Thursday 2 November 2017, From today, employers in England will be able to offer the Level 7 accountancy apprenticeship to both new and existing employees. The government has approved ICAEW’s assessment plan and funding band for the new apprenticeship standard, setting the cap at £21,000.
“ICAEW has worked with employers, tuition providers and professional bodies to design the Level 7 trailblazer apprenticeship. This apprenticeship will provide school leavers and graduates with another route into chartered accountancy, as well as professionals who are looking to progress. For students, completing the Level 7 will enable them to gain a wide set of skills for professional development and it is a stepping stone towards gaining the ACA qualification.”
Since the introduction of the Apprenticeship Levy in April 2017, employers have been recruiting Level 4 apprentices to bring bright new talent in to their business. Employers who have been waiting for the Level 7 Trailblazer can now progress their students onto Level 7 once they have completed the Level 4 Trailblazer. For employers who have already registered ACA or CFAB students, it is also possible to transfer them on to an apprenticeship agreement to benefit from the funding.
For Apprenticeship Levy-paying employers, the maximum amount of funds that can be used towards an individual apprenticeship is £21,000. Non-levy paying employers will also have access to the apprenticeship funding. The government will pay 90% of the cost of the apprenticeship, with employers contributing the remaining 10%. Therefore, the maximum amount the government will co-invest is £18,900.
Mark Protherough adds: “ICAEW’s Trailblazer Apprenticeships are an opportunity for people to combine competence in both knowledge and the skills and behaviours required to work in a firm or business. I am delighted that we can help apprentices progress further and gain a Level 7 qualification, as well ensuring they are equipped with the skills and experience the accounting profession needs both today and in the future.”
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