What is the levy?
The Apprenticeship Levy is a levy on UK employers to fund new apprenticeships. In England, control of apprenticeship funding will be put in the hands of employers through the Digital Apprenticeship Service. The levy will be charged at a rate of 0.5% of an employer’s pay bill. Each employer will receive an allowance of £15,000 to offset against their levy payment.
The government is committed to developing vocational skills, and to increasing the quantity and quality of apprenticeships. It has committed to an additional 3 million apprenticeship starts in England by 2020. The levy will help to deliver new apprenticeships and it will support quality training by putting employers at the centre of the system. Employers who are committed to training will be able to get back more than they put in by training sufficient numbers of apprentices.
How has the actuarial industry been affected?
At the beginning of 2017 a Level 4 apprenticeship scheme was introduced, which many employers have used to target not only those wanting to leave school instead of going to university but also those looking to come back into work after a break or those changing careers.
There is a Level 7 scheme being developed at the moment, which we expect will come out into industry in earl 2018.
What is the Level 4 apprenticeship scheme?
- It typically last 2-3 years
- Study is mainly through a mixture of textbooks, online tests, practice exams
- All study is supported through hands on work experience
- Students either take CAA Global modules or IFoA CT1*
- The entry requirement as set by the Government is Level 2 Maths and English (equivalent to GCSE grade C or above), ideally as part of 5 GCSE A-C grades or other comparable qualifications – however, employers may change these as dependant on their own firms
- Employers can draw up a funding cap of £15,000 per apprentice from the Digital Voucher Service to cover the training costs for this Apprenticeship Standard
- Starting salaries have been between £18,000-£25,000.
*currently this is the IFoA exam that students take if they choose to do so. The make up of exams and assessment is being reviewed in 2018
What support do you get from us?
- We can advertise your apprenticeship opportunities in our school leaver brochure
- We can put you in touch with employers who are running an apprenticeship scheme currently in order to understand the scheme better in relation to your company
- We can put you in touch with provider(s) of the apprenticeship training who supply students with the exam materials they need
- We can promote your company and your employees through case studies, articles and attendance at career events throughout the year.
. If you would like to take advantage of any of the support or promotional opportunities that we can provide to you here please contact Jenni Hughes via email or call +44 (0)207 632 2137