Entrants on the course, which begins next month in six cities across the UK, will receive ten weeks of training for exams, before a six-month paid placement at an advice firm.
Major sector employers such as Aviva, Just Retirement and Scottish Widows will help provide the training
Liz Field, chief executive of the FSP, said a lack of work experience was often a barrier to entering financial services.
“We have managed to pull together large employers who are providing the training material and the training,” she told the FT.
“Everyone we’ve spoken to sees this as important for their own success, but also as a means of helping young people. There is a large number of unemployed graduates, and everything shows they need some experience. They’ll gain valuable work experience.”
The programme will also benefit IFA firms, she said: “A high percentage of our sector are SMEs. Clearly, in the current economic climate, they always find it difficult to find money to develop and grow. They need to bring new blood into the sector.”
A number of advisory firms, including St James’s Place (SJP) and Sesame Bankhall, also run graduate training programmes.
Sesame’s Financial Adviser School set up a national IFA for its trainees in 2011, with SJP launching its Academy in January of this year.
