6 reasons to undertake a financial apprenticeship

Interested in completing an apprenticeship in financial services but not sure where to start? This article will go through what a financial services apprenticeship involves, how to apply and why you should consider it.

What are financial service apprenticeships?

As the financial sector is so diverse, financial services apprenticeships cover a wide variety of roles within the industry. These apprenticeships will enable you to work in an entry level position and earn money, as well as study towards a qualification, such as a CeMAP or DipFA. This gives you a perfect entry into the financial sector with a good balance of education and experience. There are a range of financial services apprenticeships available depending on what your career goals are. These include

• Level 3 Financial Services Administrator
• Level 3 Insurance Practitioner
• Level 3 Mortgage Adviser
• Level 4 Financial Adviser.

How to become a financial services apprentice

The entry requirements for a financial services apprenticeship depend on the role you’re interested in. However, most apprenticeships will require some prior qualifications, whether it’s GCSEs or A levels. This will depend on the level of financial apprenticeship you are applying for so make sure to check before you make an application.

Most apprenticeships allow you to apply online. As part of your application, you’ll need to include an up-to-date CV as well as a cover letter. Your cover letter should talk about

• Your relevant skills and experience 
• Your qualifications (e.g. GCSEs, A levels, BTECs)
• Your enthusiasm for the industry.

After submitting your application, you’ll usually hear back within two to three weeks about whether you’ve made it through to the next stage of the process, which is normally an interview. 

Why undertake a financial services apprenticeship?

Completing a financial services apprenticeship is a great way to kickstart your career. Below we go through 6 reasons why you should consider it.

1. Gain a first-hand insight into the industry

Although learning about finance in a classroom environment can be great in developing your understanding of the industry, it doesn’t quite compare to actually working in that role on a day-to-day basis. When completing a financial services apprenticeship, you can gain first-hand experience of working in the industry, whether that’s completing admin tasks or attending client meetings.

You can also take full advantage of working with experienced colleagues. They can answer any questions, offer you advice and provide support throughout your apprenticeship. It is a great opportunity to network with a wide variety of people, allowing you to make connections that may be helpful as you progress through your career.

2. Earn while you learn

Completing an apprenticeship is a lot more financially accessible than a university degree. While many worry about student debt and tuition fees, apprenticeships provide the opportunity to earn money while you learn. Not only does this give less strain on your finances, it also gives you experience of managing and saving your money. This means you can support yourself financially and put your salary towards saving for a car, mortgage or holiday.

3. Develop transferable skills

One of the major benefits of doing an apprenticeship in financial services is the transferable skills you can learn. During an apprenticeship, you will experience a variety of tasks and roles within the business. You will likely enjoy some more than others, helping to inform you which career path is best for you. It may be the same role but in a different department or you may decide you want to complete a further qualification. 

The skills and experience you gain from a financial services apprenticeship are invaluable. Even if you want to go into a different industry completely, you will have a good basis of soft, transferable skills as well as experience in an office environment.

4. Obtain a qualification

As well as the work experience you’ll be gaining, you will finish your apprenticeship with an industry recognised qualification that will be beneficial when applying for jobs. The type of qualification depends on which financial services apprenticeship you complete. 

For example, a Level 3 Mortgage Adviser apprenticeship will provide you with a CeMAP (Certificate in Mortgage Advice & Practice), an essential qualification for mortgage-related roles. 

If you complete a Level 4 Financial Adviser apprenticeship, you receive a DipFA (Diploma for Financial Advisers), an FCA-approved qualification. 

5. Change your career pathway if you’re an older learner

A common misconception is that apprenticeships are only for people who have just finished school and never experienced the world of work before. However, this isn’t the case. There is no age limit to completing an apprenticeship and in fact, it can be a great way to alter your career pathway. If you’re looking for a change in scenery and want to retrain in another industry, an apprenticeship allows you to learn on the job and gain a qualification while still maintaining a stream of income. 

Alternatively, if you’ve taken a career break, an apprenticeship is a good entry back into the job market. It will help you to rebuild your skills and provide you with any tools and qualifications you may need.

6. Progress within the business

Once you’ve completed your apprenticeship, you may receive an offer to stay on a full-time contract, meaning you won’t have to worry about finding the right job. Alternatively, if you do need to make an application, you will have a headstart on other candidates due to your knowledge of how the business operates. Having already worked at the company, you will have all the relevant skills and experience when applying for jobs there. When taking on apprentices, the business invests in you and can help you progress in your career with them. Therefore, undertaking a financial services apprenticeship means you can progress in your career quicker as you’ll already have valuable experience under your belt.

If you would like to complete a financial services apprenticeship, make sure to browse the full range we offer here at Simply Academy to find the right one for you. For any questions, feel free to get in touch with us.