5 benefits of an accountancy apprenticeship

With the increase of university fees, high interest on maintenance loans and a competitive job market that values high quality, experienced candidates, many young people are turning to apprenticeships to give them a competitive edge when seeking employment.

In this blog post, we will be giving you 5 reasons why you should consider doing an apprenticeship, and how it compares to the traditional university route. 

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 will be able to get to work with hands-on learning in the workplace. 

Many employers nowadays value experience in the field, this makes you an excellent candidate once you have completed your apprenticeship, and gives you that 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 

Industry recognised qualifications 

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 will 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 their lack of experience in the field, but you will complete your apprenticeship with a qualification AND experience!

A good entry level apprenticeship to complete in a Level-2 apprenticeship, as it is accessible with qualifications many of us already have, and it can give you the right experience needed to develop your career!

Debt free qualifications

A widely accepted 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 necessary qualifications without graduating with eye watering debt! This means you will be at a financial advantage as opposed to your university graduate peers. 

Start earning from the first day

With an apprenticeship, you will 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 you will be able to earn an income!

If you have extra responsibilities,this is the perfect opportunity if you are 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 £11,000-£16,000, but it is not uncommon for this to be higher depending on the employer and candidate. 

Higher level apprenticeships offer an increased salary due to the developed experience of the candidate, however, if you are a lower level apprentice you may be able to increase your salary if you feel you have the necessary qualifications, skills and experience to be an excellent candidate. 

Immediate career opportunities

With an apprenticeship, you will be able to get your foot in the door immediately, network with industry experts and discover your key areas of interest. Unlike taking the degree route, an apprenticeship cuts out the endless hours of searching for the right job in the saturated market of graduate jobs. 

If you start an accounting or finance apprenticeship in your late teens, you will be able to gain a world of experience before your peers graduate and enter the job market, giving you that competitive edge you need in the industry. Furthermore, many successful apprentices have jobs waiting for them at the company in which they did their apprenticeship, this is a fantastic head start!

Frequently asked questions 

Can you become an accountant without an apprenticeship?

Yes, you can! Intermediate level apprentices may have entry level positions in the field of accounting and financial services, but depending on the level of your apprenticeship qualification, you could access higher positions in the field. It is worth contacting a service provider to gain a better understanding of the best options for you!

What are the 4 types of apprenticeships available?

There are different types of apprenticeships, each are 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, this time length can be varied. 

• Level 2: 12-18 Months
• Level 3: 18-24 Months
• Level 4 & 5: 2-5 Years

Are you looking to kickstart your career with an apprenticeship? Check out our current available apprenticeships and get in touch today!