The apprenticeship culture embedded across several European countries has helped to protect unemployment levels from the volatile climate in the Eurozone.
With the UK economy stumbling and widespread youth unemployment across Britain, we could do well to take a lesson from our European counterparts and introduce these schemes closer to home.
Germany, whose 6.6% unemployment rate compares favourably with the UK’s 8.1%, boasts a renowned two-to-four year apprenticeship programme which attracts roughly two-thirds of vocational school students.
Similarly in Switzerland, the apprenticeship model based on in-company vocational training has been lauded as the main reason behind the country’s 2.7% unemployment rate.
Austria, with a 4.3% unemployment rate, has also heeded the examples set by its neighbours and has a successful apprenticeship system linking enterprises and schools.
These commitments recognise apprenticeships as critical educational and training crossroads, and the reduced unemployment statistics show that this attitude can pay off with regards to the country’s economy.
With recent figures from the Office of National Statistics (ONS) showing that the number of young people in Britain in long-term unemployment has quadrupled over the last year, I believe the UK needs to take note of Europe’s programmes and advice and invest in apprenticeship schemes across the job market.
Such projects can help ensure that the youth of today don’t miss out on essential training opportunities and that tomorrow’s generation are well-placed to strengthen and progress our fragile economy.
At the Financial Adviser School we have created a robust apprenticeship programme in order to inject new blood into the financial services industry. With the benefits of such schemes evident to see, our course has been designed to take advantage of the strengths of apprenticeships in order to revitalise this market and ensure the progression of this industry. At the FAS, we train students up to adviser level through a robust system of online and face-to-face learning, a personal tutor and a mentor system. This allows students to tailor their learning experience to fit in with their time and also provides them with hands-on experience – an invaluable qualification in today’s market.
The FAS gives students the opportunity to ‘earn-as-you-learn’ and we also offer graduates a contract within the Sesame Bankhall Group – a rare offering in the current economic climate.
Ahead of the RDR, the financial services industry is experiencing an important time of change, with some advisers choosing to leave the profession entirely and others deciding that now is the time to take a step back and hand their companies on to the next generation.
One of our students, Hayley Rosoman, decided to join the FAS in order to succeed her father, Neil, when he steps down as the owner of his IFA firm.
He had previously planned to sell the business, but was apprehensive about the upheaval that this would cause to his clients. Now that Hayley is training to take over the firm, there will be no such disruption for clients and Neil can be assured that his legacy is in safe, fully-trained hands.
“I’m an adviser, not a trainer, so I wouldn’t have been able to train Hayley myself,” said Neil Rosoman. “Now I can see the business continuing. I see myself eventually de-regulating and handing over the reins, but I’ll still be there as a mentor.”
Succession planning is a key issue for the IFA industry and so combining the FAS’ training model with mentors’ advice and experience means not only more businesses flourishing post-RDR, but crucially, more employment opportunities. Our school allows would-be advisers to take full advantage of the growth opportunities created by the RDR and provides them with a direct entry route to the industry.
It is abundantly clear that the UK needs to take urgent action in the labour market to ensure the future success of our economy.
Now is the time for British companies across all business sectors to take note of the positive results of apprenticeships across Europe, and introduce similar programmes closer to home.
We hope that our Financial Adviser School will be the first of many schemes across Britain aimed at supporting the future livelihood of the next generation and the continued growth of our nation.
