FINANCIAL SERVICES Growing Talent, Building Professionalism

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1 Apprenticeships Information for Employers FINANCIAL SERVICES Growing Talent, Building Professionalism

2 Apprenticeships for Employers higher productivity develop talent improved employee motivation Apprenticeships are work based training programmes for existing and new employees. Because we are an employer led organisation, we know what employers are looking for in developing talent. The apprenticeship frameworks address the needs of employers who wish to develop a qualified and competent workforce and we can identify the right apprenticeship framework for each employer s needs. How apprenticeships benefit business Increasing productivity Apprenticeships are a proven way to train a workforce and enable a firm to be more effective, productive and competitive. Many financial services firms that employ an apprentice have said that apprentices bring higher overall productivity. Developing talent Apprenticeships are a way to find fresh talent and develop it. Many financial services employers who employ apprentices rely on their apprenticeship programmes to provide skilled workers for the future. Improving employee motivation Investing in employee training improves employee motivation and increases loyalty. This leads to increased retention rates and allows organisational knowledge to be retained and shared. Meeting regulatory requirements Where regulatory requirements exist apprenticeships can offer the right solutions. Enhanced corporate reputation Many consumers favour firms which employ apprentices. How apprenticeships work Our Regional Directors and Business Development Managers work with employers to help identify training needs and suggest suitable solutions. Apprenticeships work like a wrapper combining different types of training and education within a framework. The framework consists of four parts: Professional qualification Vocational qualification Numeracy and Literacy - often referred to as functional or key skills Employment Rights and Responsibilities

3 Vocational Qualifications The vocational qualification demonstrates that the apprentice has the competence to do the job. Apprentices are assessed as they develop their skills and competencies to fulfil the job role in their industry sector. The competence assessment can be mapped to a firm s own Training & Competence scheme. Paying apprentices Many employers choose to pay a competitive market rate for new apprentices, but as a minimum they must comply with a new National Minimum Wage (NMW) which came into force on 1 October Funding Apprenticeships may be publicly funded but the amount of funding varies according to the apprenticeship framework, the age of the learner and the size of the employer. Public funding covers the full costs of training for apprentices under the age of 19 and is paid directly to the training provider. For apprentices over the age of 19 an employer contribution may apply.

4 Apprenticeship by business area The professional qualification gives an apprentice the knowledge they need to do their job and progress in the industry. These are some suggestions for different areas of the industry, please note each apprenticeship includes one professional qualification: General insurance CII Certificate in Insurance CII Award in Insurance, Legal and Regulatory Long term insurance Financial advice CII Diploma in Financial Planning IFS Diploma for Financial Advisers Administration for financial planning CII Certificate in Financial Administration Asset financing Retail banking IFS Certificate in Mortgage Advice and Practice Certificate in Customer Service Investment administration CISI Investment Administration Qualification (IAQ) Mortgage advice CII Certificate in Mortgage Advice IFS Certificate in Mortgage Advice and Practice Mortgage administration CII Certificate in Financial Administration Life assurance IFS Diploma for Financial Advisers CII Diploma in Financial Planning Customer service Certificate in Customer Service Investment management CFAUK Investment Management Certificate CISI Certificate in Investment Management Pension advice Pension administration CII Certificate in Financial Administration Team Leading & Management Various leadership and management qualifications

5 Case Study Wesleyan Assurance Society Apprenticeships Wesleyan Assurance Society partnered with the National Skills Academy for Financial Services and the Skills Academy s leading training provider in the Midlands, Birmingham Metropolitan College, to create an apprenticeship scheme. Five new apprentices joined the Wesleyan Assurance Society for a vocational training programme designed to provide an alternative route for young people to begin a career in financial services. The Wesleyan created three positions in Customer Services and two positions within the General Insurance team for five apprentices. The apprentices spent four days working at the Wesleyan headquarters in Birmingham and the other day working towards a NVQ Level 2 in Business Administration or Retail Financial Services at Birmingham Metropolitan College. alternative route Elyce Davies (21) had worked in retail and catering but wanted to use her existing skills in combination with another side of customer service. She was appointed as an apprentice in the Customer Services division. I wanted to find a role that would offer long-term personal development. I didn t know a lot about Apprenticeships before I applied for the role, but now that I ve found out what I ll be doing over the next 12 months, I know I m building the right foundations for my future career. Adam O Reilly (19) applied to be an apprentice as he wanted to gain office experience to support his qualifications in business and ICT and make use of his interest in the financial services sector. He works as an apprentice in the general insurance team. Of the six Apprenticeships I applied for over the summer, this was the one I wanted most of all because of Wesleyan Assurance s fantastic reputation. I really wanted to gain some substantial work experience and spend time with professionals outside of my age group. My Apprenticeship will give me the chance to do this. I ll also learn more about myself and what I can achieve over the course of the year. For further information please visit our website Or call us on or us at info@nsafs.co.uk

6 FINANCIAL SERVICES National Financial Services Skills Academy trading as National Skills Academy Financial Services. Registered no: Registered address: Goodmanderrick, 90 Fetter Lane, London, EC4A 1PT. A company limited by Guarantee in England and Wales. A Registered Charity number /11