What Are the Financial Benefits of Apprenticeships

Money, money, money. It goes through everyone's head! So why should you do an apprenticeship?

There are a huge number of benefits of apprenticeships. But one of the most important benefits is the fact that apprentices are paid – this immediately makes a big difference from those going to university. This ‘earn while you learn’ prospect gives every apprentice a different approach to their work as an employee not just as a learner. With an apprenticeship, you are entitled to a salary just like any other employee of a company.

The current minimum wage for apprentices is £3.50 per hour (April 2017), this rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year of their apprenticeship. All other apprentices are entitled to the National Minimum Wage for their age. Don't forget this is the absolute minimum that employers can give you, most employers pay £150 to £200 per week! That’s a lot more money, especially considering all training is free to you!  This wage then gives you opportunities to go enjoy yourself or put it away and save for something bigger, like a holiday or even a car!

What are your apprenticeship options vs ‘standard’ path to work?

Research shows your earnings increase inline with your current level of academic qualifications. Compared to someone without any qualifications:

  • An apprentice gains on-the-job skills and training while earning a living wage
  • A third of apprentices get a promotion within a year of finishing their apprenticeship
  • Compared to someone going to university, apprentices can earn £150,000 more than their peers over the duration of their working lives, without an apprenticeship (Source: UCAS) 
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