Hello all!

I am lucky to have graduated college and immediately have been offered a role in Merrill Lynch's FADP training program. I couldn't believe it when I got the offer letter!!! However, my happiness was dampened when I read that Merrill (and other large FA companies) charge an incredibly hefty payback for training if you leave or are fired within 3 years of joining the program. I wouldn't leave Merrill, but what if I don't make the cut and am let go? I simply don't have anywhere NEAR the 38k that I have been reading about - I'm still eating ramen!

My offer letter states NOTHING regarding having to pay back any training costs. It does, obviously, have a lot of non-compete language......and a clause on restraining orders. I'm not worried about this.

If it's not in my offer letter, are they going to have me sign a contract regarding repayment of training on my first day? Or does Merrill no longer follow this policy?

Really appreciate any tips or help!