One of the UK’s leading financial services professional organisations has urged its members to take the plunge and offer apprenticeships. The Chartered Institute of Securities and Investments (CISI) has published an article in its member magazine suggesting that
Quoting a report by the Centre for Economics and Business Research (CEBR) from August 2016, which found that over a lifetime, graduates earn just £2,200 more than apprentices, the CISI argues that a degree is no longer a guarantee of a fast track to the top in the financial services industry.
“That’s a negligible £1 a week extra over the course of 40 years. In some areas, such as arts and humanities subjects, the earning potential of apprentices actually outstripped that of graduates by as much as 270 per cent,” it said.
Levy the ideal excuse
Indeed, it argued that the introduction of the apprentice levy in April 2017 is just the opportunity for employers to grasp the nettle and make a start.
CISI chief executive Simon Culhane said: “Already many major employers, including banks and accountancy firms, are rethinking their recruitment process, either by reallocating some positions traditionally earmarked for graduates, or by increasing the scale of their existing apprenticeships scheme.
“Having a protected apprenticeship framework in place, as overseen by an Institute of Apprenticeships, will present an opportunity for individuals from all backgrounds to access a rewarding, professional career.”