The apprenticeship provides a flexible way of training new and existing employees to become motor finance specialists under two core roles:
- Finance company – For staff operating in finance companies that play a critical role in managing day to day queries, needs and requirements of intermediaries and in some cases the end-customer. The apprenticeship can be applied to any one of a number of core in-house functions including underwriting, pay outs and dealer support.
- Retailer consultant – For staff that liaise directly with consumers and support or facilitate the sale of a vehicle. The role would cover compliance with relevant legislation, liaising with finance companies, maintaining a customer focus, administration and liaising with colleagues to assist with the sale of the vehicle.
The skills, competencies and behaviours required by an apprentice under these roles are set out in the Motor Finance Specialist Apprenticeship Standard.
Length of the apprenticeship
Typically the apprenticeship would be completed within 18-24 months but can be completed in 12 months.
End point Assessment
Once the training provider and employer agree the apprentice is ready to be assessed the apprentice enters the ‘Gateway’ to their end point assessment. There are two methods of assessment:
- Assignment (60% of final grade) – that uses a range of evidence to answer 12-15 questions provided by an end-point assessor. The assignment must be no longer than 4,000 words.
- Structured interview (40% of final grade) – Conducted within two weeks of the assignment being marked. The interview explores those areas of the standard that have not been covered in the Assignment. There are 10-15 questions in each structured interview which is expected to last between 60 and 75 minutes.
The apprentice must achieve 65% or more to pass. A mark of 85% or more leads to the awarding of a distinction.
For further information about the assessment process please view the Motor Finance Specialist Assessment Plan.