The Government’s apprenticeship reforms include an ambitious target to achieve 3 million apprenticeship starts by 2020. Starting in April 2017, a new Apprenticeship Levy will be introduced by the government as a way to achieve new investment in training and raise productivity in key sectors, including financial services.
Alongside reforms to how apprenticeships are funded, apprenticeships can help you recruit and train new staff as well as develop existing staff and achieve better customer outcomes. With roles in retail and commercial banking, financial advice and specialist areas now covered by the Apprenticeship Standards, you’ll be able to maximise the return on your training budget.
How do apprenticeships work?
Apprenticeships last between one to four years, depending on the level and type of role offered. Apprentices can be new starters, graduates, school or college leavers, or existing members of staff. Most of the training is on-the-job, and your apprentice will be supported by a training provider to undertake training that’s relevant and required to achieve the outcomes of the apprenticeship.
The Digital Apprenticeship Service will be launched over the coming months to allow you to post apprenticeship vacancies.
You will also be contacted by relevant government agencies with information about your Apprenticeship Levy, how much is in your digital account, and how much you can draw down each month on Apprenticeship training.
We can help you identify suitable Apprenticeship Standards for your staff and provide practical help to get your apprenticeship programme started.
The new Apprenticeship Standards
Employer groups, known as ‘trailblazers’, have been developing the new Apprenticeship Standards, which are replacing the old Apprenticeships Frameworks.
The Apprenticeship Standards describe the role, and the level of skill, knowledge and training required. This approach is aimed at giving employers a say in developing a workforce with the appropriate skills and knowledge that your business needs to be successful.
We’ve worked with employer groups on the development of financial services Apprenticeship Standards – from entry level roles, to degree apprenticeships. Our qualifications have been included in a range of Apprenticeship Standards, providing valuable evidence against knowledge competencies.
View the Apprenticeship Standards below