With clawback you are nearly always made to sign something when you join. If it isn't in a contract or you haven't signed then they have no right to clawback. I expect though, you did sign something in which case all you can do is try and talk to them, good luck.
My last employer I left (large consultancy) had the right to clawback, but they were good enough not to do this. A lot of employers have the right (I signed something) but not all enact it! If you leave on good terms they're less likely to make you pay. Also, with my last employer I think their mentality was if we start clawing back money off every student who leaves we may have a recruitment problem in the future. Especially as people don't always stay at Consultancies that long (although some stay yeaaarrrrrrs).
Which brings me on to my next point. Who is your employer? Would the prospect of naming them in a letter to student page of Actuary magazine make them change their mind or maybe half the amount? News like this about a company can seriously impede their ability to recruit senior students (graduates will take whatever they can get!).
My new employer has a clawback scheme (I signed it) where they can take 100% of last 12 months, then 50% of 12 months preceeding that. I have a strong feeling that they'd make me pay it as well! Luckily I'm not planning on leaving any time soon so hopefully it'll never be an issue.
I understand why they have these clauses, it's expensive to train an actuary. At the same time though I know they don't have any hesitation in taking on students from other companies (who have a number of exam passes already), so really I'm not convinced by the clawback argument.
Good luck!
p.s. 7k for 4 exams is possible:
4 X £1000 tutorials = £4,000
4 x £250 exam fee = £1,000
4 x £500 notes, marking, study aides = £2,000
Total = £7,000 (and that's based on CT subjects!!!)
Last edited by a moderator: Sep 13, 2008