JP Morgan has chosen Bournemouth as the base for an apprenticeship scheme for people switching to financial services from a different career.

The scheme, called The Switch, complements the bank’s existing apprenticeship programmes, which are about to welcome their 10th annual intake and have seen 500 apprentices hired.

It is intended as an alternative route into banking for those who area already working and have qualifications in non-traditional subjects.

It is open to all and is being promoted by the team running Advancing Black Pathways, an initiative aiming to increase access to well-paying career paths for the black community, as well as supporting black executives.

Cecil Peters, head of Advancing Black Pathways at JP Morgan, said: “Bournemouth is a great location. We have a significant campus there and exciting roles to fill. The programme was actually designed by some of our Bournemouth colleagues, so we felt it made sense to launch there initially.

“Our sense is that The Switch has fantastic potential, so once we have the initial cohort we are aiming to expand into other locations and lines of business.

“This opportunity is being promoted by our Advancing Black Pathways function, because research we’ve read suggests that there is a sizeable pool of people who decide to pursue an apprenticeship after already starting a career. This is particularly true of the black community, where close to 70 per cent of people starting apprenticeships are aged over 25.

“We’re looking for people who have transferable skills and great academic potential, but may not have had an opportunity to – or may not have considered – a career in financial services.”

JP Morgan says it is seeking motivated people who have a passion for financial services, the drive to learn new skills and the flexibility to take on different tasks. Applicants must have the UCAS equivalent of three C-grades at A-Level or other qualifications with no grade below C. 

Apprentices will develop a professional network, hear from senior leaders and learn from peers in the business. They will join teams in investment operations, compliance or finance and contribute as they study.

Apprentices will have a dedicated training day each week where they will receive a combination of online and in-person lectures working towards the industry-recognised CISI Investment Operations Certificate and Level 4 Investment Operations Specialist Apprenticeship, followed by the opportunity to progress to the CISI Diploma in Investment Operations and a Level 6 Financial Services professional apprenticeship.

After completing a final piece of non-apprenticeship coursework, they will be awarded a full honours degree in applied finance from the University of Exeter.