6 November 2023
What is an Economics Apprenticeship?
You’re probably looking at the title, wondering if you can actually do an apprenticeship in Economics. Yup! Gone are the days when you had to go to university for a career in Economics.
Economics apprenticeships allow you to secure your first economic sector job, right out of school and sixth form. More and more school and college leavers are choosing apprenticeships as a pathway into the industry.
An apprenticeship is an opportunity to get valuable work experience, qualifications and a salary.
Read on for a quick guide to Economics apprenticeships and what’s available for you.
- What is an Economics apprenticeship?
- What’s available?
- What are the entry requirements?
- How much do I get paid?
- What happens after an Economics apprenticeship?
What is an Economics apprenticeship?
During an Economics apprenticeship, you’ll learn everything there is to know about economics and the industry you’ll work in.
Economics is a versatile subject, and you’ll have the opportunity to work for a company in the Business, government or financial services sectors.
How do they work?
You’ll split your time between the workplace and educational training. This will typically be for four days in the office, with one day at a university.
What will you do?
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.
Great, so what’s available?
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 in two apprenticeship levels. These are…
- A Level 4/5/6/7 Higher Apprenticeship
- A Level 6/7 Degree Apprenticeship.
Higher and degree apprenticeships
Higher and degree apprenticeships last anywhere between three and five years and 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).
But where to find them?
Of course RateMyApprenticeship has hundreds of jobs live right now for you to get stuck into. But there are a few places that specialise in Economics apprenticeships also.
The Government Economic Service runs the UK’s first-ever Economics degree apprenticeship.
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 degree apprenticeships, you don’t necessarily have to have studied economics. They’re also looking for potential apprentices who’ve studied a similar subject and with a willingness to learn. These are:
- Accounting and finance
- Law
- Mathematics
- Politics
- Social policy
- Sociology
- Statistics.
Before you apply for an economics apprenticeship, you’ll need to craft the perfect 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.
Ready to burst down the doors of your career? We have loads of top-tier application advice to help you smash those applications.
How much do I get paid?
Apprentices earn a national minimum wage of £5.28 per hour. But you’ll be pleased to know that employers pay well above that.
For example, a degree apprentice with the Government Economic Service will earn £23,000 per year if they live in London, and £20,000 per year if they live outside the capital.
“I have only been at the Bank for 6 months, but looking back, I can see how many new skills I have learnt and how valuable they are. I feel much more confident using Excel, articulating data and communicating in a professional manner. I feel extremely lucky to be able to learn these skills that I wouldn’t have gained at university alone.”
Economics Apprentice, Bank of England
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, that’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.
Want to find out more about what it’s actually like to be an Economics apprentice? We host over 40,000 student-written reviews. Have a read, they’re super insightful.
