JPMorgan is hiring the UK’s first funding banking apprentices, making use of the on-the-job coaching technique beforehand reserved for hairdressing and automobile mechanics to roles on its capital markets and dealmaking groups.
The four-year programme consists of funding to finish a level in utilized finance on the College of Exeter, one of many Russell Group of main British educational establishments.
The US financial institution’s transfer illustrates a shift in using apprenticeships by employers within the UK. Whereas the full variety of apprenticeship begins has been declining for a number of years, new schemes are being created to draw faculty leavers to skilled roles or present administration coaching for senior executives.
JPMorgan’s funding banking apprentices will be part of about 70 faculty leavers presently finishing monetary companies and expertise diploma apprenticeship programmes on the financial institution’s Bournemouth, Glasgow and London workplaces. By subsequent yr, it hopes to have 120 folks on these apprenticeships schemes.
“The success of our enterprise will depend on variety of thought,” mentioned Vis Raghavan, JPMorgan’s chief government for Europe, the Center East and Africa.
“Opening up completely different pathways into JPMorgan is a basic a part of that, and we now have little doubt that the enlargement of our apprenticeship programme into front-office funding banking teams will imply we are able to appeal to even stronger candidates.”
A catalyst for the creation of latest schemes has been the apprenticeship levy, which forces giant employers within the UK to put aside an equal of 0.5 per cent of their wage invoice to spend on authorized apprenticeship programmes.
If the cash shouldn’t be spent inside two years, it’s taken as tax by the Treasury, nudging corporations that beforehand wouldn’t have thought of hiring apprentices to make use of the programme to coach recruits within the abilities they want.
It has generated alternatives for establishments just like the College of Exeter, which, alongside its undergraduate programmes, teaches levy-funded diploma apprentices for monetary companies corporations, together with HSBC, Goldman Sachs, Mastercard and Bloomberg.
Exeter’s apprentice consumption additionally consists of 68 JPMorgan executives, who’re finishing an MBA on the college’s enterprise faculty as a part of the senior management apprenticeship.
The most recent apprenticeship statistics for England revealed by the Division for Schooling confirmed that between March 23 and July 31 the variety of new apprenticeships began was 47.2 per cent decrease than the identical interval in 2019.
The numbers being added are dominated by apprenticeships in enterprise, administration, legislation, public companies and healthcare roles. Collectively these accounted for 69.three per cent of latest apprenticeships created within the 2019/20 monetary yr.
Larger apprenticeships, taught at diploma degree and above, accounted for 31.5 per cent of apprenticeship begins throughout the identical interval, up from 17.four per cent in 2018/19.