Fidelity Investments has become a household name in the US when people are talking about investing.
It’s the largest multinational mutual fund company, with headquarters in Boston.
The company was established in 1946 and has offered financial services and products such as financial planning and advice, wealth management services, and retirement plans.
Being such a huge company, it’s natural to want to work there if you’re in the banking and financial services industry.
But before working on that application, learn the pros and cons.
Table of Contents
- Pros of Working for Fidelity Investments
- Cons of Working for Fidelity Investment
- 16 Pros and Cons of Working for Fidelity Investments – Summary Table
- Should You Work for Fidelity Investments?
Pros of Working for Fidelity Investments
Let’s start with the benefits associated with working for this company.
1. Competitive Pay
One of the major advantages of working at Fidelity Investments is the good benefits they offer.
The average worker takes home a salary of about $70,628 yearly.
Aside from the salary, other benefits include healthcare, life insurance, stock options, paid time off, and 401k.
Another benefit is that the company offers dental and vision insurance, which is a plus considering that dental and visual health issues tend to be costly.
Thanks to the great benefits, the level of job satisfaction is slightly higher than most companies in the banking and financial services sector.
2. Diverse Working Environment
This benefit is great as it means everyone has an opportunity to work and thrive in the company.
With more than 65,000 people working here, 60% are men, and 40% are women.
The workers come from different ethnic backgrounds, including White, Hispanic, Latino, African American, and Asian.
Thanks to this diversity, employees can work at ease without fear of any prejudices because of their background.
Diversity has also broadened the employees’ perspectives and contributed to healthy workplace relationships built on respect.
3. Great Work-Life Balance
The company discourages people from working overtime to promote work-life balance.
Because of the flexible working hours, employees get to attend to their personal issues, such as family and hobbies.
The company also offers flexible leave policies, allowing employees to take time off whenever they want.
However, it’s worth mentioning that maintaining a healthy work-life balance with certain positions can be difficult as they’re demanding.
In addition, some employees have noted that your work-life balance may take a hit if you want to do what’s best for each client.
4. Good Training and Onboarding Process
The onboarding process is smooth, where you’re introduced to your teammates and taught about the company’s culture.
Once you join the company, you undergo extensive training to equip yourself with the skills to handle the tasks you’ll be doing.
The training process ensures you feel supported and encourages you to grow, engage with your teammates, and do your best.
It also curbs imposter syndrome, where employees feel like they don’t belong in the workplace.
5. Opportunity for Career Development
Fidelity Investments offers opportunities for career development through different programs.
The main one is mentorship programs, where new employees learn from the experienced ones and get direct feedback on their performance.
Such programs increase workers’ confidence in their ability to handle tasks.
The company also offers training programs that sharpen workers’ skills and encourage knowledge sharing.
Considering that most employees leave their workplace because of lack of career development opportunities, this is a huge plus for people working in the company.
6. Positive Work Environment
Whether you have been in the corporate world for three months or three years, you know the influence a bad work environment can have on you.
Fortunately, this is not something employees at Fidelity Investments have to worry about.
Most employees report a positive work environment characterized by transparency, cooperation, and open communication.
The workers are treated with respect and can comfortably speak up if they have concerns affecting their productivity.
In addition, a positive work environment allows employees to easily overcome challenges because they have the support they need.
7. Excellent Technology Utilization
Considering the firm is in the banking and financial services sector, it’s no surprise they utilize technology.
However, the way Fidelity Investment utilizes technology is impressive, which has increased efficiency in the company and made employees’ work much easier.
Also, because they deal with sensitive data, they use technology to protect proprietary information, including client and employee details.
8. Free Food and Transport
Another benefit of Fidelity Investment is the free food and transport they provide.
Free food comes in handy because you don’t have to leave the office to have a meal.
It also saves you from spending money on buying your own lunch.
In terms of transport, the company has a transport system to help employees get to work on time.
This saves you gas money, and if you’re from a huge household with only one car, you can let other family members use the vehicle.
