This is a hard question, there are a multitude of Mobile Device Management (MDM) vendors out there, some of them implement features like installing root certs for traffic decryption. Now if it is only the exchange account that was added to your phone (along with vanilla Apple MDM policy), then your employer shouldn't know of your browser history.
If they added an MDM App the story is different, this wouldn't be a full grown feature of an MDM because it's not on scope for a MDM solution, but there are ways to extract this information either trough traffic decryption, or by extracting files from your phone, in a nutshell, It can be done but definitely not in a point and click fashion.
Now, make sure you either remove your apple account or wipe the device before returning it, apple accounts make for a great way to sync data, it works too well so if you forget to remove it, you won't really notice that someone may be watching your every move reading all your e-mails etc before something wrong happens, my advice is not to mix your personal/work stuff but since that is not always possible, just protect your personal information as it doesn't fall under the security scope of your organization.