Everything You Need to Know About Economics Apprenticeships



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You do not have to go to university for a career in economics. Like the glory days of the Black Eyed Peas, that time has passed.

More and more school and college leavers are choosing apprenticeships as a pathway into the industry. An apprenticeship is an opportunity for you to get valuable work experience, qualifications and a salary.

As if it couldn't get any more exciting, 71% of apprentices stay on with their employer after their scheme has ended. An apprenticeship will give you a real chance of securing your first job in the economics sector.

So read on, if you're ready to make the step between education and employment. Read on for a guide to how apprenticeships work, the benefits of doing an apprenticeship, and how you can find the scheme that is right for you.

If you're keen to find out (literally) everything there is to know about the different types of apprenticeships, read our creatively named Essential Guide To Apprenticeships.

What is an economics apprenticeship?

Economics apprenticeships are schemes which are designed for school and college leavers. They offer young people an alternative to university as a route into a career in economics. A degree is no longer a prerequisite for working in the economics industry.

There are four different levels of apprenticeship; intermediate, advanced, higher and degree level apprenticeships.

These schemes are a combination of professional work in industry and academic study. An economics apprentice will work for a company in the business or finance sector, where they will receive on-the-job training. On the side, they will study towards nationally certified qualifications.

Furthermore, apprentices receive a salary for the duration of their scheme. An apprenticeship in economics is an opportunity for you to get valuable work experience in the economics sector, great qualifications and earn a salary - all at the same time!

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How do economics apprenticeships work?

An economics apprentice splits their time between the workplace, and a training centre or college.

They will spend the majority of their time in the workplace, working for a company in the business or financial services sector. Apprentices work alongside highly experienced professionals from the industry; they will act as mentors, guiding them through the programme.

When an apprentice is not at work, they will be studying towards qualifications at a college or training centre. Large companies often use in-house facilities to train their apprentices. If you are working for a smaller, or more local employer, it is likely that you will be studying at a college or external training centre.

The arrangement of work and study periods will depend on the company that organises the apprenticeship. Typically, apprenticeships are structured in one of two ways. An apprentice will either work for their employer for consecutive weeks or months, with extended breaks for studying. Or, the apprentice will be at work for four days in a week, with one day off to study and attend college.

Check the information given in job vacancies, and on employer's websites for specific details about the structure of an specific schemes.

Apprentices will work for at least thirty hours a week. An apprenticeship should be considered as a full-time job.

The length of a scheme will depend on the type of apprenticeship. Intermediate apprenticeships last between 12-18 months, whereas degree apprenticeships can last anywhere between 3-5 years!

Why should YOU do an apprenticeship in economics?

More and more school and college leavers are choosing economics apprenticeships to start a career in economics, business, finance and an array of other professions. Here's why...

CAREER OPPORTUNITIES

An apprenticeship is a fantastic pathway towards a career in economics. Professional apprenticeships can lead to further education, or an entry-level position in an industry leading company. If you are school or college leaver, and you're interested in a career in economics or finance, an apprenticeship is a solid first step to take towards your dream career.

GREAT QUALIFICATIONS

An apprenticeship is a fantastic pathway towards a career in economics. Professional apprenticeships can lead to further education, or an entry-level position in an industry leading company. If you are school or college leaver, and you're interested in a career in economics or finance, an apprenticeship is a solid first step to take towards your dream career.

WORKING WITH EXPERIENCED PRO'S

Professional apprenticeships are an opportunity to learn from, and work alongside highly experienced individuals from the field of economics. This will be valuable for your personal development, and a chance to build a network of contacts that you might rely upon in your future career.

SALARY

All apprentices are paid a salary for the duration of their apprenticeship, for work and study periods. Here is an opportunity for you to earn while you learn!

Graduates leave university with an average debt of over £44,000, without any certainty of securing a graduate level job. An apprentice finishes their programme with practical work experience, a pay-packet and a fantastic chance of getting a job. (71% of apprentices last year were offered a permanent position by their employer after the scheme had ended).

The best economics apprenticeships

RateMyApprenticeship has over fourteen thousand reviews of apprenticeships and other school leaver schemes. Reviews are written by the apprentices themselves, during or after completing schemes with some of the UK's top employers.

The reviews offer an insight into the day-to-day lives of apprentices in economics. If you are considering applying for such a scheme, the reviews are a must-read! They will help you decide which apprenticeship to apply for, and help you choose the employer and the scheme that is right for you.

Each review reveals information about the content and structure of different economics apprenticeships. In addition, former apprentices divulge how much they were paid, how they were supported by their employer, and even the social opportunities available to them outside of work.

To read reviews of economics apprenticeships, and other schemes in the business and finance sectors, click here.



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