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83% of people in Yorkshire not told about alternatives to degrees at school
New research has revealed that not enough is being done to educate young people about alternatives to university – meaning billions could be being wasted on tuition fees each year as a result.
The nationally representative study of 2,000 people by AAT (Association of Accounting Technicians) found that only 17% of people in Yorkshire said that they heard about alternatives to degrees, such as apprenticeships, while at school, and 60% think there should be more resources available to help people learn about them.
As a consequence, misconceptions and apprehensions about apprenticeships are commonplace: the research showed that 44% of people in Yorkshire believe that apprenticeships don’t pay enough, and 22% think that they are only available for manual labour jobs. Meanwhile, only 46% see them as a good alternative to university and just 38% are aware that apprenticeships enable people to earn whilst they learn.
At the same time, the research revealed that 42% of all people aged 21-45 believe their degree has not played an essential role in their careers to date, and 16% of all people with degrees wish that they had chosen a different route. This figure rose to 20% of those aged up to 24 years – the highest amongst any age group – suggesting that the 2012 tuition fee increase and ongoing impact of the Covid-19 pandemic on in-person teaching are contributing to growing regret around the decision to attend university.
With around 1.8 million undergraduate students in the UK, each paying up to £9,250 each year, this equates to more than £9.6bn being potentially wasted on degree courses annually.
When asked about the careers advice they received at school, 18–24-year-olds were 28% more likely than average to say that the advice was focused on careers after university, with 41% agreeing with this statement.
Interestingly, 18–24-year-olds were also the least likely to say that they had found it useful (28%). Those aged 65 and over were the most likely to say they had found it useful (42%), with the number steadily decreasing with age.
Throughout the early 2000s, careers advice in schools was delivered by the governmental information, advice, guidance and support service, Connexions. However, following public spending cuts under the Coalition Government, the careers element of the Connexions service was dismantled and devolved to individual schools in 2012, meaning there is currently no requirement for standardised careers advice for those aged 13-19.
Commenting on the research, Anthony Clarke, Business Development Manager, AAT, said: “Our research paints an interesting picture of the careers advice being given to young people. Although we might think that information is widely available about different options including apprenticeships, this data would suggest that many schools are still pushing students towards university, and perhaps even more so than in previous decades.
“While university is of course the right path for some people, with tuition fees now so high and the changing provision of university education such as shifts towards blended learning, it is certainly not a decision to be taken lightly. It’s important for everyone to know that alternative options for qualifications are available, and that student debt isn’t an inevitable accompaniment to successful professional careers.
“It’s often the case that apprentices find spending three years spent in the workplace, working with and learning from experienced professionals, coupled with the opportunity to gain professional qualifications, is of greater benefit to their future careers than going to university.
“Apprenticeships offer a fantastic way into many different careers and sectors, with the opportunity to earn while you learn. It’s a real shame that a fifth of people are left regretting their higher education choices when this could have potentially been avoided with access to better or more tailored careers advice.”
Former AAT apprentice, Ben Boutwood, said: “I left school when I was 18 in 2014, and almost felt like I had no direction. My school were pushing for people to go to university; however, I knew it wasn’t my calling. I was keen to get into work early, get a skill under my belt, and train alongside working so I could earn some money, and learn on-the-job. However, I didn’t know what that was at the time!
“I applied for a job as a trainee accountant with a local firm that was hiring a junior team member, and in September 2014 began full-time work. In September 2015, I enrolled in Level 3 AAT at a local college, completed Level 3 by the summer of 2016, and then by 2018 I was well on my way to completing my Level 4 AAT. I have now been an AAT full member (MAAT) for several years, and I’m still working in the same firm.
“Apprenticeships are a great way to start a career in finance, simply because the nature of the job is very hands-on. Although you can learn a lot by sitting in a classroom, nothing will equip you better, faster and more readily than experiencing it first-hand. So much of what I learned at college was directly reinforced by my day-to-day work, and vice versa.
