Why do an apprenticeship?
28 June 2020
For many people, apprenticeships serve as appealing alternatives to further education or going straight into the workplace after school or college. They offer an accredited qualification, on-the-job training and opportunities in a number of sectors – including finance. They also offer the possibility of earning a wage.
A popular option, over 700,000 people took up an apprenticeship in 2018 alone. But is it the right career path for you?
Is an apprenticeship right for me?
After you’ve received your GCSE or A-level results, it can be difficult to know which step to take next.
Other methods of higher education have their benefits, but something that often draws people towards apprenticeships is that you will get hands-on experience of the role you’re training for. Instead of spending the majority of your time reading and attending lectures, you’ll enjoy working full-time in a real-life work environment while gaining a relevant qualification. If this is more appealing to you than traditional methods of education, then an apprenticeship may be the right path for you.
What are the benefits of an apprenticeship?
Before you decide whether an apprenticeship is right for you, it may help to know the benefits that come with doing one. These include:
Freedom and flexibility –
Anyone aged 16 or over is eligible to apply for an apprenticeship and there isn’t an age limit. With an estimated 400 different types of apprenticeship in the UK, many options are available and you should be able to pick an apprenticeship in the sector you’re interested in.
A headstart for your career in finance –
As you’re learning on the job and getting first hand training from people that are experts in their field, you should be able to gain the required knowledge and skills in the job you want. This is unlike university, where you’d usually have to graduate before you could start your first job in a relevant role. As an apprentice, you’ll also be able to achieve proper work experience and improve your skills, boosting your confidence and independence in the process.
No student loans or tuition fees –
The growing interest in apprenticeships is partially due to not needing to pay back student loans or tuition fees. One of the downsides to university is the hefty fees that come with it. Apprenticeships are different, as the training will be paid for by the government and the employer you’ll be working for. Additionally, you’ll be paid a salary by your employer which is regulated by the government.
Gain an accredited qualification –
Practical skills and work experience you’re able to reference on your CV and future job applications are a benefit to doing an apprenticeship, but you’ll also come away with a genuine qualification. In certain industries, these qualifications are a requirement before the employer will even consider offering an interview. You’ll also have the qualification on your CV to show your experience and capability even if you eventually choose to change career paths somewhere down the line.
What apprenticeship is best for me?
When choosing an apprenticeship, you should consider the industry you’d like to work in. After you’ve decided on this, you will need to determine what level qualification you should go for.
Apprenticeship levels and the form of education they’re equivalent to are:
Level 2 (intermediate) – equivalent to five GCSEs
Level 3 (advanced) – equivalent to two A-Levels
Level 4 (higher) – equivalent to an education certificate or diploma
Level 5 (higher) – equivalent to a foundation degree
Level 6 (degree) – equivalent to a bachelor’s degree
Level 7 (degree) – equivalent to a master’s degree
Simply Academy offers a variety of financial apprenticeships. If you wanted to become a Financial Services Administrator or Mortgage Advisor, for example, you would need a Level 3 qualification. To become a Paraplanner or Financial Advisor, you’d need to take a Level 4 qualification.