A growing number of young professionals are exploring apprenticeships instead of higher education for several reasons, but arguably, the key one must be the skyrocketing costs.

With tuition fees for undergraduate degrees in England and Wales set to rise to £9,535 per year from August 2025, many people may now be thinking twice about going to university.

Apprenticeships also offer promising long-term career opportunities. Venturing down this route could lead to higher earnings, increased job security and potential for career advancement.

Together, these factors make apprenticeships an appealing option for young people seeking an alternative, practical route into a financially stable career.

Yet, for many, getting their hands on an apprenticeship remains somewhat challenging.

Understanding challenges

An issue facing many young people is that their schools do not provide adequate guidance or encouragement for students to pursue apprenticeships, leaving them unaware of the opportunities available or how to apply for them.

Programmes like the Apprenticeship Support and Knowledge for Schools scheme look to address this by offering resources and workshops, but not all schools utilise them.

On top of this, there aren’t enough apprenticeship positions to meet the growing demand.

This is particularly the case in sectors like development finance, where individuals find themselves battling with hundreds, if not thousands, of other applicants for a single position, complicating an already stressful process even further.

Understandably, many young people are unsure about what career they want to pursue, which can make committing to an apprenticeship difficult.

Apprenticeships typically require a clear career direction and the fear of making the wrong choice can deter some from applying.

Harry’s journey

Harry Foster is two years into a risk and compliance officer apprenticeship at STB.

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He first started to consider the apprenticeship route while completing his A-Levels after deciding that he didn’t want to take on the excessive costs of studying at university.

After studying geography, biology and economics at A-Level, Harry decided to explore the route of Real Estate Finance.

He found the apprenticeship opportunity at STB on LinkedIn, decided to apply, and, following a rigorous application process, began the first chapter of his career in February 2023.

In his role, Harry’s main duties include ensuring adherence to the end-to-end procedure and process.

Over the past two years, he has had the opportunity to develop a variety of skills including honing his attention to detail and building confidence when consulting with senior colleagues.

In December, Harry passed the Level 3 Compliance and Risk Officer Apprenticeship Standard with a distinction mark and obtained his LIBF Certificate in Business Banking.

He will continue with his studies with the goal of achieving the Level 5 Professional Diploma in Banking and Finance.

Discussing the challenges he faced when exploring apprenticeships, Harry said: “For me, the main issue was a lack of support from my school in promoting early careers.

“It’s difficult at a young age to know what you want to do for a career, but an apprenticeship offers you both a qualification and an income.

“My advice for young people wanting to go into a development finance apprenticeship is to always ask questions, maintain a strong work ethic, be enthusiastic and always be prepared to take on new tasks.”

Unearthing future talent

With time, more apprenticeship opportunities that offer a structured route into a career in development finance with support from a mentor will arise to meet the soaring demand for young professionals.

Yet, to make apprenticeships accessible to more talented individuals, businesses and the government should be doing more to promote and spread awareness of the fantastic possibilities an apprenticeship can bring.