Barclays is set to launch the very first degree-level apprenticeship in banking. This was made public on the 6th of March. Most parents are not aware of apprenticeship in the financial sector. Studies have shown that about 77 percent of parents know of apprenticeships in the plumbing industry, 66 percent are aware that it exist in the hairdressing industry, but just 37 percent are aware that apprenticeship exists in the financial industry.
Also, studies have shown that just 47 percent of students’ parents are aware of the potentials in a career in apprenticeship. Furthermore, 68 percent of their teachers have never discussed a career in an apprenticeship with their students. About 60 percent of the students interviewed were worried that their parents would be frustrated if they decide not to attend a university.
To portray the importance of apprenticeship as a feasible career part, studies have shown that an apprentice earns up to £117,600 more in his lifetime. Whereas A-level graduates earn just about £2,200 more over a lifetime or 1.8 percent more. In other sectors, an apprentice earns over 270 percent more than A-level graduates. The lifetime Earning Premium gap would increase because of the high cost of university fees and this would make a career in apprenticeship more viable.
According to Mike Thompson, who is the Head of Apprentices for Barclays, said that their desire is to encourage people of all ages and background to get into the financial sector. The norm has been that only university graduates can work in this sector. This has led to the desire to set up the first UK’s degree-level apprenticeship in Banking which would encourage people to earn and learn without owing so much money in university fee debt.
This apprenticeship standard would give students the option of acquiring a degree or an equivalent qualification. The program will cover other pathways like Corporate/Business Banking, Operations, Investment Banking, Retail Banking, Workplace Pensions and Investment Management.
Barclays currently has over 3,000 participants since it started the award-winning program in April 2012. It offers a variety of programs to suit whatever levels, interest and age. They include Foundation, Advanced, Higher and Degree Apprenticeship. These programs will give candidates an opportunity to acquire skills, experience, and insight. The program will give them the opportunity to earn some money while the learning is ongoing. Barclays Higher and Degree Apprentices gets 100 percent funding and juicy salaries.
This program would let the student acquire a core grounding in the financial sector and they can also specialise on the area of the sector they would like to work in. This truly the fist of it kind and students in the UK would have a lot to learn and earn as well.
