Accountancy is one of the most in demand professions in the world, but you don’t need a degree to get started as an accountant. In fact, starting this profession as an apprentice could have you earning and learning on the way up the ladder. However, accountants are good at handling money, but are they good at earning it?
Take a look below to see how much an accounting apprentice can earn, as well as your possible earnings when you become a qualified accountant:
Minimum wage for apprentices
Since 2015 the minimum wage for any apprentice was raised to £3.40 an hour, and on average, apprentices tend to earn around £170 a week.
However, the amount apprentices earn largely depends on how much the employer is willing to offer, and the amount of hours the apprentice works. However, don’t assume that every employer will be looking to pay you the minimum – to find good candidates, employers need to set a good wage!
You can also look forward to a wage increase if you perform well, and as you progress through the apprenticeship levels. Also, after the first year of an apprenticeship, learners aged 19 and over will receive at least the full national minimum wage for their age, which is £5.30 per hour.
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Apprenticeship working hours
An apprentice usually works on average a minimum of 30 hours per week. However, learners under the age of 18 must not work over 40 hours per week.
Bear in mind that every week, an apprentice will receive training outside of the workplace with their tutor for at least one day. This is to help them complete their qualifications, and make sure they’re ready to pass their exams.
Apprentices will be fully integrated into the team, and are treated the same as every other employee. That means apprentices will get at least 20 paid holiday dates plus bank holidays.
Average earnings as an accountant
On average an accountancy apprentice earn around £150 per week, however you can find opportunities that pay as much as £300 per week. However, as you progress through the apprenticeship levels and your responsibilities increase, your wages will increase along with them. Take a look at our available apprenticeships here to find an opportunity to suit you.
When you have completed your apprenticeship, you can finish with a diploma in a number of accounting based roles, including accounting technician, bookkeeper, and senior finance officer. The typical starting salary in accounting can range from £8,000 to £12,000 depending on the experience you have and the role offered, which is potentially a great start to a career!
After completion of the apprenticeship levels, those who are AAT members (MAAT) earn an average of £29,925, and those who have a fellow membership (the highest level of AAT membership) earn an average of £38,225.