Economics Apprenticeships

What is an Economics Apprenticeship?

During an economics apprenticeship, you’ll learn everything there is to know about economics, finance and the industry you’ll work in.

As an economics apprentice, you’ll use specialist programmes to research and analyse data covering economic and social policy, ranging from transport and health to tax and international relations.

It’s a huge task but also exciting, as no day is the same. You could find yourself working on fulfilling projects that could change the world.

Your day-to-day during an economics apprenticeship depends on which sector you find yourself in. However, there are a variety of tasks you’ll get on with across sectors. These include…

• Collect and analyse data using statistics and economic models

• Predict future trends using current and past examples

• Create economic insights through reports, presentations, and publications

• Find opportunities for economic growth and development

• Collaborate with policymakers and business leaders

• Advise businesses, governments, and organisations on the potential economic impacts of policies.

During your apprenticeship, you’ll split your time between the workplace and educational training. This will typically be four days in the office, with one day at a training centre or college.

Best of all, you'll be paid a salary for the duration of your scheme.

If you're thinking of leaving school at age 16 to pursue an apprenticeship, a broader finance apprenticeship might be a better choice. Click below to find out more.

What levels of economics apprenticeships are there?

When you begin your search for an economics apprenticeship, you find that many of them are also called ‘economist apprenticeships’. Don’t look worried. They’re the same thing.

Currently, you can do economics apprenticeships at two apprenticeship levels. These are…

• Level 4/5 Higher Apprenticeships

• Level 6/7 Degree Apprenticeships

But what does this mean? Let's break it down.

Economics Higher Apprenticeships

Higher apprenticeships last anywhere between three and four years. On completion, they are equivalent to a Foundation Degree or an HND.

Economics Degree Apprenticeships

Degree apprenticeships usually last between four and five years. They are equivalent to a Bachelor’s or Master’s degree (some apprenticeships combine both and are known as integrated degrees, so you’ll work towards both).

They are quite new. Currently, the Government Economic Service runs a Level 6 Economics degree apprenticeship you can apply to with A-Level qualifications.

There is also a Level 7 Senior Economist degree apprenticeship run by Queen Mary University of London, though you'll need a degree (or degree apprenticeship) already to apply.

Here's what one apprentice thought of their scheme with the Government Economic Service:

What are the Entry Requirements for Economics Apprenticeships?

As economics apprenticeships are higher and degree-level apprenticeships, there are a range of entry requirements you’ll need to meet. These include:

• Five GCSEs at grades 4 to 9 and above (C to A*) including Maths and English

• Three A-Levels at CCC and above (or equivalent)

• A minimum of 96 UCAS points.

For most economics apprenticeships, you don’t necessarily have to have studied economics at school or college. They’re also looking for potential apprentices who’ve studied a similar subject and have a willingness to learn. These include subjects such as:

• Accounting and finance

• Law

• Mathematics

• Politics

• Social policy

• Sociology

• Statistics

How much do I get paid?

Apprentices earn the National Minimum Wage. But you’ll be pleased to know that many employers pay well above that.

For example, a degree apprentice with the Government Economic Service will earn around £23,000 per year if they live in London, and around £20,000 per year if they live outside the capital.

What happens after an Economics apprenticeship?

You can head straight into work after you’ve finished. The range of industries you can work in…plenty. Here are a few:

• Agriculture

• Development

• Energy

• Environmental

• Financial

• Industrial

• International

• Labour

• Trade.

An economist starting salary ranges between £25,000 and £35,000 per year. Once you’ve gained a few more years of experience, you’ll move up to around £40,000+ per year.

Senior roles will earn you a hefty £75,000 per year, depending on your years of experience and which sector you specialise in.

How to Apply

Before you apply for an economics apprenticeship, you’ll need to craft the perfect apprenticeship CV and cover letter. They should be stuffed with all the relevant keywords and skills employers are looking for.

If you think you don’t have the skills, think again! There are loads of skills you would’ve developed during your studies that make for the greatest apprentice the world has ever seen.

Some of these include:

• IT skills

• Research skills

• Good attention to detail

• The ability to read and extract data

• Organisational and time management skills.