A guide to financial apprenticeships

Financial services is one of the largest and most important sectors of the UK economy. The businesses in this industry include banks and building societies as well as insurance companies, financial advisers and many other financial organisations.

It used to be difficult to enter the financial services industry without a good university degree. However the growing popularity of finance apprenticeships has allowed more people to fulfil their ambitions of a career in financial services.

In this guide to apprenticeships, we’ll take a look at what a financial apprenticeship involves and some of the options that are available. And if you are interested in enrolling on a financial services apprenticeship, we’ll also explain what your next steps should be.

What is a finance apprenticeship?

The financial sector is very diverse, with a wide range of different organisations and various roles within each of them. Because of this, the term ‘Financial Services Apprenticeship’ can apply to many different types of apprenticeships including financial adviser apprenticeships and specialist insurance practitioner apprenticeships.

Generally speaking, a financial services apprenticeship is a form of education which allows students to combine paid employment with studying for an industry-respected qualification such as CeMAP. As an apprentice, you will carry out the daily responsibilities associated with your specific job role while also attending training courses and preparing for exams.

This means that upon completion of the apprenticeship, you will have both a professional qualification and several months’ experience within your chosen role.

Types of financial services apprenticeships

Simply Academy offers a range of financial services apprenticeships which provide an excellent entry point to various roles in the financial services industry. Two of our most popular types of apprenticeships are the Mortgage Adviser apprenticeship and the Financial Services Administrator apprenticeship.

Mortgage Adviser Apprenticeship

Level 3 Mortgage Advisor apprenticeships provide an ideal introduction to the world of mortgage advice. Apprentices develop the skills and knowledge required for a successful career in the sector while also working towards CeMAP, the regulatory qualification that will allow them to offer professional mortgage advice.

The combination of job based training and academic study will allow the apprentice to develop into a confident mortgage adviser. This apprenticeship is also a great entry point for applicants who wish to progress onto other financial services roles.

Duration: 15 months

Entry requirements: 5 GCSEs (A* to C or 9 to 5) or equivalent including Maths and English

Professional Qualification: CeMAP

Find out more on the Mortgage Adviser Apprenticeship course page

Financial Services Administrator Apprenticeship

The Financial Services Administrator apprenticeship is ideal for new entrants to the industry, working in roles such as Financial Services Administrator, Office Assistant and Customer Service Assistant.

Apprentices will study for a respected industry qualification while gaining a strong foundation in the skills and knowledge needed for a number of careers within the financial services sector.

Duration: 15 months

Entry requirements: 5 GCSEs (A* to C or 9 to 5) or equivalent including Maths and English

Professional Qualification: UK Financial Regulation (LIBF) or CF1/RO1 (CII)

Find out more on the Financial Services Administrator Apprenticeship course page

Why become a financial services apprentice?

Traditionally it has been difficult to gain a foothold in the financial services industry without a suitable university degree and relevant experience. This has excluded many applicants in the past but finance apprenticeships have opened up opportunities for students from diverse backgrounds and with different learning styles.

Finance apprenticeships allow students to earn while they learn, so that studying for financial services qualifications becomes a more achievable goal. And because there’s no upper age limit for apprenticeships, they also make it easier for older learners to step into a new profession without the need to take a career break.

When you have completed the apprenticeship, there is a chance that you may be offered a full-time position at the company. If not, you will have gained both a professional qualification and valuable industry experience which will put you in a strong position for your next job application.

How do you become an apprentice?

Once you have decided which is the right financial services apprenticeship for you, it’s important to research the apprenticeship opportunities that are available. This will help you to select a role and training programme that appeals to you.

You should also prepare a CV or update your apprenticeship CV for the specific role you are applying for. Employers will be looking for a range of skills such as attention to detail, ability to multitask and self-motivation, so you should try to show how your own experience reflects these strengths.

And it’s also a good idea to prepare for an apprenticeship interview ahead of time, so that you feel relaxed and confident on the day. The more you know about your potential employer and their apprenticeship scheme, the better your chances of interview success.

For more information on our financial services apprenticeships or advice on apprenticeships, visit our Apprenticeships page or contact our dedicated Apprenticeships team by email on [email protected] or on Freephone 0808 208 0002.