Apprenticeships are often perceived to only be relevant to certain trades, but they are available in a range of professions and are beneficial to all sectors. This article will discuss how apprenticeships can help resolve some of the most pressing issues in the finance sector.
What are apprenticeships
Apprenticeships are funded training programmes where learners are able to work as they complete a qualification. Employers can hire new staff members through an apprenticeship programme or upskill an existing team member.
These programmes are funded through the apprenticeship levy which means that employers can train their staff for free or for a low cost. Additionally, apprenticeships have other cost savings benefits such as an exemption for employer National Insurance Contributions for apprentices under the age of 25, which applies for apprentices who are new hires or current employees being upskilled through an apprenticeship.
Lastly the training aspect makes apprenticeships highly beneficial for both employer and learners. The ability to work and study for a qualification at the same time allows learners to learn as they earn and implement their studies in their work which benefits their employer.
Apprenticeships as a tool to resolve sector challenges
Apprenticeships open doors for fresh talent to join a variety of sectors and the training aspect brings in additional benefits as well. Here are some ways that apprenticeships can solve some challenges in the finance sector:
Digital skills gap
As our world becomes increasingly more technologically focused businesses need to rapidly adjust to ensure that their systems are up to date and that their teams know about the risks involved with the most recent digital advancements such as AI. Apprenticeship training covers risks and challenges around technology and learners on the programmes are expected to engage through digital means making them up to speed with the most recent changes.
Up to date knowledge
The finance world is ever-changing with new regulations and information cropping up each day. Learners on an apprenticeship programme are being trained through the most recent and up to date knowledge and are encouraged to continue to research and explore further changes to ensure that they are fully prepared for new information to arise.
Introducing new talent
As mentioned before, apprenticeships can be a very attractive way for new talent to come into the industry. The benefits of gaining a qualification while working full time, gaining hands on knowledge and enhancing their CV with real world experience means that many people are now looking at apprenticeships as a way to start a career. This allows for new movement within the industry allowing for new talent to emerge and makes organisations who offer and embrace apprenticeship be more inviting for new talent to join the firm.
LMP Education’s Finance apprenticeships
LMP Education offers a finance apprenticeship pathway. The three programmes provide a clear progression route for learners allowing them to make their way from an AAT (Association of Accounting Technicians) Level 2 all the way to AAT Level 4. Learners who have existing qualifications or experience can choose to start at any level.
These programmes are available for employers to use for hiring new team members or upskilling existing staff. Explore LMP Education’s finance apprenticeships.
Level 2 Accounts or Finance Assistant Apprenticeship
The AAT Level 2 Accounts or Finance apprenticeship will equip staff with the skills and knowledge that can be directly applied in their role. It is ideal for colleagues who assist with financial tasks or undertake junior accounting duties.
Find out more about the Level 2 programme
Level 3 Assistant Accountant Apprenticeship
The AAT Level 3 Assistant Apprenticeship delivers a solid foundation in finance administration, covering areas such as double entry bookkeeping and basic costing principles. Learners will then move on to mastering more complex accounting disciplines including financial processes, advanced bookkeeping, final accounts and ethical practices for accountants.
Level 4 Professional Accounting Technician Apprenticeship
The AAT Level 4 Professional Accounting apprenticeship is designed to provide aspiring accountants with a comprehensive understanding of accounting principles, practices, and regulations. The curriculum is designed to align with industry standards and equip learners with the practical knowledge and competencies required to thrive in the accounting profession.
Learn more about the Level 4 programme
If you’d like to discuss how you can use apprenticeships in your business, book a discovery call with the LMP team today!
Contact
