Latest research reveals the majority of today’s school leavers in Britain plan to ‘earn and learn’ instead of opting for university, with salary, qualifications and real experience the driving forces.
Almost 300 14- 18-year-olds from across the UK were surveyed by ACCA (the Association of Chartered Certified Accountants) through Unifrog, the universal destinations platform. The findings reveal employers who fail to offer combined ‘earn and learn’ pathways risk losing the next generation of talent to those who do.
It shows 80% are very or somewhat likely to start a degree apprenticeship after leaving school, 37% intend to go to university and just 2% plan to go straight into a full-time job.
The findings point to an emerging generation of pragmatists: young people who want career progression without the burden of debt, and who are making increasingly savvy decisions about which employers can deliver it.
21 year old Fin Machin is a finance apprentice at Wolseley in Warwick; “I chose the degree apprenticeship route over university because gaining practical experience alongside a professional qualification felt like the right choice to get ahead and build a long-term career.
“I felt this pathway would give me valuable insights into how the real world of finance works, develop my workplace skills and enable me to earn while I learn. It further provided a direct route into my profession, whilst working towards a globally recognised qualification.”
The research shows striking demand for what is known as the ‘triple pathway’, roles that simultaneously offer a salary, a professional qualification and a degree. Almost all respondents (94%) said such a pathway was very or quite appealing, while nearly half (44%) said they were very likely to pursue it.
That appetite is influencing employer choices too. Two thirds (67%) said they would choose a lesser-known company offering a job with a qualification and degree over a well-known employer that did not.
22 year old Isabelle Farby did just that and works as a financial accounts executive at Manchester IT services company, Thinc*: “There were many reasons why I chose to pursue an apprenticeship. Learning on the job allows me to develop both technical (hard) skills and interpersonal (soft) skills in a real working environment. I believe this practical experience gives me an advantage, as I can immediately apply what I learn while building valuable workplace skills that employers look for.
“To qualify as a chartered accountant through the ACCA, candidates must complete a period of practical work experience. By completing an apprenticeship, I can gain this experience alongside my studies, allowing me to become chartered sooner.
“And finally, who wouldn’t want to earn while they learn! As an apprentice, I receive a salary while studying, and my employer covers my tuition and professional qualification costs. This means I can qualify without taking on student debt. By the time I become chartered, I will also have several years of practical experience, putting me in a stronger position to negotiate a higher salary and progress more quickly in my career.”
“It is very encouraging to see that the young people we spoke to for this research have a real desire for genuine, hands-on experience like Fin and Isabelle.
“Among those drawn to combined pathways, earning money while studying was cited by a quarter (24%) as their primary motivation – that’s equal to the proportion (24%) who said gaining real-world work experience was the deciding factor.
“And only 16% said avoiding student debt was their main driver, suggesting financial pragmatism is only part of the picture.”George Tsounias, Early Careers Manager at ACCA
Not all young people see the pathway as straightforward. Almost a quarter (23%) said balancing work and study was their biggest concern, while 19% cited missing out on the traditional university experience of social life, independence and peer community, as a significant deterrent.
ACCA offers several flexible, inclusive entry routes into accountancy:-
- An entry route designed for school leavers without the standard academic requirements, career changers with no prior finance knowledge or individuals with no formal qualifications.
- A route for individuals who meet the standard minimum academic entry requirements to start the professional qualification immediately.
- The graduate route is for those who have already completed a degree
- The apprenticeship approach where individuals work towards ACCA credentials on the job
From December last year, ACCA students have been given the chance to apply for a new BSc (Hons) Professional Accountancy degree at University of London. This collaboration between ACCA and UoL means students can do one study route, achieving their ACCA Qualification at the same time as getting their degree.
