Repaying training costs 38K?!

Jan 23, 2012 10:41 pm

Just a quick question,

I noticed that with major wires you have to sign an agreement to pay back the training costs if you leave/get terminated.  I had my lawyer review the docs for me, and he said that based on the language, even if you wash out of the training program the major wire in question can come after you for the $38K in training costs...

My question is has anyone experienced a company going after a washed out FA if they switch professions, say move on to high tec sales or working at dunkin donuts?  Or is it strictly if you go to a competitor and keep your series 7/66? 

The recruiter at said wire firm assured me that they do not go after washouts but she of course could not give me anything in writing...

Thanks a million in advance!

Jan 23, 2012 11:56 pm

the standard gentlemen's agreement is that they do not come after it if you wash out/change careers.  I have not heard of anyone having to pay it back if they left the industry.