legal finance and accounting

Level 3 Apprenticeship: Advanced Credit Controller and Debt Collection Specialist

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Does working in a fast-paced, varied, and target-driven environment sound appealing to you? If so, this article details everything you need to know about a level 3 apprenticeship which could be perfect for you. Read on to find out more about becoming an Advanced Credit Controller and Debt Collection Specialist.

Jobs and entry requirements for the level 3 advanced credit controller and debt collection specialist apprenticeship

Credit management and debt collection is a crucial function found in all businesses as it’s integral to tracking commerce and finance. This level 3 apprenticeship will provide you with the skills to learn both technical and interpersonal skills for the role. There are a multitude of roles you could end up in. For example, you could be involved in setting policies, managing financial risk, managing customer relations, or facilitating sales. Possible job titles include Finance Controller, Credit and Collection Representative, Collections Agent, and Collections Adviser. An entry level debt-collector agent’s salary starts at £23,250 per year. If you end up a finance controller, you could earn up to £91,000, showing there are strong opportunities for career progression.

Sound good to you? Keep reading! Next let’s look at what is required of you to do the apprenticeship. Employers usually set their own entry requirements for their apprentices. So, it’s good to look this up on a role by role basis. However, it is pretty standard that most employers will require you to have level 2 Mathematics and English. An employer may also look to see if you have any previous or relevant experience. This gives you an indication of the type of qualifications you’ll need if you think this is the right fit for you.

Key responsibilities of an advanced credit controller and debt collection specialist apprentice

Another key thing to think about when considering an apprenticeship is what you will be expected to do day-to-day. For this level 3 apprenticeship you will work with internal and external customers. You’ll ensure that business cash flow is maximised, while negotiating fair outcomes for customers. You will advise on credit policies and analyse credit risk. In addition, you’ll manage complex relationships with customers to resolve financial issues. Not only that, but you’ll also apply your knowledge of statutory and non-statutory enforcement solutions to recover debt. As an apprentice, you’ll have a good understanding of legal, regulatory, risk and compliance frameworks. You’ll also get to grips with credit management and the commercial industry. This may seem like a lot of role-specific jargon at the moment, but you’ll learn it all as you go!

An example of having to work collaboratively to solve credit and debt issues as part of the level 3 apprenticeship

Level 3 advanced credit controller and debt collection specialist core competencies

You will be required to carry out duties that will satisfy a number of competencies as part of your job role. Here are some examples:

  • delivering excellent customer service and manage relationships
  • identifying and resolving issues in a professional manner
  • communicating effectively with key stakeholders
  • identifying solutions through negotiation and decision making
  • using a wide range of systems to deliver services to customers
  • working in a team to support colleagues
  • identifying areas and opportunities to improve systems and work practices

Advanced credit controller and debt collection specialist qualifications

After October 2021, if you are a new apprentice, you will work towards the Chartered Institute of Credit Management qualification. You could undertake the following level 3 diplomas in one of the following:

  • Credit and Collection
  • Credit Management (apprentices must pass this qualification by 30th September 2023)
  • Diploma for the Debt Collection Industry (apprentices must have registered before 31st December 2022)

Usually, you can expect to do the apprenticeship for between 18 and 24 months. Upon qualifying you could progress your career in a range of ways. You could become a team leader, a credit and collection manager, or a senior credit risk analyst, for example.

Conclusion

As you can see, the level 3 advanced credit controller and debt collection specialist apprenticeship is a varied role. You will learn many interpersonal and technical skills which will provide a range of job opportunities for your future. So, if you are looking for a job that sits within a legal, financial and accountancy framework, then this level 3 apprenticeship may be the one for you. Your apprenticeship is just the start of your career!

If you want to explore other apprenticeships within the legal, finance and accounting sector, then check out our blog post on a level 3 insurance practitioner apprenticeship. Comparatively, take a look at our level 3 financial services apprenticeship post.

You can also find out more about all things apprenticeships on our social media channels. We post the latest updates, answer your questions, and connect like-minded apprentices together. Follow us on Twitter, or LinkedIn.

Paraplanner Apperentiship, All You Need To Know

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Paraplanner Apperentiship, Level 4, could be for you. Do you want to pursue a career in legal, finance and accounting? Aren’t a 100% sure what is out there? Gain first-hand experience from career specialists and within 3 years you will have a Certificate in Paraplanning.

The Financial Advice Market

The financial advice market has a business split of roughly 75% financial advice and 25% mortgage advice. Within the business there are supported umbrella organisations, which provide a range of support services to each individual business; that includes technology, compliance, technical & consultancy support.

What Is A Paraplanner

Keeping it simple, a paraplanner is someone who assists financial advisers with researching, analysing, and preparing financial reports for clients.

Role

The role of a paraplanner is to assist the Finical Adviser in researching analysing & preparing compliant financial reports for clients that verify the recommendations made in accordance with the company investment philosophy. This apprenticeship is for the first level of industry recognised paraplanning; by completing this you will demonstrate full competencies of a fully qualified paraplanner. In addition, there is potential to develop further and gain a role of  a senior paraplanner, once you have completed the apprenticeship.

Do You Have The Competencies To Match?

Knowledge

To be able to confidently explain roles, product providers, services and platforms used within the Financial Service Market and how this relates to a paraplanner. Demonstrate financial planning and products; that you will be able to analyse and use the most appropriate product for the client and situation. Be able to understand the systems in place and the process that they hold, relate these back to the wider company and financial advice profession.

