As the famous saying goes, “money makes the world go round”. Every business requires a finance team to complete a range of tasks, from managing their outgoings and forecasting their future income to ensuring employees’ wages are paid on time and correctly. A career in finance can be both challenging and rewarding. Within this blog, we will explore what an apprenticeship in finance may look like.
Over the past decade, more and more apprenticeship frameworks have been introduced. Among these is a range of finance apprenticeships that include:
And many more!
As you can see, there are opportunities to enter the finance sector at different levels. This means there is not one set pathway that you have to follow to create a successful career within the finance industry. Read on to find out when you would access each of the different levels.
You can start an apprenticeship at any point in your career, but the common starting points are either when you leave Year 11 or Year 13. When leaving at Year 11, you can access Level 3 apprenticeships, which are also known as advanced apprenticeships. On the job advert, the employer will tell you what GCSE grades you need to access the apprenticeship.
If you are looking at completing an apprenticeship at the end of Year 13, this means you will have spent the last 2 years completing your Level 3 qualifications. This may be A-Levels, a T Level or a BTEC qualification.
As you have your Level 3 qualifications, you can access Level 4 or 5 apprenticeships (known as higher level). If you have achieved good grades at Level 3, you can also progress straight onto a Level 6 apprenticeship (known as degree level).
There is a wide range of apprenticeships that will lead you to different job roles within the finance industry. The best way to decide which one is right for you is to complete work experience. This will allow you to gain experience, which will look great on your CV, apprenticeship or university application.
In addition to this, work experience will also allow you to see the different jobs in action. This will give you an understanding of the different day-to-day duties of each person so you can make an informed decision on where your skills, experience and personal qualities will best fit within a finance department.
Remember, just because these apprenticeships in different job roles exist, it doesn’t mean they will be available when you are looking. In order to find a current apprenticeship, you have to have an employer with a vacancy who is willing to link with a training provider. You work at the employer 80% of the time and spend 20% of the time working on theory work set by your training provider.
You can find apprenticeships by applying through a job board, such as Not Going to Uni, directly on the company website or through a training provider. If you are looking at level 3 apprenticeships, the training provider is likely to be your local college.
If you are looking at higher and degree-level apprenticeships, then the training provider will be a university. One of the key concerns for young people when looking at apprenticeship options is finding opportunities. It is true that the number of apprenticeships started to fall in 2019/20 due to the impact of the coronavirus pandemic from March 2020.
The pandemic and lockdown period saw a disproportionately negative impact on apprenticeship starts for those aged under 19 and those starting intermediate-level apprenticeships. 23,400 fewer people were participating in an apprenticeship in 2019/20 than in 2018/19.
However, it is worth noting that in 2019/20, there were 719,000 people participating in an apprenticeship in England, with 322,500 apprenticeship starts and 146,900 apprenticeship achievements. 81% of all apprenticeship starts were in four subject areas: Business, Administration and Law; Health, Public Services and Care; Engineering and Manufacturing Technologies and Retail & Commercial Enterprise
Here are some key ways that you can expand your chances of success when looking for a Finance apprenticeship:
Best of luck in your search!
Finance apprenticeships offer a pathway to gain professional experience in the rapidly growing finance sector from leading employers. As technology continues to disrupt the financial industry, the need for a trained workforce becomes even more vital.
The spotlight on finance apprenticeships has shone bright as an effective channel to engage and invest in fresh talent while providing competitive wages and benefits.
With the credibility, knowledge and employability these types of programs provide, it’s no wonder they are an attractive destination for ambitious candidates who want to make an impact on their career right out of school, or those looking for mid-level jobs with great prospects.
Interested persons should research applicable apprenticeship programs and apply accordingly without delay to take advantage of this unique opportunity.
The qualifications required to apply for a finance apprenticeship vary depending on the scheme - some may only require basic GCSEs in Maths and English, whilst others are more likely to require A-Levels (or equivalent) in Accounting or Business Studies before being accepted into the program. Additionally, those looking to pursue higher-level programs such as degrees will need to have obtained other relevant qualifications prior to applying, such as BTECs in Accounting or Economics.
Yes - aside from being able to gain invaluable practical experience during your studies, finance apprenticeships can often open up further opportunities upon completion - this could include job offers from employers within your chosen industry, increased chances of promotion, or even progressing onto postgraduate studies. They can also provide you with transferable skills which can prove useful when pursuing other career paths, such as management roles.
The length of time that a finance apprenticeship lasts largely depends on the course and level you choose, but typically they range from 6 months up to 4 years. Foundation/Intermediate Apprenticeships generally take less time than higher-level schemes such as Degrees which focus more heavily on theoretical work in addition to practical tasks.
