A new registered apprenticeship program dedicated to addressing skills gaps and providing banks with the tools they need to build and increase a diverse workforce has launched in the state of Massachusetts. The yearlong program was recognized by the Massachusetts Division of Apprentice Standards as the first of its kind since the program launched in October with a group of 16 apprentices split even with both eight men and eight women. The pilot will run until October 2022 where new participants will then be chosen.
“As someone who spent 30 years in the financial and banking service industry prior to my life in public service, I am truly excited by the potential of this new apprenticeship program, Banks across the Commonwealth need credit analysts, and this apprenticeship presents a sound career pathway in commercial lending for those interested in learning new skills and earning a living at the same time.”
- Labor and Workforce Secretary Rosalin Acosta
The apprenticeship program will focus on helping companies address their position needs while helping to create a qualified workforce through the promotion of women and people of color in the industry. They also believe the program will help to increase the industry's retention rates something that has seen a recent decline over the years. Apprentices will have to complete around 150 hours of technical instruction as well as around 2,000 hours of on-the-job training. Participants will also be assigned a mentor in the industry to help guide them through their program.