Apprenticeships

An apprenticeship combines practical on-the-job training with off-the-job learning, which helps people gain valuable knowledge, skills and behaviours to develop their career. Apprenticeships are suitable for those who have recently left full time education and are looking to start a new career, as well as those already working, who want to try something completely different or progress their career further and improve their future prospects.

You could choose to employ an apprentice as a cost-effective way to improve the productivity of your business, which could also lead to the improved skill and talent for the future of your organisation. Taking on apprentices can lead to higher levels of energy and enthusiasm within your business, improving competitiveness and levels of motivation within the workplace.

There are some basic rules that govern what an apprenticeship is:

  • The apprentice must be employed in a real job and could be a new or existing employee
  • The apprentice must work towards achieving an approved apprenticeship standard
  • The apprenticeship training must last at least 12 months
  • The apprentice must spend at least 20% of their time on off-the-job training

The NMBA was approved by the Education and Skills Funding Agency as a Registered Apprenticeship Training Provider in March, demonstrating our capacity and capability to offer such a programme. Since then, we have been developing our plans to offer a range of financial advice related apprenticeships. We have so far received interest from over 200 individuals wishing to be placed onto an apprenticeship programme. It is excellent news that so many employers in the financial advice sector recognise the opportunity that apprenticeships could play in increasing the supply, provision and sustainability of financial advice in the UK.

On 7th December 2017, the NMBA received a communication from the Education and Skills Funding Agency that it had been successful in its application for funding to train apprentices for non-levy-paying employers. This is a huge accolade to the NMBA as the only specialist training provider in the financial advice sector to have been successful in this funding tender, which demonstrates the confidence that the government has in the NMBA’s proposals. This also gives the NMBA an opportunity to offer a unique proposition to financial advice firms in England.

The allocation of funding and NMBA’s experience and track record in financial services training and development has provided the expertise to launch an Apprenticeship Programme and offer national apprenticeship training for financial advice firms.

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