Apprenticeship can be described as a new generation of practitioners from a particular trade that learns from on the job training and a bit of studies on the side. It gains recognition and a license to practice in a regulated industry and profession. These apprenticeships can last for 3 to 7 years.
According to a new report by economic think tank BERL, individuals from apprenticeships earn much more than university degrees. The net financial position was higher for most of a apprenticeships career, and had lesser financial risks as a result.
There is also the additional cost of university degrees which tends to become students loans which take up much of the income growing up. As for an apprenticeship, there is no outgoing expenditure; it is work with a mentorship from an expert in a trade. Most of the apprenticeships even pay for your work, so it is a win-win for students as they earn while they learn. Along with this travelling takes place and as they say you learn more by travelling than sitting in one position in an office. Practical scenarios teach better than book learning, and it is not uncommon for an individual who dropped out of school, college or university to end up being a millionaire. Steve Jobs, innovative founder of Apple was a college dropout, so was Facebook CEO Mark Zuckerberg. It sometimes does not pay for education.
An example in Indian culture in recent times is Manish Sharma who is the youngest professional to become the CEO of India and South Asia, Panasonic. He believes that apprenticeship is the highest qualification, as it helps you understand and deal with business and also assists you to grow alongside a team while grooming yourself. He is a strong believer that daily experiences are the biggest source of learning.
India is starting to embrace apprenticeship by Gurgaon providing apprenticeship to 15,000 youths by the end of this month (December 2017). This is part of the National Apprenticeship Promotion scheme.
A budget of Rs. 31.64 crore has been sanctioned for the purpose of apprenticeship by the state finance department. This is an encouragement for young kids to take up apprenticeship, and gain job experience while earning.