Forward-thinking institutions are keen to draw new talent from a wider pool and look at new ways to train and progress their careers.
More diverse thinking brings a huge benefit to business in terms of innovation, culture and higher profits, as well as the value to society in the form of social equality
In UK financial services generally, there is work to be done.
Research across 25 financial services firms from social mobility taskforce Progress Together found 50% of its employees come from higher socio-economic backgrounds compared to 37% for the general workforce.
These individuals are also twice as likely to have a senior role at those companies.
But things are changing in financial services and much of this is being relegated to the past.
The Bank of Ireland apprenticeship scheme
With the right opportunity, professional support and training, people with the right attitude and hard work can excel in a financial services career.
It’s important for the industry as a whole – to attract and support employees from all walks of life and draw in talent to help shape businesses for the future.
In October, the mortgage division of Bank of Ireland UK recruited its first three apprentices to a new 18 month programme.
Their ages range from 17 to 24 and the candidates represent a mix of academic qualifications from school leaver to university graduate.
Each will work towards attaining a CeMAP qualification and a customer service certification during their time with the bank.
The career goal for the apprentices is to become either a mortgage adviser, a financial adviser or an underwriter.
After plenty of active engagement with customers in the contact centre, course work, assessments and job shadowing, each apprentice is also guaranteed a role within the industry at scheme end.
Apprenticeship schemes in the industry
Apprenticeships offer trainees the chance to get to know and try out various parts of an organisation, before honing in on a sector or area that appeals.
They are also given training, professional shadowing and mentoring to create a supportive learning environment.
Not only do the apprentices learn from their more experienced and knowledgeable colleagues, but they also bring an opportunity for those colleagues to learn from them.
Apprentices bring new perspectives, can challenge how things are done and with a level of ambition and enthusiasm can make a real difference to the teams they are working with.
The apprenticeship course uses a mix of blended learning including online study, work-based projects and practical experience.
We’ve also seen a rise in mentoring schemes which are great as they provide guidance, support and advice for people throughout their career journey.
Level 3 Mortgage Adviser apprenticeships are available from a variety of providers, from banks and advice firms, to training colleges like BPP or Simply Academy.
Apprentices are typically expected to complete the courses within 12 to 18 months, depending on the course.
The Government also offers its own approved scheme called the Gov.UK Apprenticeship standard.
It’s a one-year training course supported by a £9,000 grant for the employer.
Some of these providers will also offer more advanced qualifications like the Level 4 financial adviser apprenticeship, offering a pathway into the industry.
The Knight Academy offers another level 3 programme online option with financial support.
For many Apprenticeship programmes, applicants need GCSEs grades 9 to 4 in English and maths, and many courses, like the Bank of Ireland for Intermediaries Apprenticeship Scheme, will take school leavers.
We’re very excited to introduce the apprenticeship programme and bring our first three apprentices through this scheme.
My own parents didn’t attend university and I left school at 16 to look for an apprenticeship. While at first I was seen as being ‘too young and inexperienced’ I did get a job at NatWest which kick started my career in financial services.
Through hard work and with the support of incredible mentors, I successfully applied for an area director position at the age of 24 spanning retail, business and private banking with 150 employees.
Fresh thinking from a diverse range of people of all ages, cultures and socio-economic backgrounds can only bring better decisionmakers to the industry as it more strongly reflects the customers we serve.
Giving young people an opportunity to get involved in our fantastic industry brings energy, modern thinking and a forward-looking approach that opens a world of new opportunities to them.
Alan Longhorn is head of sales, distribution and marketing at Bank of Ireland
