Apprenticeship and Advanced Apprenticeship in Retail Financial Services
What is an Apprenticeship?
Apprenticeships are awards that help employers derive maximum value from training budgets. They are available in many sectors, including insurance and financial services. They play a key part in addressing the skills gaps and shortages that exist in the wider financial services sector and beyond. Apprenticeships comprise the following elements:
Technical certificate
– eg Certificate in Insurance
Competence component
– eg National Vocational Qualification (NVQ) in Retail Financial Services
Externally assessed or embedded
– Key Skills
Internal training
– Employment Rights and Responsibilities
“Apprenticeships offer our staff a well-rounded development programme delivered in the workplace”.
Val Monk, Learning and Development Adviser, Equity Insurance Group
Apprenticeships allow staff to develop their technical knowledge, acquire new skills and benchmark competence. Typically the employer does not pay for this training, which happens in the workplace.
There are two awards in the insurance sector – the Apprenticeship in Retail Financial Services, and the Advanced Apprenticeship in Retail Financial Services.
What part does the CII play in Apprenticeships in Retail Financial Services?
The Apprenticeship and Advanced Apprenticeship in Retail Financial Services contain units from the Certificate in Insurance. These units make up the technical certificate element of the Apprenticeships.
Staff taking the Apprenticeship in Retail Financial Services must take the (IF1) unit.
Staff taking the Advanced Apprenticeship in Retail Financial Services must take the (IF1) unit plus a further Certificate in Insurance unit that best meets the needs of the employer.
Those completing the Advanced Apprenticeship in Retail Financial Services can apply to use the designation ‘Cert CII®’ (CII membership and Continuing Professional Development requirements apply).
For more information on the Certificate in Insurance units, click here.
Who delivers Apprenticeships?
FE colleges and private training providers deliver Apprenticeship programmes for employers in the workplace. This allows the employer to focus on other training and development activity, since the college/training provider will provide extensive support for staff undertaking the award. Larger employers may also deliver the Apprenticeship using existing in-house expertise.
Who funds Apprenticeships?
The Learning and Skills Council (LSC) funds Apprenticeship provision across all sectors in England, and allocates funding to colleges and training providers.
For 16-18 year olds taking an Apprenticeship at any level, neither the learner nor the employer has to pay for the training.
For 19+ year olds taking an Apprenticeship at any level, the learner does not have to pay for the training, and the employer pays a maximum of 25% of the cost of the course.
Why take an Apprenticeship?
An Apprenticeship in Retail Financial Services offers many benefits:
- Apprenticeship training is typically free to the employer and the learner, thus freeing up training budget for other activity.
- Apprenticeships typically take 18-24 months to complete so are useful recruitment and retention tools.
- Staff who have completed the Advanced Apprenticeship in Retail Financial Services can apply to use the designation ‘Cert CII’ providing a means of demonstrating educational achievement to the public and to peers (CII membership and Continuing Professional Development requirements apply).
- Those taking Apprenticeships receive high levels of support from the delivery team.
- The content of the Apprenticeship meets the regulator’s training and competence requirements.
“We felt that it was the right way to develop the training of the staff”
Tracey Thompson, Commercial Director, JCB Insurance Services Ltd
- Anyone over the age of 16 who does not hold a degree is eligible to study for one.
- Allows for specialisation, rather than a ‘one size fits all’ programme.
- All exams are available online and on-demand, with results provided instantaneously.
- A ‘Record of Achievement’ is awarded for each CII unit passed and a ‘Certificate in Insurance’ is awarded upon completion, providing portable and permanent evidence of learning undertaken. Learners also receive an Apprenticeship award upon completion.
- Forms part of logical progression of CII qualifications.
Progression routes
Staff who have completed the Apprenticeship in Retail Financial Services can progress to the Advanced Apprenticeship in Retail Financial Services.
“It’s a great opportunity for us as a business to grow our talent and invest in our people”
Susan Wood, Business Division trainer, Swinton Insurance
Staff who have completed the Advanced Apprenticeship in Retail Financial Services will hold the Certificate in Insurance qualification, and will hold credits that can be used towards the Diploma in Insurance.
Who should take an Apprenticeship in Retail Financial Services?
- Anyone wishing to gain a broad understanding of insurance principles, key disciplines and products.
- Employees who have no formal insurance qualifications but wish to objectively demonstrate insurance knowledge and understanding.
- Anyone working in specific technical claims handling or underwriting roles within a call or service centre environment.
“It is particularly relevant for those who are starting out in a career in insurance”
Mel Lockett, Account Handler, JCB Insurance Services Ltd
- Insurance staff employed in support functions such as human resources, marketing, IT and finance, wishing to develop an understanding of the industry in which they work.
- Staff working for an organisation whose primary business is not insurance, but which offers insurance advice and products as part of its overall service to customers.
- Providers of services to insurers or insurance intermediaries.
- Anyone wishing to gain a professional qualification and NVQ to acquire knowledge and benchmark competence.
Apprenticeships in Northern Ireland, Scotland and Wales
If you are based in Northern Ireland, Scotland or Wales and wish to find out more about Apprenticeships, please contact CII via the details below.
Next steps
If you would like to study for an Apprenticeship, or if you are an employer wanting to put staff through an Apprenticeship, contact CII.
