Barclays launches Scotland’s first degree-level banking apprenticeship

Participants can choose a range of pathways including Investment Banking, Retail Banking and Commercial Banking.

While Apprenticeships are now available in an ever-growing range of sectors, research shows that almost half of Scottish parents (44 per cent) did not know apprenticeships were available outside the trade skills sectors.

Whilst over three-quarters admit to knowing about apprenticeships within the plumbing (79 per cent) and electricity (77 per cent) industry, only 22 per cent were aware of ones in the financial sector.

With the potential for great careers with apprenticeships, figures show that over 60 per cent of Scottish parents would not be disappointed if their child did not attend university and 87 per cent said that they would either definitely or maybe encourage their child to pursue an apprenticeship as a genuine, viable career route and alternative to university.

Despite this encouragement, over 84 per cent of Scottish students’ parents said they unfamiliar with Degree-level Apprenticeships. Only 3.8 per cent of those parents polled feel confident explaining all the apprenticeship options that are available to their children which is the joint lowest in the UK along with East Midlands (3.77 per cent) and Northern Ireland (3.85 per cent). This is concerning as over 40 per cent of parents feel they are the ones most responsible for providing their children with guidance on future education and employment rather than teachers, career advisors or universities.

To further highlight apprenticeships as a viable career routes, the research shows that apprentices in the UK earn an average ‘Lifetime Earning Premium’ of £117,600 more than those with just Higher secondary school qualifications – with graduates earning just £2,200 more over a lifetime, or 1.8 per cent more. In some sectors, apprentices’ lifetime earning potential is 270 per cent more than graduates2. Furthermore, with rapidly increasing university fees, the Lifetime Earning Premium gap between graduates and apprentices looks set to diminish entirely, demonstrating that apprenticeships are a viable and worthy alternative to a university education – and will become increasingly important to the UK economy.

Mike Thompson, Head of Apprentices for Barclays, said: “Our new Financial Services Professional Apprenticeship will allow people of all ages and backgrounds to consider a career in banking – a sector that we know is traditionally viewed as something only university graduates work in. This landmark apprenticeship programme will open up banking to people from all backgrounds, allowing them to earn and learn, without racking up student debt.”

The apprenticeship is a three-year programme with the option to do a degree or equivalent qualification (level 6 professional qualification). It covers a range of pathways including: Corporate/Business Banking, Operations, Workplace Pensions, Investment Banking, Investment Management and Retail Banking.

With almost 3,000 participants since launching its award-winning Apprenticeship programme in April 2012, Barclays offers a variety of programmes to suit a range of levels, interests and ages - including Traineeships, Foundation, Advanced, Bolder, Higher & Degree Apprenticeships. Through these programmes, Barclays aims to offer candidates the opportunity to achieve far-reaching skills, experience and insight. Enabling candidates to earn while they learn, Barclays Higher and Degree Apprentices receive 100 per cent funding, along with a competitive salary and benefits.