In a year of significant change, where we all face concerns about the future, many people are reflecting on their job security and perhaps their current job performance. Have I done enough in this role or do I have enough experience on my CV to be retained? Will my employer see me as the asset I feel I am? Do I have the skills and knowledge I need to manage in these challenging times?
With these questions in mind, there is more visibility than ever around professional qualifications. But with funding and affordability also potentially challenging, perhaps now is the time to look at the Association of Corporate Treasurers’ (ACT’s) apprenticeship offering.
Apprenticeships are an ideal way to complete studies that align closely with your job, ensuring you have all the skills you need to excel in your role and move up the ladder.
Apprenticeships are in effect designed by employers – they describe the skills, knowledge and behaviours they expect from their staff. So, by taking up an apprenticeship, individuals should gain confidence that they will acquire exactly the attributes and skills their employer wants.
While apprenticeships have typically been associated with more vocational roles, the past few years have seen a significant increase in the number of finance sector apprenticeship standards. There are 42 legal, finance and accounting standards available at a number of levels from entry-level/GCSE to PhD.
There is also the benefit to employers. In England, the finance apprenticeship is funded by the apprenticeship levy. All organisations with a payroll of more than £3m per annum pay 0.5% of their payroll into the apprenticeship levy. Interestingly, many organisations see this as a tax and don’t make use of it. Some bigger organisations may already have a global learning and development programme – and the apprenticeship levy can only be used in England, not across the whole of the UK.
Ultimately, however, funds are currently going unused – when they could help develop the workforce.
Organisations with fewer than 50 employees do not have to pay the apprenticeship levy. And if they wish to put their employees onto an apprenticeship, they only have to pay 5% of the apprenticeship funding towards the training costs. There is also a scheme in place that allows SMEs to take advantage of apprenticeships by transferring funds from larger organisations to smaller ones.
There are a number of ways employers can support their employees if they wish to study further, make use of the levy and take a professional qualification as part of their learning.
At the start of 2019, the ACT qualifications were added to the Financial Services Professional Standard.
This standard is suitable for those members who come from the financial services sector, since they are well placed to understand their corporate customers’ needs, to sell products and solutions efficiently, and to minimise risk to their organisations.
The completion of this apprenticeship will enable individuals to become highly competent professionals for the industry, leveraging core treasury knowledge, skills and behaviours required of all individuals entering or progressing to this level in the sector. The ACT qualifications provide the occupationally specific competence.
We have partnered with the training provider Kaplan to deliver this programme from September 2020, and over the 34 months (shorter if students have already completed the Certificate in Treasury (CertT) or have exemptions), it is made up of:
As part of the apprenticeship, all ACT courses, assessment and membership fees are covered by the levy, so there are no additional costs that need to be covered separately.
At the end of the apprenticeship, individuals will come away with the Diploma in Treasury Management and be able to use the highly regarded designatory letters AMCT (as long they retain their membership).
Treasurers working in non-financial corporates unfortunately cannot make use of the levy, as there is no treasury standard at this stage. However, the ACT has formed a small working group of educationalists and treasurers to look at how this can be progressed with the Institute for Apprenticeships and Technical Education.
The ACT website has a large amount of information on apprenticeships and the various support options available for SMEs. We would encourage our members from financial institutions to get in touch to find out how they can make use of the levy to support employees taking the ACT qualifications.
Apprenticeships do differ by country and around the world. We recognise that at the moment, this scheme is limited to England only. If you are unable to make use of the levy, we are offering a number of discounts on our qualifications currently, so do have a look on our web page for the latest offers.
In a world where change is constant, education is still our best form of empowerment. As Malcolm X said: “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”
Janet Legge is Director of Awarding Body at the ACT