The Smart Questions Interns Are Asking (I’m Taking Notice)

Every summer, I meet with over a hundred of our interns to answer their questions about our company, Charles Schwab, the financial services industry, and most importantly, how to embark on a fulfilling career. But every year, I learn from them too. And without fail, they inspire me with their enthusiasm and curiosity about what it takes to be successful and what’s in store for the future of our industry.

This year’s interns had a lot of questions, and I thought I’d share a few of them (and my best attempt at answers) to provide a glimpse into what's on the minds of tomorrow’s leaders as they head back to their campuses and start to think seriously about their first full-time jobs:

In an era when reputation and trust are so important, what advice do you have for young professionals establishing themselves?

Something my late father used to say that I try and remind myself of often is that, “you can buy and sell virtually anything in the world, except for reputation.” Whether you’re 21 and just starting your career, a mid-level manager or in executive leadership: our words, actions and behaviors all impact our reputation. My best advice for maintaining a positive reputation is to make sure that everything you say and do is something you would be proud of if it were printed in a newspaper, or more likely nowadays, posted on social media. Once your reputation is tarnished, it’s hard (if not impossible) to get it back. 

What is the biggest upcoming obstacle to business success in the financial industry, and how does Schwab plan on overcoming it?

In many ways, the challenges faced by the financial industry are no different than those facing any other sector: an unprecedented pace of change; tremendous competition for people's attention from traditional and social media, and from competitors; and with rising consumer expectations. Those rising expectations are a particular challenge for the financial services industry because they are fueled not just by interactions with financial providers, but by experiences across all aspects of their lives, many of which are driven by technology.

The way Schwab competes to win is really no different than it was 40 years ago at our founding. It’s by seeing things through our clients’ eyes and making decisions about what services we offer, what we charge, and how we interact with clients based on the answer to one simple question: are we interacting with our clients the way we would want to be treated? Asking the question is one thing; acting on it is another. We have to be willing to disrupt ourselves, to change what we do, and perhaps even sacrifice short-term profits, in order to serve our clients in the manner they deserve. And we’re proud to do so.

Despite the lore around disruption, many companies are more challenged by their lack of courage to change in response to the competitive forces they know—but refuse to acknowledge as inevitable— than by something that's a surprise. 

If you were an intern today, what would you be focusing on?

An internship is a special opportunity. It's not only a glimpse into the business world, it’s an opportunity to see firsthand how a company’s behavior and culture match what it says about itself. If I were an intern today, I would be looking to better understand the culture of the company and whether its behavior aligned with its words, and with my personal beliefs and values.

When you choose an employer, I believe the number one factor to consider is whether there is a cultural fit with your own belief system. Everything else will work itself out—career progression, money, geography—but if you end up at a company that isn’t a fit with your personal values, all the money in the world won’t make up for how you feel about your work and yourself.

Decide Why You Work

Speaking with our interns always brings up a lot fun memories and takes me back to a time when the excitement of starting my career meant diving headlong into work. What I didn’t know then, but eventually learned, is the importance of taking time to first think about my priorities in life beyond work and ambition.

Work will consume every moment of every day, if you allow it to. That’s why it’s important to be clear with yourself about your priorities, and then live your life around those priorities. If you are extremely ambitious, and decide work is your #1 priority, that’s fine. But don’t do it without understanding how prioritizing work to that degree will impact you and those around you. Success in the workplace brings rewards, but no workplace reward is more valuable than living a fulfilling life based on your personal values and priorities.

0817-7KGB