Why the minimum Salary is not your maximum
There is a belief that the earning potential of an apprentcieship is not very high. I will explain to you why although the minimum salary for an apprentice is £6.56 it is not the maxiumum you will expect to acheive throughout your apprenticeship journey.
Industry Salary
On average employers often pay more than the minimum rates, especially for higher level apprenticeships. According to Total Jobs, the average annual salary for an apprenticeship is £23,000, which works out at around £12 per hour!
The minimum salary does not take into consideration the average salary in the industry you wish to work in. For example, the average salary in the tech industry according to CW Jobs is £62,500 and the average salary in the Marketing industry ranges from £25,00 to £75,00.
Company’s have different budgets
Your salary will also depend on what the company is willing to pay you which can differ. If you look on Apprenticeship agency websites such as Multiverse the current salary for a level 4 Software Developing apprenticeship is £25,000 with the company Citi. Another example is a level 3 Digital Marketing apprenticeship with an incredible salary of £26,000 with Morgan Stanley.
University is expensive
Another reason not to be disheartneded by the minimum salary is to look at it compared to the average University. The average fee for a three year degree is around £27,000. This is not including the cost for you to live on campus which could be around £8,000 a year. Or the cost of equpiment needed such as books or laptops. An apprenticeship is completely free and is an opportunity for you to be paid to learn and gain real life experience you cannot gain by going to University.
No need to fret!
In conclusion, although their are many reasons why the minmum salary for an apprenticeship can hold you back from take the next steps, it in no way means your earning potential is limited. It is merely the first stepping stone in what will be an incredibly fulfilling and fuitful career.
