A new report by Oxford Economics for the Chartered Management Institute (CMI), has unveiled the substantial economic benefits of management apprenticeships across England. The study provides compelling evidence of how these apprenticeships contribute to business growth, individual advancement, and overall economic prosperity.
Key Findings:
Business Revenue Enhancement: In the 2023/24 period, management apprenticeships were instrumental in boosting business revenues by an impressive £106.1 million. On average, each apprentice contributed an additional £20,900 to their employer’s revenue annually. Notably, Level 7 apprenticeships, equivalent to master’s degrees, accounted for the highest increase, contributing £58 million.
Economic Growth Contribution: Each management apprentice added an average of £6,800 to the UK’s Gross Domestic Product (GDP) annually. This figure rises to £8,900 for those in the private sector. Collectively, over 12,000 active CMI management apprentices who completed their programs in 2023/24 contributed an estimated £75.4 million to the UK economy.
Individual Career Advancement: The report highlights significant personal gains for apprentices, with 35% receiving a substantial pay rise—averaging an increase of £12,000—and a similar proportion achieving promotions upon completion of their programs.
Promoting Inclusivity and Social Mobility: Management apprenticeships are playing a pivotal role in fostering diversity and inclusion. The data reveals that 59% of CMI management apprentices were female, surpassing the national average of 46% among managers. Additionally, 71% of these apprentices came from families where neither parent attended university, underscoring the role of apprenticeships in enhancing social mobility.
These findings highlight the broad benefits of management apprenticeships, which not only contribute to economic growth but also support individual career development and foster a more inclusive workforce. As the UK faces ongoing economic challenges, investing in management apprenticeships proves to be a strategic way to enhance productivity and build a diverse, highly skilled talent pipeline.
