19 July 2019, London – The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, calls on the next Prime Minister and Government to reform the Apprenticeships Programme to increase productivity and social mobility in the United Kingdom.
CIMA believes that the current programme can be further improved through three key measures to benefit employers and apprentices alike, including:
- Transform the Apprenticeship Levy into the Apprenticeship and Skills Levy to allow employers to invest unspent levy funds after two years on employee training and professional development.
- Expand the delivery of apprenticeship tuition and exams so one organisation can do both to create a simpler and flexible system for both apprentices and employers.
- Keep funding higher-level apprenticeships and work to expand their number, which will help more apprentices gain the skills, knowledge and experience needed to get into their chosen career, while keeping their education debts to a minimum.
Together, these measures could contribute to increasing the number of and quality of apprenticeships, make the programme more accessible outside of big city centres and support lifelong learning. In turn, this would help create the highly skilled, tech-savvy and agile workforce able to leverage new and emerging technologies that the U.K needs to boost its productivity and deliver sustainable economic growth.
Andrew Harding FCMA, CGMA, Chief Executive – Management Accounting commented:
“Recent U.K. productivity figures released by the Office for National Statistics clearly show that we continue to struggle with economic efficiency despite record employment. To remain competitive, we need to embrace and invest in digital transformation, but our success will highly rely on having a well-trained, tech-savvy workforce.
“To achieve this, we must better support current workers to reskill and upskill throughout their careers, not just at the start of their working lives. This is why we need to review our national and education and skills policies, in particular the Apprenticeships Programme as it currently stands, to expand to provide for reskilling and lifelong learning.”
As the largest professional body for management accountants, CIMA plays a key role in helping its members and students stay ahead in the modern business world, and ensures that they continuously learn and acquire new skills throughout their employment. Through the Association of International Professional Accountants, the global accounting organisation formed by CIMA and the American Institute of CPAs (AICPA) to advance the accounting profession worldwide, CIMA provide members and students with access to an even wider array of cutting edge thinking, new tools and learning resources.
Building on its long-standing experience in the education and training sector, CIMA supports the review of the Apprenticeships Programme by the Public Accounts Committee. The Institute looks forward to continuing to work with the Government to create a highly qualitative, engaging, practical and cost-effective Apprenticeships Programme.