Hello Not having a job yet means I am unsure how study packages work. Do actuarial employers tie you in for a period of time after each exam or make you pay back the tutition costs should you leave? If so, how long is the tie-in period? Law firms have been known to do this and I wondered if the actuarial world was the same! Many thanks, Exlawyer
This practice is not uncommon. My firm operates a sliding scale. Without digging out the paperwork, I think after 12 months you pay nothing. Within 12 months you pay a proportion that depends on how long ago the exam was.
I've heard talk in the industry of some firms being willing to pay the clawback for you when you move to them. I've no firsthand experience of this but it makes sense since they will benefit from the exams you've taken.
It seems to be the standard practice in Ireland. When I was moving jobs my new company asked me to confirm if they had to pay anything to my old company with regards to study fees. They seemed happy to foot the bill. My new company has a 2 year policy - it states that the "company reserves the right to recover all costs incurred within the last 2 years". Not exactly sure if they actually would though...
Thats right clauses are typically put in place to stop abuse. Eg you take out 3 courses which you can take with you and immediately resign. Not good and I can see employers spotting this. But in many cases, where you have genuinely been studying and doing a good job, they can be waived. Don't let it be a barrier but if you are worried, making sure you have a savings account you can fall back on.
My current employer does have this claw back policy, basically any costs incorred more than 12 months ago do not need to be paid back, it if it is between 6-12 months then you pay 50% back, and if it is incurred in the recent 6 months, 100% need to be repaid, hope this helps
