7 reasons to do an Accounting Apprenticeship
An apprenticeship is a reputable way to kick-start your career and get into the world of work. In fact, apprenticeships have never been so popular and with the introduction of new government standards, they play an important part in addressing the UK’s skills gap. This means you can enhance your CV and gain a globally-recognised qualification and valuable work experience from day one.
Open to anyone with A-Levels or similar qualifications, as well as graduates or career-changers, apprenticeships are a great route into the accountancy profession. You can choose between two accounting apprenticeships with ICAEW, depending on your end goal.
The Level 4 Accounting Technician apprenticeship is equivalent to a foundation degree and covers the fundamentals of finance, accounting and business. The Level 7 Accountancy Professional apprenticeship is equivalent to a Master’s degree and sets you well on your way to becoming an ICAEW Chartered Accountant.
Here are seven reasons why doing an accounting apprenticeship with ICAEW is worth your time:
1)Gain a globally-recognised and respected qualification
a.As part of your apprenticeship, you will either study for the globally-recognised ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB) or ICAEW’s prestigious chartered accountancy qualification, the ACA. Both qualifications are highly regarded by employers around the world.
2)Start earning money straight away
a.Accounting apprenticeships are one of the best paid apprenticeships in the country. Starting salaries for accounting apprenticeships are around £20,000 – although this varies depending on the employer you choose to work with and your location.
3)The career choices are endless
a.Completing an apprenticeship with ICAEW means you can work in any sector. So whether your passion is to investigate financial crimes, manage the finances of a charity, help businesses recover from financial difficulty, or even start your own business, the possibilities are limitless.
4)Develop essential business skills
a.Throughout your apprenticeship you will develop professional skills such as commercial awareness, communication, teamwork and time management. These skills will come in handy whatever career you choose to pursue, and will help you to secure top jobs as well as to successfully handle a variety of challenging situations.
5)Fast-track your career
a.By starting an apprenticeship straight from school, you will get ahead of your peers that are going off to university. This way, you’ll be delving straight into on-the-job training whilst earning a competitive salary – you don’t get that in a classroom! The apprenticeship route will give you the opportunity to climb the career ladder quicker and build a network of professional contacts that will help you get there. You will also receive support from ICAEW, your employer and your tuition provider every step of the way.
6)You don’t have to pay a penny
a.Apprentices are not allowed to pay anything towards their apprenticeship. All the costs of your apprenticeship are covered by your employer, so you can be safe in the knowledge that your monthly pay packet is yours to do with what you want! This will certainly come in handy for when you are socialising with your colleagues…
7)A faster route to becoming a chartered accountant
a.By successfully completing your apprenticeship, you will be well on your way to becoming a fully qualified ICAEW Chartered Accountant. This means that you will be able to work in any business or accountancy practice, and continue your career progression with the necessary skills to support you in any role you choose.
To apply for the Level 4 Accounting Technician apprenticeship you need to have GCSEs in English and Maths (grades A-C/9-4) or equivalent by the time you sit complete the final assessments of your apprenticeship.
For the Level 7 Accountancy Professional apprenticeship, the minimum requirements are two A-level passes (grades A*- E) or equivalent, plus three GCSE passes at grades A-C/9-4, two of which must be in English and Maths. Employers may also set additional entry criteria of their own.