9. Work Flexibility
The last advantage of working at Fidelity Investments is that, in some positions, you can work from home.
With the world changing, most employees prefer working from home as it reduces commuting time, allowing them to get more sleep, spend time with loved ones and prepare healthy meals.
Another benefit of this hybrid plan is that employees aren’t limited to a specific geographic location.
You can live where you choose as long as you do the job.
Cons of Working for Fidelity Investment
Let’s take a look at some of the cons associated with working here.
1. High Expectations
Being one of the biggest mutual fund companies in the country comes with a huge responsibility placed on employees.
The management team sets high expectations for the workers.
And while this can be a good thing, it also puts a lot of pressure on the team, who are likely to feel discouraged if they don’t meet those expectations.
The working environment is also fast-paced, which not everyone can keep up with.
This can lead to discontentment and a lack of productivity.
2. Too Much Training
One of the perks we mentioned earlier was comprehensive training, which has some downsides.
During those training sessions, it’s easier to get bored and lose interest in whatever is being taught because the training session is lengthy.
This can cause employees not to retain some of the information they have been taught.
In addition, when employees receive training during the onboarding process, they’re bombarded with too much information that can become difficult to digest all at once.
3. Slow Career Growth
While the company does offer opportunities for career growth, it’s slow.
Some employees have complained of being stuck in the same position for years, which can be demotivating and affect productivity.
In addition, career growth opportunities may be limited to certain fields, so some employees don’t get a fair chance to advance their careers.
Also, aside from your skills, you’ll need to network to increase your chances of career development, which creates an unequal playing ground for employees.
4. Challenging Workload
As the company is in a highly regulated sector, the workload can be challenging.
For instance, if you’re in customer care, you have to take between 50 to 60 calls a day, which can be draining.
In addition, you must be good at retaining information because you’ll be dealing with clients with different needs which you have to address.
There is also the fact that some clients aren’t friendly.
While challenges in every type of job are to be expected, it’s easy to feel overwhelmed by too much work.
5. Constant Micromanagement
The employees at Fidelity Investments are constantly being monitored, and their work calls are listened to and graded.
This can make employees lose morale and confidence because they feel the management team doesn’t have faith in them.
Aside from that, you’re required to take lunch and breaks at a specified time, limiting the workers’ freedom.
While constant monitoring and strict rules are there to ensure quality service for clients, they can also make you feel powerless when every single task you do is under a microscope.
6. No Health Insurance for Part-Time Employees
Part-time employees at Fidelity Investments don’t get health insurance.
This is unfortunate as it means they have to cover their full medical bills if they get sick.
While generally, the company isn’t required by law to offer this kind of coverage, it would be a motivating factor and increase employee productivity.
7. High Turnover
The company has a high turnover, which is never a good sign.
One can attribute this to slow career development, high expectations, or feeling overworked.
Either way, a high turnover leads to a loss of morale among those left because they don’t feel the need to build work relationships if people are just going to leave.
16 Pros and Cons of Working for Fidelity Investments – Summary Table
|Pros of Working for Fidelity Investments||Cons of Working for Fidelity Investment|
|1. Competitive Pay||1. High Expectations|
|2. Diverse Working Environment||2. Too Much Training|
|3. Great Work-Life Balance||3. Slow Career Growth|
|4. Good Training and Onboarding Process||4. Challenging Workload|
|5. Opportunity for Career Development||5. Constant Micromanagement|
|6. Positive Work Environment||6. No Health Insurance for Part-Time Employees|
|7. Excellent Technology Utilization||7. High Turnover|
|8. Free Food and Transport|
|9. Work Flexibility|
Should You Work for Fidelity Investments?
With the highlighted pros and cons, the question that remains is whether to work for Fidelity Investments.
In every company, there are good things and bad things.
You just have to figure out what’s important to you.
Also, more than half the employees would recommend working here, and that’s to say something.
Overall, this is a great place to learn and grow.