In recent weeks the Department for Education (DfE) announced a number of changes to the established apprenticeship system. These changes are set to help employers close skills gaps and encourage young people to join the workforce.
Why have the apprenticeship levy chances been introduced?
The main aim for the changes in the apprenticeship system is to address the significant decline in apprenticeship starts for young people, improve flexibility for employers, and ensure better value for money, following millions of unused funds being returned to the Treasury.
The new Growth and Skills Levy promises to provide a simpler more streamlined and cost-effective way for employers to use apprenticeships.
New employer incentives for hiring apprentices
As part of the apprenticeship reform, hiring incentives were introduced to encourage employers to hire apprentices using the Growth and Skills Levy. Employers in England are now offered up to £3,000 for hiring young talent aged 16-24 (if on Universal Credit) and £2,000 for SMEs taking on apprentices.
These incentives are added to the existing National Insurance Contribution (NIC) exemption that has been available since 2024. This exemption states that employers do not need to pay NIC for apprentices under the age of 25.
How apprenticeships support financial teams
Investing in apprenticeships to recruit new financial talent can bring valuable benefits to employers, helping to build a skilled and efficient finance team while supporting business growth. This apprenticeship allows businesses to train staff in finance and accounting processes while shaping them to fit the company’s needs.
Apprentices learn practical skills directly relevant to your business, such as financial administration, data entry, and basic bookkeeping. The training is customised to align with your organisation’s processes, helping apprentices become productive, efficient members of your finance team.
By supporting staff through apprenticeships, businesses can develop future finance professionals who are loyal to the company and understand its culture and operations, reducing staff turnover and future recruitment costs.
LMP Education finance apprenticeships
LMP Education offer three levels of finance apprenticeships, ideal for recruiting new talent and upskill existing team members, all including an AAT certification:
Accounts or Finance Assistant Apprenticeship Level 2
This Level 2 AAT Accounts of Finance Apprenticeship is an ideal junior position for organisations to recruit for. It is ideal for those who assist with financial tasks or undertake junior accounting duties.
Learn more about the Level 2 Finance apprenticeship
Assistant Accountant Apprenticeship Level 3
This Level 3 AAT (Association of Accounting Technicians) Assistant Accountant training programme delivers a solid foundation in finance administration, covering areas such as double entry bookkeeping and basic costing principles.
The training modules focus on complex accounting disciplines including financial processes, advanced bookkeeping, final accounts and ethical practices for accountants.
Learn more about the Level 3 Finance apprenticeship
Professional Accounting Technician Apprenticeship Level 4
Investing in a Level 4 Professional Accounting Technician Apprenticeship is a strategic move for businesses looking to strengthen their finance team with highly skilled professionals. This apprenticeship provides advanced accounting knowledge and practical expertise, helping employers build a more efficient and compliant financial operation.
Learn more about the Level 4 Finance apprenticeship
LMP Education funded recruitment services
LMP Education is an award-winning apprenticeship provider that offers a range of Growth and Skills levy support for organisations across a variety of sectors. Alongside our levy utilisation strategy support that we offer, we can also support your organisation through recruitment services helping you find the right candidate for your position. All our services are fully funded and at no cost to your organisation.
To learn more about how we can support your organisation, book a free consultation with the LMP team today!
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