting my licenses when I did not have a college degree, but other than that it provided no value whatsoever. The culture is cool if you get with the right group, but don't expect to 1) make a lot of money, 2) have upward growth opportunity, and 3) be having "analyst" type work. Basically you will work in a call center talking to old and foreign (primarily) retail investors and doing more things like cutting checks and transferring money than placing trades or talking about investment ideas. If you get an opportunity to move up you are not moving up in finance, but in customer service (call center) management.
Get your 7 & 63 and look to move on. Once you have your licences you should not have a problem getting interviews as an internal wholesaler at asset management firms.
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