I’m looking for a higher paying individual contributor role at Schwab in back office/operations. I currently make ~$60k. Are there any six figure individual contributor roles in back office/operations? I am also open to non-operations job. If you are making 6 figures as an individual contributor please tell me about your role. If you could, please be specific with the job titles/departments. Thank you!
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I make in the $150Ks base, 20% bonus (cuz legacy green and they sc--wed us on that) in an IC (58) role. It is possible but agree with the above that you need strong specialty skills and “soft” skills to get things done without any actual power. I use a lot of Excel, light SQL and my knowledge from 15+ years in data work and change management. I also moved from green tech to blue business so my salary likely reflects that, but if you do some learning in advanced Excel/VBA, basic SQL and Tableau you can definitely get to six figures.
(I make $240K base, not including bonus..)
^^what role do you have?
In response to the OP.. I was in operations making about that, not including bonus, and not only is it ridiculously low compared to industry standards, my boss was a lunatic, so I finally left for another company, doing almost the exact same job, but now making 75k. I technically could have gotten quicker pay increases staying at Schwab had I gotten licenses, as you get pay increases with that alone, but then opens you up to getting Team Lead positions or higher grade roles (and yes you can search internal jobs and filter for operations positions and see the pay ranges for those roles).. but I couldn’t stand being under my manager any longer so I couldn’t go that route. Good luck to you.
There are Project Managers making six figures but there's is a lot of people leadership involved in that, even though not all PMs are PLs. I don't know much about operations or advancement there. But i would guess there is a connected career path for you that uses either PMing or IT/Tech as a stepping stone. I've seen people leverage outstanding excel skills to a new role. But even then, they didn't get promoted with a raise in the existing role. You learn and gain exposure through the skill and find a higher paying job that's lists the skill as a qualification.
I make $240K base, not including bonus. And I am underpaid in the industry. But work life balance is good overall, so I stay.
I started out at 75k now I'm making 145k you can get there but it takes time. Personally for me when they told me I was going to start at 75k I was super happy about it cuz I used to make minimum wage. Money is not everything though more money just means more stress and a bigger target for layoffs so be careful what you wish for.
Advisor Services roles generally pay more than operations/back office roles. As far as 6 figures, that depends a lot on location. There’s no way though you will jump from $60k to 6 figures at Schwab as an IC, not even after years and years. Big jumps in salary like that typically happen when you leave the firm
You can get to 80k as a senior specialist. Depending on the role, you may be able to get to a 57 without having it be a people leader role. Either way, you will need 9/10 to hit 100k
Ain't nobody who don't manage people making six figures, unless maybe they a lawyer. That just don't happen at Schwab or any other company. $60k is good money. I wish I made $60k.
DE is Distinguished Engineer. P is probably Principal Engineer. No idea what TP is. And I work in STS.
What is a DE, P and TP?
Answering in STS.
You’re making less than a third of what a DE STS makes for context. In retail or another business you need to be able to bring in AUM and drive. It’s a money game. In all roles they want interchangeable parts save a couple of pretty boys to make it seem like we are innovative. (They are frustrated and not so pretty)
In general you can target a 10% increase with a job change. A straight raise is 3% or less. Promotion to 60 is worth a larger jump and other benefits. Remember it costs about $60,000 to hire a new person.
To get to P or DE you need people skills, finance and tech. If you’re soft on one of those it isn’t a dealbreaker, but it doesn’t help. More important is a need and a willingness to lead without title.
Management here is a toxic cesspool. You can’t get headcount based on data, you get it from reports and your managers, and the overhead of reporting is a time su-k. Depending on your group you’re expected to be technical and making decisions while managing. That means you aren’t listening to your experts as the technical questions come up in the hallway and are telegraphed with the answer Tiny or Says or Menace wants.
TP is great with the right team. Don’t see one currently, but it is great when it happens. They can drive data based solutions and listen to ops to make their lives easier.
Generic recommendation? Unless you have a management passion stay IC. And you’ll likely need to jump shops to get bumped. Schwab isn’t moving people up and that will likely continue.
Good luck.
Other than a management route (which wouldn’t be IC to begin with), there’s not a sure-fire way to drastically increase your pay unless you’re sitting on a bunch of IT/computer knowledge (w experience) that nobody knows about. Perhaps some awesome job will pop up at some point, suited to your skills, but that’s unlikely.
I overheard a conversation this week. Idk the context, but one person said “the only you’re getting paid significantly more than you’re making now is to switch companies for a year or two and then come back”. This is 100% true.
Unfortunately, in this day and age, company’s don’t show all that much loyalty to their employees. Job hopping every few years is probably the best way to get the increase you’re looking for because let me tell you (I work in ops), those merit increases or even promotions certainly won’t get you there. Eventually you’ll hit a ceiling and be stuck there until you make a change. In this economy, however, that’s easier said than done. Best of luck to you
Salaries are included in the job postings. All you have to do is look.
Would it be helpful if I share my employee number, home address and checking account number?