Banking
About Banking
University is no longer the only route into banking. Banking apprenticeships provide young adults the opportunity to enter the banking industry. Banking industry can have a intense atmosphere sometimes, which may mean you will do long nights and lot of overtime, but you will be rewarded with a high salary.
Type of apprenticeships
Similar to all apprenticeships you will be working and studying at the same time. Depending on the company you work with you maybe working in their office and studying at a academic institute or the company will provide the teaching classes. The apprenticeships will vary from front of house, such as a highstreet bank branch (cashier, manager), or it could be in the back of house working on the tech side. Some of the level 4/5/6 and 7 apprenticeships will start by teaching level 2/3/4 and 5 before teaching the higher apprenticeship. Therefore, you may not need level 2/3 or 4 qualifications and can apply straight out of GCSE's.
Entry Requirements
Level 2: You will also need to be at least 16 years old and living in the country you are applying.
Level 3: You will need to be at least 16 years old, living in the country and have at least 5 GCSE at grades A*-C (9-4) including math and english.
Level 4/5: You will need to be at least 16 years old, living in the country and have a level 3 qualification in the sector you are applying too or equivalent (i.e. A-levels).
Level 6/7: You will need to be at least 16 years old, living in the country and have a level 4/5 qualification in the sector you are applying too or equivalent (i.e. A-levels).
GCSEs that suit this Apprenticeship
Regardless of what GCSEs you do you can always go down various career paths, but certain GCSEs will give you an advantage and some will be required. Below is a list of GCSEs which will help you with banking apprenticeship:
- English Language and Literature *(required)
- Mathematics *(required)
- IT
A-levels that suit this Apprenticeship
Higher level apprenticeships may need A-level qualifications to enter, however, regardless of what A-levels you do you can always go down various career paths, but certain A-levels will give you an advantage and some will be required. Below is a list of A-levels which will help you with banking apprenticeship:
- Mathematics
- IT / Computer Science
- Economics
- Business
Duration of Degree
The duration of the apprenticeship course will vary depending on the level you are in, below is a list of various levels and their normal duration:
- Level 2: ~1 year
- Level 3: 18 - 24 months
- Level 4/5: 2 - 3 years
- Level 6/7: 3 - 4 years
Who This Apprenticeship Suits?
Every apprenticeship will be enjoyable and suit different personalities, below is a list of characteristics and personalities which will enjoy an banking apprenticeship:
- Enjoy analyzing markets
- Interested in the financial sector
Module /Topics
Banking has many topics that need to be covered, below is a list of the topics that will be in the curriculums of each level.
Level 2:
- Math and english;
- IT skills;
- Industry and company understanding;
- Regulations, legal aspect and compliance;
- Products and services;
- Systems and processes;
- Customer understanding.
Level 3:
- Industry and company understanding;
- Regulations, legal aspect and compliance;
- Products and services;
- Systems and processes;
- Customer understanding.
Level 4/5, similar to previous level topics but more advanced:
- Investment transactions (matching, confirmation and settlement);
- Portfolio valuation;
- Portfolio cash reconciliation and management;
- Corporate actions processing;
- Preparation of internal and client investment reports;
- Processing significant changes to portfolio as instructed by clients or their authorized agents;
- Systems software used by company;
- Regulatory bodies, legal law and compliance.
Level 6/7, similar to previous level topics but more advanced:
- Investment transactions (matching, confirmation and settlement);
- Portfolio valuation;
- Portfolio cash reconciliation and management;
- Corporate actions processing;
- Preparation of internal and client investment reports;
- Processing significant changes to portfolio as instructed by clients or their authorized agents;
- Systems software used by company;
- Regulatory bodies, legal law and compliance;
- Management skills.
Industry Sectors
Banking allows you too apply to different industries, below is a list of them:
- Finance (Investment Banking, Retail Banking, HMRC, Head fund etc...)
- Insurance companies
- Corporate company (business development team)
- Government/Council
- Private companies
Types of Jobs
Banking apprenticeship allows you to apply to a different roles, below is a list of them:
Level 2:
- Credit controller/collector (banking cashier);
- Financial services customer advisor;
- Investment operations administrator.
Level 3:
- Advanced credit controller;
- Compliance/risk officer;
- Financial services administrator;
- Investment operations technician;
- Mortgage advisor/broker;
- Senior financial services customer advisor;
- Payroll administrator.
Level 4/5:
- Actuarial technician;
- Financial advisor;
- Investment operations specialist;
- Stockbroker;
- Investment manager;
- Investment consultant.
Level 6/7:
- Financial service professional;
- Banking relationship manager;
- Retail banking manager;
- Senior compliance/risk specialist;
- Professional economist;
- Actuary;
- Senior investment/commercial banking professional.
Work hours and Salary
As a banking student or graduate you will usually work 40 hours a week. The salary you will get will vary with your experience and which sector you go into, below is the average expected salaries:
- Level 2: Initially you will be paid minimum wage. Minimum wage is £4.30 from ages 16-18 years, £6.56 from ages 18-20 years and £8.36 for ages 21 and over. There is also a national living wage at £8.91 for ages 23 and over.
- Level 3: Initially you will be paid minimum wage. Minimum wage is £4.30 from ages 16-18 years, £6.56 from ages 18-20 years and £8.36 for ages 21 and over. There is also a national living wage at £8.91 for ages 23 and over. There will be some sectors that will pay more. Once you qualify you can expect to earn between £20,000 - £40,000 (depending on which company and sector you work at).
- Level 4/5: You can expect to earn roughly between £20,000 - £30,000 at the start and roughly between £30,000 - £45,000 once qualified (depending on which company or sector you work at). The salary you get will rise increase with experience to roughly £40,000 - £80,000.
- Level 6/7: You can expect to earn roughly between £25,000 - £35,000 at the start and roughly between £35,000 - £50,000 once qualified (depending on which company or sector you work at). The salary you get will rise, increasing with experience to roughly £45,000 - £100,000+.
