(An Apprentices Guide – Apprenticeships or University)

What’s the difference between apprenticeships or university?

A lot of students are not aware of the difference between going to university and doing an apprenticeship. These helpful bullet-point lists show you the exact comparison of timeframes, cost and salary expectations.

Finance Apprenticeship 

Timeframes: 

– 15 month level 3 apprenticeship
– 15 month level 4 apprenticeship
– 30 month level 7 apprenticeship

This means that apprentices need 36 months of practical experience. After this, apprentices will have 2 accountancy qualifications by 22 (This is based on starting at 18 as a school leaver with A levels).

Costs: 

– No study costs – in other words, normally no debt
– Starting salary at 18 – £11 – £18k
– Salary at 21 – £27 – £40k

Experience: 

– Business experience
– Management experience

University

Timeframes: 

– 36 months at university
– 36 months study once in work to get qualified
– Need 36 months of practical experience

This means that students need 36 months of practical experience. After this, students will have a degree and one accountancy qualification by 24 (This is based on starting at 18 as a school leaver with A levels).

Costs: 

– Cost £9k per year in fees and debt on starting work around £40 – £50k
– Cost of additional living expenses
– Starting salary at 21 – £15 – £22k

 Why University isn’t the only route to success!

One of the main concerns for young students is whether they should move onto University or start an Apprenticeship. University used to be
the more popular route, however, over the recent years, we have seen a significant growth in apprenticeships. Even employers are considering apprenticeships to be just as desirable and valuable as a degree.

At First Intuition we understand the pressures on young people to decide whether or not to go to University or become an apprentice,
so we thought it would be useful to list some reasons NOT to go to University:

1. Student loans

A quick search on the internet suggests that many students will leave university with personal debts in the region of £50,000. If you turn
out to be a high earner (and hopefully you will be!) you will repay the full loan plus interest.

2. Earning money straight away during an apprenticeship

The financial position of those who decide to start an apprenticeship at age 18, working in an area such as finance will have their study
fees paid for by the government but are likely to earn a lower wage whilst they study. Many apprentices in the Cambridgeshire area start
to earn between £12,000 and £14,000 per annum.

3. Getting ahead with apprenticeships

Those who know what they want to do at such an early age, want to get started on their career path straight away. We have some of our
apprentices completing their accountancy training by the time they are 20, and landing manager roles in an accountancy firm at the
impressive age of 22! These trainees have clocked up both work experience and professional qualifications by the time their university
counterparts have bought their first business suit.

4. Going to University doesn’t guarantee employment

A degree does not guarantee you a job – therefore only you can do that!

In Conclusion…

If you think a career in finance is for you, then a finance apprenticeship is certainly worth considering. It gives you a salary from day one,
and a fast track to a finance qualification as well as your career.

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What is First Intuition?

First Intuition was founded in 2007 with the aim of becoming the first choice accountancy tuition provider in the UK. We employ qualified tutors who are passionate about what they do and care about every single student’s progression. Our team provide a wealth of experience and dedicated support to ensure our students achieve great exam success.

First Intuition provides a highly personal approach and first-class service to accountancy training.

Find your local training provider by clicking here.

Alternatively, pick your closest centre here:

FI Bristol, FI Birmingham, FI Cambridge, FI Canterbury,  FI Channel Island, FI Chelmsford, FI Ipswich, FI Leeds, FI London, FI Luton, FI Maidstone, FI Norwich, FI Peterborough, FI Reading, FI Sheffield, FI Southhampton.