A flame retardant thermoplastic composition having excellent physical properties that includes 30 to 90 wt. % of a polycarbonate resin; from 1 to 35 wt. % of an impact modifier; from 0.1 to 15 wt. % of a phosphorus-containing flame retardant, from 1 to 30 wt. % of metal fiber, and from 0.002 to 5 wt. % of a processing additive, each based on the total combined weight of the thermoplastic composition, exclusive of any filler. The processing additive permits flame retardant characteristics to be maintained despite lower levels of flame retardant while the lower levels of flame retardant permit the compositions, and molded samples of these compositions, to have higher HDT and/or impact strengths as compared to compositions having higher levels of flame retardants. A molded sample of the thermoplastic composition is capable of achieving UL94 V0 rating at a thickness of 1.5 mm (±10%). The compositions are useful in forming flame retardant articles having EMI shielding characteristics.