Here is a comprehensive collection of FAQs regarding Apprenticeships in the insurance risk industry.
Insurance is the business of managing risks around the world. Some risks are well-known, like car or home insurance. Others relate to global issues like cyber-crime, climate change and international business.
No. Apprenticeships give you the chance to earn and learn, without the debt of going to university. Apprentices have the same opportunities as graduates do. If you want to get a degree after your apprenticeship, you can do that too.
There’s a big variation depending on location and company size – you could start off on as much as £18,000 if you get on to a London-based scheme. If you decide to work for a smaller business in another part of the UK, the starting salary might be nearer £10,000. With five years’ experience, you could easily be on £25,000; top earners in this sector earn easily in excess of £250,000.
Salaries are often higher if you work abroad, and tax regimes are more favourable too (UK income tax rate 45%; Dubai 0% for example). There’s nothing to stop a former apprentice from taking this route.
No, but it’s best if you do; Apprenticeships contain CII professional qualifications in them such as the Certificate and Diploma in Insurance. These are globally recognised and give you better profile and more respect in the marketplace; former apprentices can go on to complete the CII Advanced Diploma in Insurance, which is the most widely recognised sector qualification in the world.
That depends on the apprenticeship;
- Level 2 contains one online exam (IF1)
- Level 3 contains the CII Certificate in Insurance, the foundation qualification for those working in the sector
- Level 4 contains the CII Diploma in Insurance, which is a more technical qualification for those with more experience
Your soft skills get you the job, not the choice of subjects at school. Communication, negotiation, empathy, problem-solving, influencing, commercial awareness and some numerical ability are all equally important.
More and more big employers are offering apprenticeships. These include multinational companies like AON, Allianz, AXA, JLT, Lloyd’s of London, Marsh, Swiss Re and Zurich.
Don’t forget there are many more small businesses around the country that have apprenticeships too.
Apprenticeships are available all across the country, in towns as well as big cities.