Apprenticeships could be financially better for aspiring accountants than heading to university as a career choice
The average apprentice will earn £58,000 over three years while they are training revealed a survey by the Association of Accounting Technicians (AAT). At the same time, they will not be burdened with student loans and will save interest of over £50,000.
As students make final decisions about university applications with the UCAS deadline on 31 January, AAT is stressing the value of pursing an accountancy apprenticeship.
As well as avoiding student debt, the experience gathered through an apprenticeship scheme can be beneficial to future career prospects.
AAT figures showed that apprentices can earn an average salary of £19,500 in the first year while studying for a level two qualification, with 71% of apprentices receiving a salary rise after starting.
On average, a level two apprentice earns a salary of £19,500, for level three this rises to £21,000 and for level four £23,000.
AAT accountants earn on average £35,000 after completing level four and gaining professional membership. It is then possible to continue training and become a chartered accountant.
According to AAT, there are seven million adults in the UK considering a change in careers, with apprenticeships looking more attractive than increasing debts. Over a third (37%) said the reason for this was to increase earnings in the long run.
Anthony Clarke, business development manager at AAT said: ‘This new research coming before National Apprenticeship Week really underlines the importance of making informed choices about education and careers.
‘We’ve seen in the data that 61% of school leavers feel pressure to go to university, which is really surprising in 2024 with all the options available to make a great salary while pursuing individual passions.
‘Among adults, apprenticeships or skills-based qualifications also provide a great route to changing and enlivening careers.
‘We’re really proud to be supporting so many apprentices already and celebrating their work over the coming weeks. It’s great to hear not only their individual stories but also tangibly see the impact they’ve had for their employers in helping their businesses to thrive.’