With the increase of university fees, high interest on maintenance loans, and a competitive job market that values high-quality and experienced candidates, many young people are turning to apprenticeships to give them a competitive edge when seeking employment.
The accountancy sector is growing, with research showing its market size in the UK has grown 3.2% per year on average between 2018 and 2023, and in 2023 alone, it grew by 6.1%.
In this blog post, we’ll give you 7 reasons why you should consider doing an apprenticeship, and how it compares to the traditional university route
Reason 1: Gain real life accounting experience
An accounting apprenticeship is the perfect opportunity to gain experience and knowledge in the field of accounting and finances. Unlike studying for a degree, you’ll get to experience hands-on learning in the workplace.
Many employers nowadays value experience in the field, so this makes you an excellent candidate once you have completed your apprenticeship, giving you a competitive edge over university graduates who are in the same job market.
Responsibilities can vary depending on your apprenticeship level but typically, your day-to-day-role as an accountant apprenticeship includes:
- Processing payroll
- Preparing reports
- Sending invoices
- Assess company finances
- Communicating with clients
- Bookkeeping
- Budgeting
- Audit assistance
Reason 2: Gain an industry-recognised qualification
Through your apprenticeship scheme, you will gain industry-recognised qualifications needed to pursue a career in finance and professional accounting. If you want to develop even further in your career path, you can pursue an advanced level apprenticeship programme; an example of a higher apprenticeship is a degree level apprenticeship.
But the qualification isn’t the only benefit of the apprenticeship. You’ll also gain invaluable experience needed to develop your career and get your foot in the door! Many graduates struggle to find work post-uni due to a lack of experience in the field, but you’ll complete your apprenticeship with a qualification AND experience!
A good entry level apprenticeship to complete is a Level-2 apprenticeship. This is because it’s accessible with qualifications many of us already have, and it can give you the right experience needed to develop your career!
Reason 3: Debt-free qualifications
A widely recognised benefit of an apprenticeship is that it is more financially accessible. Unlike the traditional route of gaining a degree to become an accountant, an apprentice accountant can gain the qualifications they need, without graduating with eye watering debt!
This means you’ll be at a financial advantage, as opposed to your university graduate peers.
Reason 4: Start earning from the first day
With an apprenticeship, you’ll be debt-free and will be able to start earning from day one. Not only will you be gaining full time work experience and gaining industry recognised qualifications, but as an employee, you’ll also earn an income! This is because apprentices are recognised as employees, so they’re entitled to a wage.
If you have extra work/family responsibilities, this is the perfect opportunity if you’re looking for a career change but cannot afford to take a break from working to study at university.
How much do accounting apprentices make?
The minimum apprentice wage depends on your age and experience but typically, employers offer a salary higher than the legal minimum, as this attracts hard working, motivated candidates of a high quality.
Level 3 (equivalent to A-levels) apprentices typically earn around £12,000 - £22,000, but it’s not uncommon for this to be higher - depending on the employer and candidate.
Higher level apprenticeships typically offer higher salaries due to the developed experience of the candidate. However, if you are a lower level or junior apprentice, you may be able to increase your salary through negotiation if you feel you have the necessary qualifications, skills, and experience to be an excellent candidate.
Reason 5: Immediate career opportunities
With an apprenticeship, you’ll benefit from an immediate foot in the door, networking opportunities with industry experts, and the chance to explore your key areas of interest.
Unlike taking the degree route, an apprenticeship cuts out the endless hours of searching for the right job in a saturated market of graduate jobs.
If you start an accounting or finance apprenticeship in your late teens, you’ll have already gained a world of experience before your peers graduate and enter the job market - giving you the major competitive edge you’ll need to succeed in the industry.
Furthermore, many successful apprentices have jobs waiting for them at the company in which they did their apprenticeship, so this is a fantastic head start!
Reason 6: Qualify faster than traditional uni routes
Compared to the traditional university route, apprenticeships offer a significant time advantage.
Most apprenticeships can be completed in a year or two, allowing you to enter the workforce much sooner. This means you get a head start of several years, where you can gain crucial practical experience, build your professional network, and climb the career ladder.
Reason 7: Accounting is a rewarding and stable career choice
For many, accounting might not be the first thing that comes to mind when picturing an exciting career path. However, beneath the surface of numbers and spreadsheets lie a surprising number of advantages that make accounting a rewarding and stable profession.
You can delve into specialisations like tax or auditing, or even move towards management accounting. The day-to-day work is intellectually stimulating; challenging you to analyse data, solve problems, and keep your mind sharp.
You’ll be on track to a prosperous career that’s stable and financially rewarding in no time - not to mention that accountants are always in demand, so you’ll never be without job opportunities!
Frequently asked questions
Can you become an accountant without an apprenticeship?
Yes, you can become an apprentice through other routes, such as university.
What are the 4 types of apprenticeships available?
There are different types of apprenticeships, each recognised and valued differently by employers and have different entry requirements:
- Intermediate apprenticeship Level 2 (GCSE Level)
- Advanced apprenticeship Level 3 (Equivalent to 2 A-Levels)
- Higher apprenticeship Level 4 & 5 (Equivalent to undergraduate first year)
- Degree apprenticeship Level 6 & 7 (Equivalent to undergraduate or masters)
How long is an apprenticeship for accounting?
Depending on the apprenticeship level of your course, its length can be varied:
- Level 2: 12-18 Months
- Level 3: 18-24 Months
- Level 4 & 5: 2-5 Years
Looking to kickstart your career with an apprenticeship? and get in touch today!
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