A Guide to Financial Services Apprenticeships

For a time, careers in financial services were inaccessible unless you had a good degree from a top university. Fortunately, apprenticeships have opened many doors, and the financial services industry is no different.

The financial services sector is one of the economy’s most important and influential sectors. It contains things like banks, insurance companies, finance companies and investment houses.

The work that people in this industry do has a direct impact on our daily lives. Therefore, diversifying the workforce by opening up opportunities to everyone, not just those with a degree, is beneficial to everyone involved.

BPP offers a vast range of apprenticeships within the financial services sector, working alongside FTSE100 companies to produce high-quality courses. These apprenticeships enable students and businesses alike to shape the future of this fast-moving field.

We’ve produced this guide for employers and students to explain what apprenticeships are and why they are important. We have also consulted our students to hear what their experience of financial services apprenticeships are and what advice they may have.

What is a financial services apprenticeship?

Because the financial services sector is so diverse, this label can apply to many different roles. Generally, a financial services apprenticeship allows students to complete academic study alongside paid practical work.

Throughout the apprenticeship, you will have daily tasks and responsibilities as well as exams, and you will work toward achieving a final qualification (such as the CII Certificate).

Upon completing the apprenticeship, you will be qualified as a competent financial services professional.

What do financial services apprenticeships involve?

Again, because this is such a broad industry, your daily tasks you will depend on the area you work in and the company you study with. Additionally, apprenticeships in the financial sector operate at different levels, which will also determine the work you carry out.

Some of the tasks that you can expect to do are as follows:

• Allocating cash and receipts

• Updating spreadsheets

• Speaking to customers

• Using specialised software

• Keeping track of business expenses

• Selling products

This is by no means an exhaustive list, and there are plenty of other tasks that roles across the sector require.

Aside from your daily work tasks, you will have a set number of days per week to complete your studies. Studies can involve attending lectures – online or in-person – and tutorials, as well as independent study. Megan Wheeldon at JCB Finance Ltd described her experience: “It was agreed with my Line Manager at the start of the programme that I would have two half-days per week to complete my studies. This time was flexible, which became more important as we started to work from home following the Covid-19 outbreak. I was given new tasks and had to adjust to a new style of working, so the flexibility of study time allowed me to plan my work around priorities.”

In your working environment and your educational one, you will have a tutor or a mentor to support you. You will work toward qualifications as well as the final End Point Assessment, which concludes every apprenticeship.

Why are financial services apprenticeships beneficial?

The financial services industry is a notoriously tough nut to crack. Usually, you would need the right experience at the right companies, advanced mathematical skills and a stellar CV to even get an interview.

However, allowing practical learners and students from disadvantaged backgrounds to earn while learning opens doors to a previously inaccessible career path.

Julian Kitson from AIG spoke to us about why he decided to study an apprenticeship, saying, “My company has a good relationship with BPP, and so when the opportunity arose to enrol onto an apprenticeship with them, I knew it would benefit my personal and professional development. I had heard the successes that previous cohorts had in the past.”

For employers, it means sourcing fresh talent and training them into the perfect professionals. It allows companies to broaden their horizons to become more diverse and to have better representation within their ranks. Apprenticeships also allow employers to further train employees they believe to have potential.

Additionally, many employers are supported by the Apprenticeship Levy, meaning the government pays for the tuition. Otherwise, a company is liable for 5% of fees, and the government pays the rest. It’s a win-win situation.

Different types of financial services apprenticeships

As we’ve already mentioned, at BPP we have many apprenticeships in the financial services sector, at varying levels with different requirements. Here are just a few:

Financial Services Customer Adviser

This entry-level apprenticeship requires 2 GCSEs, including English and Maths, or the equivalent OR, alongside significant work experience to gain a place. Through this apprenticeship, you will work for a financial organisation, developing the skills you need to have a successful career in the industry.

Typical roles performed with this apprenticeship are branch cashier, banking assistant, and contact centre operator. Upon completion, you will have achieved the Financial Services Customer Adviser Level 2 Apprenticeship qualification.

Investment Operations Specialist

This Level 4 apprenticeship requires 3 A-Levels or Equivalent, with GCSE Maths and significant work experience to gain entry. As well as working toward the Level 4 apprenticeship, you will gain the Chartered Institute of Securities and Investment (CISI) Investment Operations Certificate.

Investment operations specialists work in the operational and administrative areas of businesses in the financial sector. With this qualification, you will be in an excellent position to pursue a rewarding career in financial services in several areas.

Senior Investment/Commercial Banking Professional

This is a 24-month long course with entry requirements set by each individual employer. To be eligible to apply, you must be in a role relevant to this high-level programme. There are many different qualifications to be gained, depending on the pathway chosen. These could include:

• IMC + CFA, II and III

• CFA II and III

• Chartered Banker Diploma

• Advanced Diploma in Banking and Leadership in a Digital Age

Upon completion, the apprentice will be qualified to enter a senior role aligned with the one they have studied with.

Financial services apprenticeships application process

Because there is a vast range of financial roles at different companies – with different cultures and workloads – the application process will vary.

Most companies tend to do a traditional application process involving a CV and cover letter, whereas others may ask you to complete assessment days. Or, it may not involve any of these things at all.

Financial services work experience

It is essential to gain some relevant work experience before you apply. Work experience is a requirement for many financial services apprenticeships, and is as important as GCSEs and A-Levels. So, contact companies to gain some experience, as it’ll aid your application. 

How to get a financial services apprenticeship

Again, it’s difficult to provide strict guidelines because every company and apprenticeship is different.

However, some general advice can be given. When looking for an apprenticeship, do a lot of research. The more you know about a company and an apprenticeship, the more invested you will seem in your career. Moreover, it will show a level of dedication, and display how well you will fit into the company’s culture. Alongside this, it will give you a good feel for the different roles, and you can discover which one you think you will enjoy most.

Try to display your experience as best as you can. You may think a part-time job as a cashier isn’t relevant but look at it from a financial services lens; perhaps you had to do stock counts or manage your own till float. All experience is good experience, and you should draw on this as much as possible for a financial services apprenticeship.

Olivia Gikas, a Marsh employee currently completing her Level 3 Insurance Practitioner apprenticeship at Marsh, references her previous employment as follows: “During my time studying A-Levels, I worked part time as a Customer Service Advisor at a popular retailer. In this role I developed my basic work skills including communication and teamwork whilst maintaining knowledge of current promotions and hitting sales targets.”

It’s important to make the most of your experience and show why it is relevant to the apprenticeship you are applying for.

Alongside experience and academic qualifications, there are a number of skills that recruiters will look out for. They will check to see if you:

• Communicate effectively

• Are able to multi-task

• Have good spelling and grammar

• Are motivated and enthusiastic

• Have a good eye for detail

• Are adaptable and focused

Where can I complete a financial services apprenticeship?

There are a wide range of companies who partake in financial services apprenticeships in partnership with BPP, such as:

• Natwest

• KPMG

• Marsh

• TSB

• JCB Finance

• Santander

• Virgin Money

• AIG

• Aviva

And many more! For more information on our financial services apprenticeships, take a look at our website.