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Level 7 Apprenticeships - Update

By John Ellis

Following the Chancellor's Spring Statement, it was announced that from the 1st April 2019 Non-Levy paying firms using the Level 7 Apprenticeship will benefit from an increase in funding.

Currently Non-Levy firms enjoy 90% of the fees being funded with the remaining 10% of the costs paid for by the firm. From 1st April that will increase to 95% being funded and the firm paying the remaining 5%.

Whilst this is great news for those firms that this applies to, the reality is that the EFSA (Education Skills Funding Agency) have currently frozen funding to all new students. What this means is that the Professional Training Providers such as Kaplan Financial, BPP & First Intuition are unable to take on new students and instead advise their clients that if they want a student to start Professional Education on the ACA/ACCA/CTA programmes, they will need to begin as full fee paying organisations until the EFSA release further funding. 

The feeling in the industry is that the EFSA will release more funding in the Summer of 2019 but in the meantime firms in this position have two options:

1) Wait until the funding becomes available before their student(s) embarks on a professional qualification under the apprenticeship
2) Commence professional exam training and transition to the Level 7 once the funding is available. Students in this position, however, will have to complete their courses/exams they have already started before transferring to the Level 7.

Also, from 1 April 2019, levy-paying employers will be able to share more levy funds across their supply chains, with the maximum amount rising from 10% to 25%.

At Mercia incorporating SWAT, our internal student team help our clients to monitor their ACA/ACCA students (and liaise with the Professional Training Providers on their behalf) and recruit new graduates into our client firms. At the moment, this service is predominantly provided within London. Please click here for more information.

 

March 2019 

 

Disclaimer
This article is published with the understanding that SWAT UK Limited is not engaged in rendering legal or professional services. The material contained in this article neither purports, nor is intended to be, advice on any particular matter. This article is an aid and cannot be expected to replace professional judgment. SWAT UK accepts no responsibility or liability to any person in respect of anything done or omitted to be done by any such person in reliance, whether sole or partial, upon the whole or any part of the contents of this article.