Identifying Potential and Embracing Diversity
Apprenticeships have become more and more popular across the U.K., especially since the passage of the 2017 Government Apprenticeship Levy, which charges companies a small levy in exchange for access to a government fund that they can use to set up apprentice programs and recruit applicants. In 2019 and 2020, more than 719,000 people enrolled in apprenticeship programs, covering everything from banking and IT to construction and plumbing. Since 2011, Morgan Stanley has offered apprenticeship positions in a number of areas across the firm, including the Institutional Securities Group, Morgan Stanley Investment Management (MSIM) and Human Resources.
The programs are designed to reach talented young people who might have a natural aptitude for finance but haven’t come through traditional avenues, such as university or graduate school. It’s an essential part of Morgan Stanley’s ongoing commitment to diversity and inclusion, intended to help build a workforce that better reflects society at large. “It’s really about identifying potential,” says Sophia Moore, Head of Early Careers at Morgan Stanley’s London office, who manages the program for the Talent Acquisition team. “We’re trying to find people who are curious and passionate to learn, but who may not have access to, or would like to take an alternative route to, a traditional university education.”
Roughly 80% of an apprentice’s time is spent working at the firm just like any other employee, with around 20% dedicated to study, training and skill development at a wide range of partner institutions, including Queen Mary University of London. Depending on the length of the specific program, apprentices receive either a level 4 or level 6 qualification—the latter is the equivalent of a bachelor’s degree—or a level 7 qualification, the equivalent of a master’s degree. “The idea is to give apprentices the experience of what it’s like to work in the financial industry,” says Moore. “Apprentices are assigned to a team and provided the opportunity to be involved in key strategic work and projects.”
