The Chartered Management Institute (CMI) has welcomed the government's move to approve the funding band for a new master’s degree apprenticeship in leadership and management, which means that it is now ready for delivery.
The senior leader master’s degree apprenticeship was first approved last August by the Institute for Apprenticeships (IfA). The funding band – £18,000 for the two-year programme – has now been approved, which means funded delivery can start.
Demand for apprenticeships
Petra Wilton, CMI director of strategy, said there is already “pent-up demand” for the apprenticeships from employers, with more than 900 waiting to start.
“To tackle both our poor productivity and the uncertainties of Brexit, now more than ever, we need strong leaders,” she said. “This means that top teams need professional leadership skills to drive business performance and growth. It will also help to challenge snobbery around vocational routes and can help demonstrate how these new apprenticeships really can provide pathways through to the top.”
Antony Jenkins, chair of the IfA, said approval means that the UK is more able to ensure first-class leadership among the next generation of senior managers.
“More and more businesses of all sizes are realising the benefits that high-quality apprenticeships can offer. The institute is putting employers in control of developing the standards they need, giving learners a basis for lasting employment and overcoming national skills gaps,” he added.
£84 billion cost of poor management
The senior leader master’s degree apprenticeship has been developed by a group of more than 30 employers led by Serco and Civil Service Learning – and supported by CMI.
The new master’s apprenticeship adds to the chartered manager degree apprenticeship – which was launched in November 2015 – and the team leader and operational manager apprenticeships launched in June 2016, providing a progression route for employers to invest in managers at all levels.
A 2016 report from Investors in People revealed that poor leadership and management costs the UK economy £84 billion a year in lower productivity.