More than one in two firms working across the pensions industry now offer apprenticeship programmes according to the Society of Pension Professionals (SPP).
A total of 52 per cent firms now offer these apprenticeship schemes. Of those that do not offer this training, around a third (27 per cent) said they planned to offer an apprenticeship in future.
SPP says that there are now a wide range of formal apprenticeships available across the industry, with schemes offered by actuaries, lawyers and investment consultants to administrators, trustees and covenant assessors. This can include training and qualifications in IT, finance, and legal areas to more administrative and governance-focused roles.
The are also a range of different apprenticeship levels being offered: from level 3 (A-level equivalent) right through to level 7 (master’s degree equivalent).
Firms offering formal apprenticeships said these programmes helped to diversify their workforce – a factor cited by 56 per cent of respondents, the most widely cited reason given. Others positive given for offering apprenticeships, included increased productivity, reduced staff-turnover and this being a productive use of the ‘apprenticeship levy’.
Firms who do not offer these programmes gave a number of reasons, the most commonly cited being no current recruitment needs to a focus on graduate training programmes instead.
Muse Advisory chief executive and SPP member Ian McQuade says: “I didn’t follow the traditional university route and now lead a firm that has supported pension schemes responsible for more than 10m members, and over £800bn in assets.
“I am pleased to see the majority of organisations in the pensions industry now offer an apprenticeship programme and don’t doubt that many of those who take this route will go on to become future leaders too.
“For employers not yet offering such schemes, this evidence highlights the many advantages of apprenticeships, from increased productivity and lower staff turnover to a more diverse workforce, better representing society and our customer base.
“For individuals, the benefits of earning whilst learning and getting practical, real-world experience are obvious, the avoidance of student debt will also be a big attraction for many but I think the biggest factor is being able to work in a diverse, thriving, welcoming and exciting industry.”