Aspiring financial planners and paraplanners can ‘earn while they learn’ through a new degree apprenticeship programme developed by LIBF ─ part of Walbrook Institute London ─ and Future Financial Adviser (FFA).
Building on Walbrook’s degree apprenticeship expertise in the wider financial services market, the programme provides access to LIBF qualifications at levels 3, 4 and 6 for candidates in England aged 16 and over.
So, what can they expect from this journey?
A complete pathway
The beauty of this programme is that candidates can start working towards nationally recognised Level 3 or Level 4 qualifications and/or progress to Level 6/chartered status.
School leavers and applicants with no financial services experience can gain a solid foundation in financial services through the Level 3 Financial Services Administrator apprenticeship. After 12 months, they can progress to the next stage ─ the Level 4 Diploma for Financial Advisers.
If you want to change career or you’re looking to return to work in a new role after parental leave, a degree apprenticeship could be for you
The 24-month Level 4 Financial Planner apprenticeship is also open to school leavers with 96 to 128 UCAS points, and to those with some financial services experience who want to move into advice.
The final step in the pathway is the 36-month Level 6 Financial Investment Professional apprenticeship. This leads to a degree ─ the BSc (Hons) in Financial Services ─ and LIBF chartered status.
LIBF director of financial services John Somerville says the apprenticeship programme is designed for people who are put off other ways into the advice profession, such as going to university, by the challenges around funding.
Instead of paying tuition fees and graduating with student debt, apprentices can earn money while they study and build a career. Most of the training costs are paid for by the government’s apprenticeship levy.
An apprenticeship has so many advantages given the challenges around funding
“It is an effective way of getting qualified ─ drawing down the apprenticeship levy to do it ─ and earning money rather than getting into debt,” says Somerville. “There are no pitfalls to this. Apprentices will qualify at a high level and will ultimately be extremely marketable.”
Another avenue
Somerville stresses that university will still be the right option for some people. The degree apprenticeship is more about widening access to the advice profession through another avenue, rather than replacing the university route.
“We’re not being critical of the university system – a lot of young people eventually get into the industry with a degree,” he says. “But an apprenticeship has so many advantages given the challenges around funding.”
I love being part of an educational establishment that gives something back through creating new roles in the industry
Somerville points out that apprentices can start getting established in the role they have chosen while studying at the same time – in contrast to first studying for a degree at university and then building a career. He adds that apprenticeships are intended not only for young people.
New initiative launched to ease adviser shortage
“If you want to change career or you’re looking to return to work in a new role after parental leave, a degree apprenticeship could be for you,” he says. “And also if you’re already in financial services and want to move into advice.”
Apprenticeship opportunities will be listed on the FFA website, alongside details of how to apply.
Support
Employers and apprentices will be supported throughout the apprenticeship. Walbrook will meet firms to discuss their needs, outline the training that will be provided and explain the elements that the employer will need to provide ‘on the job’.
“This is about building skills, behaviour and knowledge,” says Somerville. “There will be four days a week ‘on the job’ training and one day ‘off the job’ training.”
There are no pitfalls to this. Apprentices will qualify at a high level and will ultimately be extremely marketable
Employers may not understand how to apply for the government’s apprenticeship levy, which funds 95% of the costs of training and assessment. Using Walbrook’s apprenticeship programme takes that burden away.
“Employers don’t have to draw from the levy themselves. We do that on their behalf and organise the training,” says Somerville.
One reason why employers may shy away from apprenticeships is that they worry about investing in someone who may leave partway through. Somerville says Walbrook’s approach ensures they will not lose out financially if that happens.
“We draw down the levy on a monthly basis,” he says. “So, if an apprentice decided to end the apprenticeship early, we would draw down the levy to that point.”
Somerville is excited at bringing much-needed new talent into the advice world.
“It is an effective way of getting qualified, and of earning money rather than getting into debt
“I love being part of an educational establishment that gives something back through creating new roles in the industry and giving people careers,” he says.
Webinars for firms will be held on 2 December on the topic of ‘Making apprenticeships work for your firm’. Each webinar is 30 minutes long and employers can sign up here.
Amanda Newman Smith is features writer for Money Marketing
______________________________________________
For more practical information on how to get started in financial advice, please visit our Future Financial Adviser community. We tell you how to take the first steps, how to get ahead and what attributes you need to flourish. Even better, we can put you in touch with helpful contacts.