“An apprenticeship appealed to me for a couple of reasons. Firstly, the financial burden of a student loan terrified me, so it helped that I could earn a salary and have my training paid for. Secondly, I really didn’t want to wait three or four years for my career to start; I left school and started my career in a few months.
“My advice would be not just to go to university because that is what your friends, family or school want you to do. Sit down, and seriously think about what is right for you, and only you. I was one of five people who didn’t go to university in my school year, and it was tough going against the grain, but I knew it wasn’t right for me.
“I would encourage anyone who is unsure about what to do to consider the AAT apprentice route. It worked wonders for me and I am very happy with my career path, progression, as well as all the invaluable skills I have picked up along the way.”
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Harrogate investment management business to be acquired
Titan Wealth Holdings is to acquire Cardale Asset Management, as part of its ongoing strategy to bring a new proposition to the wealth and asset management sector.
Based in Harrogate, North Yorkshire, Cardale is an independent investment management business, with turnover of £16m and EBITDA of £9.4m (for FY 2021), and provides portfolio management, stockbroking and financial planning services to private clients.
Since its launch in 2003 Cardale has seen sustained growth, reaching £1.5bn in assets under management (AUM) which it manages for approximately 3,500 clients, and employing circa 70 financial and investment professionals under the leadership of an experienced Board.James Kaberry and Andrew Fearon, joint-CEOs of Titan Wealth, said: “We are delighted to welcome the team at Cardale to Titan Wealth. Cardale is a highly profitable and well-respected business with a focused and proven investment process that consistently delivers outperformance to its client portfolios.
“Cardale will form a key part of Titan’s central investment proposition and enhance the Group’s distribution capabilities, providing Titan Wealth with a significant presence in the North of England, making it an excellent strategic, geographic and cultural fit for both parties.“This marks another important milestone for Titan Wealth in our journey to drive reform of the sector, to create value and provide more integrated and flexible services to investment managers, IFAs and clients and we are excited by the future growth opportunities.”
Titan Wealth launched in June 2021 with the acquisition of two investment and wealth management businesses – GPP and Tavistock Wealth Limited. The acquisition of Cardale is anticipated to double Titan Wealth’s revenues and will also support its continued growth towards meeting its target of £20-30bn in AUM within four years of launch.
Andy Tod, CEO of Cardale, said: “Having established Cardale in 2003 and grown the business organically since inception, now is the right time to find a partner with the expertise and reach that will take us to the next level and ensure we continue to deliver a compelling offering for our existing and prospective clients.
“In Titan Wealth we have found a highly complementary partnership with strong cultural alignment that will drive growth in our client base and distribution capabilities, allowing us to continue to invest in our operations and client service. “It is a testament to the positivity associated with the acquisition that all existing Cardale employee shareholders will be reinvesting in the new business. We are very much looking forward to working with the team at Titan Wealth.”The acquisition is expected to complete in March/April 2022, subject to regulatory approval, and after which Titan Wealth will have AUM of £5.2bn.
Cardale will operate under the Titan Wealth holding group and retain its existing model, leadership and brand.
Titan Wealth was advised by Spencer House Partners, Gateley Legal, and BDO.
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Sharpest manufacturing price growth since 1976
- The balance of manufacturers who expect price rises in the next three months rose to the highest since December 1976 (+77% in February 2022, +78% in December 1976).
- Growth in output volumes accelerated in the three months to February compared with the same period one month earlier (+26% from +14%). Output increased in 13 out of 17 sectors, with growth driven by the chemicals and food, drink and tobacco sub-sectors.
- Total order books were strong in February (+20%, from +24% in January), while export order books improved slightly and remained above their long run average (-7%, from -10% in January; average of -19%).
- Stocks of finished goods were seen as inadequate again in February, but with some improvement shown for the second consecutive month (-14% from -17%).