Pictures from the recent Apprenticeships in Financial Services Conference in January 2016. Ben Larkin (left) is an apprentice along with Jamala Osman (right), who is standing beside Mike Thompson, Director for Early Careers at Barclays.
Why choose an apprenticeship over a degree?The choice for many young people these days is not between an apprenticeship or a degree, but rather between a full- or part-time degree while on an apprenticeship. This follows the introduction of Degree Apprenticeships – the first of which started in September last year – by the Government in a bid to raise standards.
With the introduction of the apprenticeship levy from April 2017, employers will be able to use apprenticeships as a training tool for existing staff of all ages and all levels. Degree Apprenticeships and professional qualification apprenticeships will all form a key part of employers’ learning and development budgets in years to come.
How popular are the new Degree Apprenticeships compared with the more traditional kinds?It’s early days to talk confidently about how popular they are, but research tells us that the main attraction of opting for certain school leaver programmes, as opposed to university, is the chance to have a degree funded by an employer while being paid and gaining highly valuable work experience. One group it is proving very popular with is parents. The idea of gaining a debt-free degree and employment from day one is extremely attractive.
What value do apprentices bring to an organisation? Diversity of the talent pool is most commonly cited as the biggest advantage of apprenticeships. Another is the motivation and hunger to succeed that apprentices bring once they start employment. They have carefully considered their career before opting for an apprenticeship and with this tends to come dedication and loyalty.
What are the essential elements of a successful apprenticeship programme?Apprentices need to be valued by their employer and be seen to be doing a meaningful job that is leading to an aspirational career. The most successful schemes are structured programmes where the apprentices feel part of a cohort who are celebrated by their employer. There also has to be clear progression paths either through salary, promotion or further studies.
What help is available for apprentices?The training provider should assign personal tutors for the professional qualification/degree and coaches to support them throughout their apprenticeship. Employers typically allocate mentors and buddies to apprentices in the same way they do for graduates.
The CISI has worked with a range of employers to help develop three new investment operations apprenticeship standards (Investment Operations Administrator, Investment Operations Technician and Investment Operations Specialist). A number of CISI qualifications are available as the technical unit within these standards, and a range of additional financial services apprenticeships.
To find out more information, email educationdevelopment@cisi.org or call +44 20 7645 0714.
The original version of this article was published in the March 2016 print edition of the Securities & Investment Review.