Six leading professional bodies have joined forces to support a new Apprenticeship Standard.

The London Institute of Banking & Finance, the Chartered Banker Institute, the Chartered Institute for Securities & Investment, the CFA UK, the Chartered Institute of Credit Management and the Pensions Management Institute are working together and with employers to promote The Financial Services Professional Apprenticeship and support its delivery.

The qualification is a degree-level, Higher Apprenticeship. It covers skills including retail, commercial and investment banking, operations and workplace pensions. It can also be used for existing members of staff looking to advance their careers.

The Apprenticeship Standard is expected to be approved by the Department for Education in the coming weeks and will soon be offered by select employers.

Mike Thompson, director early careers at Barclays, and chair of the trailblazer group for this apprenticeship standard, said: “The new Financial Services Professional standard will be the first degree apprenticeship standard in the financial services sector, and will create a single umbrella entry pathway into the diverse parts of financial services, particularly in banking which is traditionally viewed as a sector only university graduates work in. Through apprenticeships we can open up opportunities to people from all backgrounds with the ability to earn while they learn, in our exciting and fast-paced industry.”

Richard Bennett, CISI regional director, said: “This Financial Services Professional Apprenticeship will make a career in our sector more accessible to a diverse pool of talent and help to promote social mobility. The UK financial services sector contributed 11% or £176bn of total UK Gross Value Added in 2015 and employs 7% of the population, therefore encouraging new talented entrants from all walks of life is key.

“The Apprenticeship will help those new entrants to the profession to become work-ready, gaining those employability skills which are so important for both firms and for individual’s career development.”

Martin Day, managing director, corporate & professional qualifications at The London Institute of Banking & Finance, said: “The Financial Services Professional Apprenticeship is an important new initiative that supports employers looking to attract a diverse range of new talent.

“We look forward to working with our fellow professional bodies and employers to ensure young people joining the industry are given every possible chance to reach their potential.”