Growing your own graduates

Success stories from our apprentices

Degree Apprenticeships

Developing skills and knowledge is a critical part of the Investment20/20 programme. Our trainees and apprentices gain technical know-how, industry understanding and enhanced soft skills, finishing their Investment20/20 programme with both in-depth job knowledge and a holistic insight into the industry. This stage of learning and development acts a springboard for them to progress to the next stage in their career. Learning and development is delivered through a combination of the Investment20/20 Trainee Development Programme, individual employers training programmes, professional qualifications, and apprenticeships.

Apprenticeships provide one form of structured learning and development. Almost a fifth of Investment20/20 member firms utilised apprenticeships in 2022 in roles including marketing, technology and data, HR, investment operations and many more. Just over one-quarter of Investment20/20 vacancies last year were apprenticeships. As an industry, we need to better understand how we can further engage with apprenticeships and utilise the sectors levy contribution. Degree apprenticeships is an area that could be further explored and provides an opportunity for the development of an entry talent pipeline.

In 2022, LGT Wealth Management recruited six degree apprentices; two as Trainee IT Analysts, one as an Administrative Assistant, and three as Administrative Assistants within their Portfolio Management Teams. Abbie, a manager, and Rosie, a degree apprentice, have shared their experience.

Rosie joined LGT Wealth Management in September 2022 as an Administrative Assistant in the Management Team. She works closely with the Senior Management Assistant to support the CEO, CIO, Head of Front Office and wider Management Team. Alongside working, she also attends university for one day a week to study a business management degree.

^{Rosie is a great addition to the Management Team and is providing much needed support to myself and the wider team. I very much enjoy her working alongside me, being able to provide her support with her studies and helping her to gain practical experience while completing her degree. Rosie’s confidence is growing, and we are both looking forward to further growth within her professional and academic career.}
^{Abbie Williams}^{, manager,}^{LGT Wealth Management}

Abbie, her manager, is delighted with Rosie’s contribution and progress.

^{My manager is very supportive of my studies and works closely with me to help manage and prioritise my workload, allowing me to get to grips with my role whilst keeping up with my studies. I believe that choosing to go down the path of doing an apprenticeship was the best decision that I have made! I am able to gain on-the-job experience alongside my studies and gain valuable knowledge from people around the business who are passionate about what they do.}
^{Rosie Leis}^{, Administrative Assistant,}^{LGT Wealth Management}

Degree apprenticeships is an area which we will be exploring further at our breakfast skills briefing on the 14 March, Bridging The Gap: Apprenticeships and the opportunity to boost their contribution to skills development in investment management. The event will support employers in understanding how they fit into an early careers strategy.

Investment20/20 is working with the Institute for Apprenticeships and Technical Education (IfATE) to support understanding with member firms about the value that apprenticeships bring to their organisations.

Overview of recent Apprenticeship developments, from IfATE:

Apprenticeships have experienced a renaissance since reforms were introduced in England in 2014. These involved the creation of employer-led ‘Trailblazer’ groups supported by the Institute for Apprenticeships and Technical Education to define occupations, set out the knowledge, skills, and behaviours (KSBs) required for full competence in them and determine how apprentices should be assessed at the end of the apprenticeship.

Nine years on, we now have over 650 employer-designed apprenticeships. As well as covering traditional trades, apprenticeships train people in a range of occupations relevant to financial services organisations including economists, digital technology professionals, auditors, investment bankers and senior managers.

The apprenticeship levy covers off-the-job training costs of apprentices who are employed by levy payers and government pays 95% of training costs for small-and-medium-sized employers (SMEs), that do not fall within the levy.

Satisfaction rates are high with employers (around 85%), and over 90% of apprentices surveyed last year by IfATE felt confident the skills they were being taught would equip them to succeed in the future.

In the light of current uncertain economic climate and focus on upskilling the domestic workforce, apprenticeships - with their unique combination of on-the-job and off-the-job training - have never been more relevant.

In academic terms, the apprenticeships cover occupations ranging from entry level (Level 2) to degree and master’s level (Levels 6 and 7), with the potential for progression being a key element. Within the programme, degree apprenticeships offer a unique opportunity for apprentices to develop competence in a high-level occupation via a combination of employment and the acquisition of a relevant degree. They work in the same way as non-degree apprenticeships but with the external training provider being a higher education provider such as a university.

They have obvious appeal as apprentices and acquire occupational competence alongside a degree without tuition fees or a student loan. For employers, you are ‘growing your own’ talent pipeline and can attract a wider group of people. A survey carried by Middlesex University in 2021 found that 63% of their apprentices came from non-professional backgrounds with 66% of their parents having either no formal or degree level qualifications.

Details of all the finance occupations covered by approved apprenticeships in England can be found on IfATE’s website. However, it is worth noting that Level 6/7 apprenticeships don’t always have to include a degree - some Trailblazers - such as the group that developed the Financial Services Professional apprenticeship, concluded that professional qualifications are more important and so built these into the apprenticeship instead of a degree.

Apprenticeships are equally relevant to non-finance specific occupations in your organisation including those in HR, administration, digital, marketing, management, and law. For more information about recruiting apprentices, visit www.apprenticeships.gov.uk.

We are also currently supporting Trailblazers to update several financial services apprenticeships including L6 Financial Services Professional and are keen ensure our employer groups undertaking this are as representative of the needs of the sector as possible. If you are interested in shaping future apprenticeships for your sector by getting involved in this process, please contact: brian.annett@education.gov.uk.

We are keen to understand how we can better support Investment20/20 members in their exploration of apprenticeships and the role they may take in their learning and development plans.

If you’d like to discuss the role of apprenticeships please contact your Client Relationship Manager, Gina Griesel or Juliet Leith and register for our breakfast skills briefing on degree apprenticeships.