A guide to financial apprenticeships

Financial services is one of the largest and most important sectors of the UK economy, with around 1.17 million people currently working in the sector. The businesses in this industry include banks and building societies as well as insurance companies, financial advisers and many other financial organisations. 

It used to be difficult to enter the financial services industry without a good university degree. However the growing popularity of finance apprenticeships has allowed more people to fulfil their ambitions of a career in financial services.

In this guide to apprenticeships, we’ll take a look at what a financial apprenticeship involves and some of the options that are available. And if you are interested in enrolling on a financial services apprenticeship, we’ll also explain what your next steps should be.

What is a finance apprenticeship?

The financial sector is very diverse, with a wide range of different organisations and various roles within each of them. Because of this, the term ‘Financial Services Apprenticeship’ can apply to many different types of apprenticeships including financial adviser apprenticeships and specialist insurance practitioner apprenticeships.

Generally speaking, a financial services apprenticeship is a form of education which allows students to combine paid employment with studying for an industry-respected qualification such as CeMAP. As an apprentice, you will carry out the daily responsibilities associated with your specific job role while also attending training courses and preparing for exams.

This means that upon completion of the apprenticeship, you will have both a professional qualification and several months’ experience within your chosen role.

Types of financial services apprenticeships

Simply Academy currently offers a number of financial services apprenticeship standards: Financial Services Administrator, Mortgage Adviser, and the Level 4 Paraplanner & Financial Planner Apprenticeship is also available for those looking to progress into financial planning roles.

Below is an overview of each programme.

Mortgage Adviser Apprenticeship

Level 3 Mortgage Advisor apprenticeships provide an ideal introduction to the world of mortgage advice. Apprentices develop the skills and knowledge required for a successful career in the sector while also working towards CeMAP, the regulatory qualification that will allow them to offer professional mortgage advice.

The combination of job based training and academic study will allow the apprentice to develop into a confident mortgage adviser. This apprenticeship is also a great entry point for applicants who wish to progress onto other financial services roles.

Duration: 15 months

Entry requirements: 5 GCSEs (A* to C or 9 to 5) or equivalent including Maths and English

Professional Qualification: CeMAP

Find out more on the Mortgage Adviser Apprenticeship course page

Financial Services Administrator Apprenticeship

The Financial Services Administrator apprenticeship is ideal for new entrants to the industry, working in roles such as Financial Services Administrator, Office Assistant and Customer Service Assistant.

Apprentices will study for a respected industry qualification while gaining a strong foundation in the skills and knowledge needed for a number of careers within the financial services sector.

Duration: 15 months

Entry requirements: 5 GCSEs (A* to C or 9 to 5) or equivalent including Maths and English

Professional Qualification: UK Financial Regulation (LIBF) or CF1/RO1 (CII)

Find out more on the Financial Services Administrator Apprenticeship course page.

Paraplanner & Financial Planner Apprenticeship

Simply Academy’s Level 4 Paraplanner & Financial Planner Apprenticeship is designed for both new entrants and current employees who want to develop their expertise in financial planning and paraplanning roles. Upon completion, apprentices are well-positioned to progress into more senior positions, including Chartered Financial Adviser.

Duration: Typically 24 months

Entry requirements: 5 GCSEs (grades A*–C or 9–5) including Maths and English; Level 3 qualifications (e.g. A levels or equivalent) may also be required

Professional qualification: CII Diploma in Regulated Financial Planning (DipPFS) or LIBF Diploma for Financial Advisers (DipFA)

Find out more on the Paraplanner & Financial Planner Apprenticeship course page

Why become a financial services apprentice?

Apprenticeships in financial services are more popular than ever. A survey of UK financial services employers found that at least 57% of organisations in the sector now have an apprenticeship scheme in place. Some 85% of those employers said apprenticeship schemes help build higher levels of staff loyalty, and 78% reported that participants often go on to long-term careers within their organisation.

Traditionally it has been difficult to gain a foothold in the financial services industry without a suitable university degree and relevant experience. This has excluded many applicants in the past but finance apprenticeships have opened up opportunities for students from diverse backgrounds and with different learning styles.

In 2024/25, there were 353,500 apprenticeship starts in England, with 761,500 people participating in an apprenticeship overall. The proportion of higher-level apprenticeships – like the Level 4 programmes offered by Simply Academy – is also growing, rising from 13% of all starts in 2017/18 to 40% in 2024/25.

Finance apprenticeships allow students to earn while they learn, so that studying for financial services qualifications becomes a more achievable goal. And because there’s no upper age limit for apprenticeships, they also make it easier for older learners to step into a new profession without the need to take a career break.

When you have completed the apprenticeship, there is a chance that you may be offered a full-time position at the company. If not, you will have gained both a professional qualification and valuable industry experience which will put you in a strong position for your next job application.

(H2) How do you become an apprentice?

Once you have decided which is the right financial services apprenticeship for you, it’s important to research the apprenticeship opportunities that are available. This will help you to select a role and training programme that appeals to you.

You should also prepare a CV or update your apprenticeship CV for the specific role you are applying for. Employers will be looking for a range of skills such as attention to detail, ability to multitask and self-motivation, so you should try to show how your own experience reflects these strengths.

And it’s also a good idea to prepare for an apprenticeship interview ahead of time, so that you feel relaxed and confident on the day. The more you know about your potential employer and their apprenticeship scheme, the better your chances of interview success.

How much will I earn as a financial services apprentice?

Pay varies depending on your employer, but apprentices are entitled to the National Minimum Wage for apprentices as a minimum. Many financial services employers pay above this rate, particularly for Level 3 and Level 4 programmes. Simply Academy can provide guidance on typical salary ranges when you speak to the team.

Can I do a financial apprenticeship if I already work in financial services?

Yes. Apprenticeships are not just for new entrants. The Financial Adviser and Paraplanner apprenticeships, for example, are designed to be a great career progression route for those currently working as a financial services administrator, paraplanner, or mortgage adviser.

Is there funding available for financial apprenticeships?

Apprenticeships are mostly funded by the government, so training is affordable for businesses of all sizes. In many cases, employers can access up to 100% funding through the government’s apprenticeship levy scheme, meaning there is no cost to the apprentice.

What qualifications will I gain?

This depends on the programme. Each Simply Academy programme leads to a recognised qualification from either the CII or Walbrook Institute London (LIBF). For example, the Mortgage Adviser Apprenticeship leads to CeMAP, while the Paraplanner & Financial Planner Apprenticeship leads to the CII DipPFS or LIBF DipFA.

Is there an age limit for financial apprenticeships?

No. Apprenticeships are open to anyone aged 16 and over. The proportion of learners aged 25 and over has grown significantly in recent years, reflecting the appeal of apprenticeships as a route into a new career at any stage of life.

How long does a financial services apprenticeship take?

Level 3 apprenticeships – Financial Services Administrator and Mortgage Adviser – typically take around 15 months. The Level 4 Paraplanner & Financial Planner programme typically takes 24 months and is equivalent to a Foundation degree in level.

For more information on our financial services apprenticeships or advice on apprenticeships, visit our Apprenticeships page or contact our dedicated Apprenticeships team today.