Apprentices can earn 270% more than graduates, says Barclays
Apprentices can earn up to 270% more over their lifetime than university graduates, according to new research from Barclays and the Centre for Economics and Business Research that has been published in the week that students receive their A-level results.
The new report, Productivity and Lifetime Earnings of Apprentices and Graduates, says the average gap in lifetime earnings potential between apprentices and graduates is now just 1.8%, with graduates earning just £2,200 more over a lifetime than those with A-Levels. With rapidly increasing university fees, Barclays predicts this gap will diminish entirely.
In March, hospitality group Greene King pledged to take on 10,000 apprentices over the next three years, while pub and restaurant operator Mitchells & Butlers is offering 1,700 apprenticeship places across the UK this year.
The apprentice levy is also set to create three million apprenticeships in England by 2020. According to Gov.uk, 90% of apprentices secure jobs after finishing their initial apprenticeship and out of those, seven out of 10 apprentices stay with the same employer.
Kate Nicholls, chief executive of the Association of Licensed Multiple Retailers, said: "There is a misconception that pubs and bars offer only short-term solutions, but many of the sector's leading entrepreneurs started their journey behind a bar or in a kitchen. Anyone who starts work behind a bar in their local pub can find themselves running their own venue or managing their own team within a few years.
"This sector incorporates many skills and disciplines, from marketing to law, and from finance to PR. If you have a passion, there is a good chance you can follow it within licensed hospitality. There is an enormous depth and variety to the roles on offer in this sector."
Robin Hay, co-founder of Bennett Hay, which featured in The Caterer's Best Places to Work in Hospitality 2016 list, added: "Facilities management is a great sector for apprentices to be able to explore the right career path for them. There is ample room for growth, both personal and professional, as people can move up quickly within their chosen speciality. We would encourage young people receiving their results today to explore all the options available to them before embarking on the next chapter."
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