Would anyone care to share what the pay rates for the most common roles are at these days, and how those stack up against Robinhood/Fidelity. Licensed or unlicensed - either would be good to know where we stand in the marketplace.
Schwab Blue - What is your standard bonus percentage payout by level?
There are operations positions in tech too. Just saying, they are not mutually exclusive, much like basic XOR logical operations performed in silicon.
Are the ranges discussed above for tech positions or for operational jobs also?
Some companies SMs are Directors. That was true of TDA, not Schwab. Schwab SMs do the job function of a well paid manager
Schwab Blue SM that is making $120K. Now I am sad. Been sobooooer for 3 months, haven't had a drink. But tonite, drank a ho-e bottle of Jack Daniels. Huge headache.... can bearly tipe rite now. I wished I maid $200K like those otter TDA SMs.
@4amr+1dugB0UX If you’re looking at it by compensation, then Green SM and Blue Director are closer aligned given Blue and Green compensation wasn’t adjusted with HR conversion and title mapping.
Schwab SVP and TDA MD were equivalent in terms of roles and responsibilities and location in the org relative to the C suite. Schwab moved the SVP/VP tier to MD, nothing else changed. So saying Blue SM mapped directly to Green SM doesn’t quite make sense given the larger hierarchy on the Schwab Blue side. It would be like saying a Blue MD and SVP pre title mapping are the same because post title mapping they’re both MDs.
Or… TDA just paid a lot better.
I don't understand the mapping differential; i.e. Green Sr Mgr = Schwab director.
Since we're all "normalized" now, shouldn't we all have the same titles? So this means Schwab Green Directors (that manage, have direct reports), are effectively MD A3, with the same payscale?
Yeah keep the mapping in mind:
Schwab Green Manager = Schwab Sr Manager
Green Sr Mgr = Schwab director
Base pay of the crew I know is ~$130-145K, plus $26-$30K puts all of us in the $150-$175K range for total comp. These are tech workers in a higher geographic tier so that may be part of why…
A green SM/blue director from the two I have chatted to about pay say $200-$275K total comp is typical, varies a lot of business unit, what industry you came from etc. If you have been at Schwab 5+ years, you’re probably really underpaid.
Part of that difference is title mapping. Can confirm that Schwab Green SM is around $200K with bonuses.
$120K for a Senior Manager on the Blue side??? Is that without bonus? You are a candidate to leave for higher pay elsewhere. TDA SMs are rolling in it if they are making $200K with bonus.
Wow TDA Senior Managers make $200K with their bonus. That's not bad, not bad at all. I'm Blue and barely make $120K.
3oaw+1dugB0UX
That's pretty good for Sr. Manager. Looking at upper end of $200K. Wished I made that much.
I look at the ranges on job postings, but they are so wide they are laughable…
I have been quietly checking with others coming from TDA Green tech, and for Schwab Sr Manager (individual contributor - was Manager at TDA) most of us are making $140-$160K base, with a 20+% bonus. We all are looking at ~$15K set bonus from 2022 onwards, so our base should increase $15-20K. If it doesn’t, exiting stage left!
Check the internal job postings on the Schweb. It was either Colorado or Texas, where legally they must post the range for the position. This effectively gives you the pay range for a given grade at that geo location. The range is huge, so generally not meaningful. They generally like to bring new hires in at the mid point, so there is room to grow. For current employees, this is helpful to know when you are approaching your max, and would require a promotion, or hope they adjust the range. Otherwise you are capped and don't get yearly merit/inflation pay increases. This problem is more common for those that have been at Schwab for a while, as a Sr. Manager (current title system), and would need to bump up to Director level.
Last year, Schwab didn’t fund the Key Contributor award (RSUs) for anyone under management level. The email said something along the lines of “the $5k-$7k awards weren’t a meaningful amount of money. It was an eye opening moment to me, for sure.
Your manager can tell you where you’re at in the pay range. If you ask them and they say they cannot tell you or cannot see it, they’re lying. Get a new position, because your manager isn’t being transparent.
Director level (not MD), in the new crazy Specialist, Sr. Specialist, and Sr. Manager titles, typically makes $250K, from base salary plus bonus. Bonus is variable from year to year, depending on company performance which determines pool size, and your own performance, but generally you see around 20% in last few years. RSU and ESOP awards are discretionary, but can range from $10K to $25K awards, with different combinations of RSU and ESOP. Don't expect ESOP with an $8 strike price at this level (that is literally steak sauce and above), and below, they are locked in at the timing of your award. These awards vest every year over 4 years. For top performers, this can be a lot of money, given Schwab stock hitting over $80 recently, and if you haven't exercised your options in last 10 years (max time limit).
Longtime blue guy here, non management. Blue has always been very secretive with that information. As a non manager I can't even see a grade pay scale. It's just not published or publicized anywhere internally. and stock awards same thing. They call everything 'Discretionary'. I'm sure by keeping secrets they can keep people around at lower pay at least for a while? Managers may be able to view more but if they can they certainly aren't talking. Looking forward to seeing some responses here. OP's questions have me curious as well.