Apprentices really do earn more than university graduates!
Apprentices earn more then recent graduates a study from the London School of Economics has shown. A recent study has proven that on average an apprentice in their twenties earns between £1,000 - £7,000 per year.
This doesn’t come as a surprise to us, we have been banging the jungle drums about this for years. Apprenticeship salaries are paying more then you think, on average apprenticeships in the UK are paying between £15,000 - £25,000 depending on what level you are studying and some degree level apprenticeships are paying upwards of £30,000.
Having done a quick google search we have found that the average salary for graduates in the UK is anywhere between £16,000 - £25,000, but this is expected to increase to nearer £29,000 as a top end.
There are also other factors to take into account when comparing the two, such as at what age do you start you apprenticeship. For instance if you start an apprenticeship at 16yrs the likely hood is you will be earning around £15,000 per annum and you don’t have to have any experience or qualifications. Then by the time you are 21 you have 5 years experience under your belt and qualifications to boot, so is it no wonder that by the time a grad finishes uni you are earning more then them?
How do apprentices earn more? The facts.
You start an intermediate apprenticeship at the age of 16yrs and by the time you are 17/18yrs you have earned between £22,500 - £30,000 as a minimum and have gained a national qualification which is the equivalent of 5 GCSE’s.
If you already have the relevant GCSE grades at 16yrs to start an Advanced apprenticeship you would have earned approximately £30,000 - £40,000 over the same period plus achieved grades equivalent of two A-levels which enables you to advance to a Higher or Degree apprenticeship.
Degree apprenticeships take between 3 - 5 years to complete and enable you to gain either a Bachelors or Masters degree in your chosen topic. Degree apprenticeships pay on average £20,000 - £30,000.
In our opinion it’s a no brainer!
If you were to choose the apprenticeship route post 16yrs to attain a degree then by the time your average university student has graduated you would have earned approximately £1000,000 over the period. Plus you will have no student debt and 5 years experience in the job, and earning a proper full-time employee salary.
If you want to know more about how much you can earn as an apprentice then check out our guide to apprentice pay