With skills shortages affecting multiple industries, it’s no surprise that more and more employers are turning to a ‘grow your own’ strategy to create a reliable pipeline of talent. One of the most cost-effective ways to do this is through apprenticeships.
Since 2017, employers with a wage bill of more than £3 million have paid 0.5% of payroll into an apprenticeship levy funding pot.
This means that large businesses already paying the tax should be able to cover most of the cost of apprenticeship training, while smaller, non-levy paying employers can still benefit from funding.
ACCA apprenticeship programmes
ACCA offers a range of apprenticeship programmes from Level 4 to Level 7, coupled with support with recruitment and access to funding.
Those with fewer than 50 employees can access full funding to train an apprentice, providing they are between 16 and 18 years old.
Professional accountancy body ACCA can offer a range of apprenticeship qualifications and support your organisation to recruit apprentices, as well as build the skills of your existing workforce.
For small employers looking to attract and nurture talent, one option is to look for a levy transfer. This is where bigger levy-paying employers are able to transfer up to 25% of their own apprenticeship funds to another employer’s digital apprenticeship account.
And for most employers, government funding will cover at least 95% of the cost of apprenticeship training – other employment costs including wages and National Insurance, as well as the administrative side of running the apprenticeship, will need to be covered by you as the employer.
ACCA apprenticeships run from Level 4 qualifications for accounting technicians, through to a Level 7 professional accountant apprenticeship, which is equivalent to a Master’s degree. Apprentices can also continue their journey by becoming an ACCA member after completing their qualification, provided they have gained 36 months practical experience.
ACCA apprenticeships can offer:
- Flexibly funded routes to world-class accounting and finance education
The chance for apprentices to experience real-life work scenarios and latest technologies
Learning in business acumen and professional competency as well as technical skills
Modules in business structure, management accounting, financial accounting and the foundations of professionalism
Further development opportunities up to ACCA chartered certified status and membership
Apprentices benefit from a rich mix of workplace learning, formal training and the opportunity to apply their new skills at work. Alastair Barlow, founder of data analytics business Flinder, says apprenticeships enable employers to be more competitive in attracting trainees: “It’s fantastic and a win-win for growing businesses, staff development and the economy as a whole.”