The average cost and payback time of engineering apprenticeships has been revealed by research commissioned by the Apprenticeship Ambassadors Network (AAN).
To put a participant through an apprenticeship in an engineering discipline costs £28,762 on average. This is the highest of any subject area. However, this cost is usually offset within three years, the research shows.
The cheapest type of apprenticeship is one in retail which costs just £2,300. Apprenticeships in business, hospitality, IT and social care cost between £3,500 and £7,700 while one in construction costs £22,043.
Sir Roy Gardner, Chairman of the AAN, said, “I wanted a robust piece of research where we could make a stronger business case for Apprenticeships by looking at not only the benefits but also the costs and, more importantly, the return on the investment in Apprenticeships. Most employers appreciate that there is a cost implication in training but we are more interested in when we will see that investment pay off.”
“This research is very timely because many businesses are feeling the impact of the recession and may be tempted to cut training budgets. The findings confirm that apprentices pay their way and employers see a visible return on their investment in a relatively short period of time.”
A new body to oversee and fund apprenticeships was officially unveiled late last month. The National Apprenticeship Service (NAS) takes over the apprenticeship duties formerly carried out by the Learning and Skills Council, which governs NAS, and the National Employer Service.