Skills

To always learn and deliver service to both colleagues and customers, whilst keeping to TCF (treating customers fairly) principles at all times. It is key to have an eye for attention to detail, as quality assurance is a large part of the role. You need to have key customer skills and can demonstrate clear verbal, written and IT skills –  write reports with the necessary technical language and articulate in a way that the client will understand.

Understand your place within their team and how you contribute to the team, how they rely on you and how do you rely on them. You will need to prioritise work that needs to be done for both the client and company by demonstrate a clear range of research and analytic skills.

Behaviour

You will need to show honesty in your actions and always strive to do the right thing. Having the adaptability to change in different situations with enthusiasm in your work and take on new challenges when they arise. It is vital that you can be dependable in timekeeping and completing work. It is important to be productive in your own development to the job and the profession.

  • Paraplanner Apperentiship, Paraplanner,, accounting, finance, legal, level 4

Qualifications

Maths & English Requirements

Be mindful that apprentices without Level 2 Maths and English will need to achieve this by the end of the course. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL.

Qualifications that you will need to take and pass, to complete the apprenticeship  

The CII Certificate includes four exams =

Financial Service Regulation & Ethics (R01)

Investment Principles & Risk (R02)

Personal Taxation (R03)

Paraplanning (J09)

FPSB UK’s Certificate includes two exams =

Principles of Financial Planning

Personal taxation paper

Once you pass the apprenticeship you are able to register with a professional body to gain recognised status as follows :

Cert PFS (Paraplanning’ with the Chartered Insurance Institute or

Accredited Paraplanner (APP) with the Institute of Financial Planning

Conclusion

Paraplanner Apperentiship is a great opportunity to dive straight into the in legal, finance and accounting sector. By studying alongside your apperentiship, it will allow you to source more opportunities like Senior Paraplanner and gain more valuable skills, that can be transferred across different departments.

For more information about Paraplanning, check out this post from the Finical Times. You can check out our page here. If you would like to hear more from us at ApprenticeTips

Level 4 Actuarial Apprenticeship | Your Questions Answered

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Are you a school leaver, or simply looking for a career change? Whatever your situation, if you are passionate about using numbers and data to help businesses make informed financial decisions, then an actuarial apprenticeship could be a match made just for you!

You probably have lots of questions buzzing round in your head – The ApprenticeTips are here to help. From skills needed, to how the assessment process works, we’ll guide you through it all.

Sound good? Keep reading to find out more.

Table of contents:

  1. What will I do on an actuarial apprenticeship?
  2. What skills do I need to be successful as an actuary apprentice?
  3. How long does an actuarial apprenticeship last for?
  4. How is the actuarial apprenticeship assessed?
  5. Career progression opportunities
  6. What next?

What will I do on an actuarial apprenticeship?

Because the actuarial profession is so technical, it can be confusing to get your head around. To help with this, we’ve provided a high-level overview of what an actuary is, and some of the typical day-day tasks you could be responsible for, as an actuarial apprentice.

In very simple terms, an actuary is responsible for calculating financial risks. As an apprentice, you’ll work alongside industry experts, to: analyse data and build mathematical models to predict how the financial environment may look in the future. Ultimately this work will help you advise clients on how to to mitigate against those risks.

If you’re wondering what a typical day-day looks like for an actuarial apprentice, this list should hopefully help satisfy your curiosity:

  • Analysing data and statistics for financial forecasting & risk assessment purposes
  • Using spreadsheets to pull together reports and presentations for clients
  • Monitoring financial trends that may affect the industry
  • Building mathematical models using appropriate computer software
  • Studying for professional exams

So, you’re still curious? Hear from an actuary who explains what they do in a typical day.

What skills do I need to be successful as an actuary apprentice?

So, now you understand more about what an actuary does, let’s explore the skills needed to be successful in the role. As an actuary, you will be surrounded by numbers, and data – here are some of the skills and traits you’ll need to be successful in the role:

  • Strong maths knowledge & data savvy
  • A keen eye for trends and fluctuations in the financial market
  • Analytical skills and good attention to detail
  • Strong problem-solving skills
  • Aptitude for economics and accounting

How long does an actuarial apprenticeship last for?

Actuary apprenticeships typically take 2 -3 years to complete. But this does vary slightly depending on the level of the apprenticeship, and the training provider used.

How is the actuarial apprenticeship assessed?

Let’s wrap up with an explanation of how the assessment process works. In your final months as an actuarial apprentice, you will be required to complete something called a ‘Final summative assessment’. This may sound scary, but we promise its not as daunting as it sounds.

To help simplify the process, and enhance your understanding of what this entails, check out our handy visual guide below:

An infographic created by ApprenticeTips, outlining the core components of the actuarial apprenticeship assessment – the summative assessment and interview.
A handy visual guide to the actuarial apprenticeship assessment process.

Career progression opportunities

To conclude, once qualified, there is plenty of scope for career progression within the field. You could move into accountancy, banking work, or specialise in a field of interest such as pensions, or insurance. In fact, there’s never been a better time to become an actuarial apprentice – the skillset of an actuary is highly sought after and in demand!

What next?

What next I hear you ask? Well, if you’re still unsure whether the actuarial route is right for you, but still interested in finance, you might like to check out some of other blogs:

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