Repaying Training Costs

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May 4, 2017 9:26 am

I have read a lot of mixed reviews about the training fees that we are contractually supposed to pay back if we leave the firm. Looking for experiences and clarification.

I am just coming out of the Development Stage as a Planning TFA at Merrill. However, I've been here for a while, as I had to get my 7 and 66. Basically I hate this job, and I have zero interest in continuing to work in this environment. But I'm also getting married soon and relocating about 85 miles away. Originally, I was going to commute, but it's just not worth it. I'm interviewing for an Assistant Bank Manager position, but I don't want to accept it if it means I'll owe Merrill 15k. Are they actually going to ask that I repay the costs? Who is deemed a "competitor" for them? Will they equate small bank products to those offered by ML? Really regretting the decision to work here, but I don't want to make it worse for myself financially. I'm basically an indeventures servant. I'm not really leaving the industry, but I'm switching roles and relocating. Thoughts?

May 16, 2017 6:39 pm

Al1345,

I'm sorry I don't have any answers for your question, but I'm about to start the PMD program on Monday and I was wondering what it is about the program that has you looking to leave. Is it just the fact that you are moving and want out of the commute or is it the work itself with ML? I was offered a job with another firm as well and want to make sure I'm making the right decision.