Apprenticeships

Apprenticeships are training programmes for employees aged 16 or over, helping them gain knowledge and develop skills relevant to their career and the needs of their employers.

How apprenticeships work

Apprenticeships are a combination of on the job and off the job training. Apprentices must spend at least 20% of their time on off-the-job training – but this does not need to be classroom based (if this is not appropriate). It must be directly relevant to the apprenticeship standard and can be delivered at the apprentice’s normal place of work as long as it is not part of their normal working duties. It can cover practical training such as shadowing.

The remaining 80% is on-the-job training to help the apprentice develop the specific knowledge, skills and behaviours and should be supported by a mentor.

An apprentice must be in a job with a contract of employment long enough for them to complete their apprenticeship. An employer must pay an apprentice’s wages and the role must help them gain the knowledge, skills and behaviours to achieve the apprenticeship with support from the employer.

Funding 

All UK employers with annual pay bills of more than £3 million now pay an apprenticeship levy. In England, you can have a digital levy account, but this isn’t available in Northern Ireland, Scotland or Wales. If you operate across all four nations, you will pay a contribution based on your total number of UK employees.

Apprenticeships are devolved through across the United Kingdom, although many have common themes.

As an IFA member you may not have to pay a bill more than £3m.The levy is not applicable in this instances as you do not meet the threshold for the levy. Instead you can access apprenticeship funding through a co-investment arrangement with the government, where the government covers the majority of the training costs.

If you are interested in apprenticeships you can view the government website.

Apprenticeship frameworks and standards

Details of current standards are available through the Skills England website.

Accounting and Finance Degree Apprenticeship 

The IFA is a key supporter of the Accounting Finance Manager Degree Apprenticeship standard (equivalent to an honours degree) alongside the current frameworks and is part of the trailblazer group since its inception.

Apprentices can gain maximum funding of up to £27000 to support their studies. 

The scheme can be located using the apprenticeship search on the Skills England website. Completion of the Accounting Finance Manager degree apprenticeship can lead to membership at Intermediate Financial Accountant (IFA) grade and provides exemptions into the IFA Direct education framework.

The IFA is working with a number of universities which intend to offer this degree apprenticeship.

The full list of universities offering the degree apprenticeship can be found on Skills England website at Training providers for Accounting finance manager (level 6).

For further information on this initiative and how you can access these schemes please contact the education team at education@ifa.org.uk.