Legal, Finance and Accounting

Video transcript
Voiceover: T Levels are one of the biggest reforms to England's technical education system in a generation. Launched in September 2020, each T Level includes a substantial industry placement, benefiting both the young person and the employer. Employers across England are gaining early access to new talent entering their sector. Whilst young people are gaining the skills, knowledge and attitude to excel in their careers.
(upbeat music)
Caroline Wynne: ITV is a media production company that produces programmes and also broadcasts them within the UK and globally. We have over 2000 employees in the UK. There is the broadcasting departments, studios departments, which are the production of the programmes. We have the finance department shared services, so there's a broad range of departments.
Debra Holgate: ITV is involved in technical education through universities, apprenticeship, internship placements, we work alongside ScreenSkills, the Production Guild, and we want to invite people in to see what opportunities are available, with the hope that when they finish their education they'll wants to come back to us, or other people within the media industry, and find their careers going forward.
Caroline: The Manchester College got in touch with me through LinkedIn to see whether production accounting is something that we could bring somebody in to give them the industry placement on. We thought what a great chance for a young college student to come into Coronation Street and get the experience of working within accounting. And for them to have that on their CV we thought was a great opportunity for them.
We went through a selection process 'cause I thought that an interview would be good for the candidates to get the experience of the interview process. So we have three students come in from the Manchester College and we selected Chandelle based on that we thought that she'd be the right fit for the office. And also she's got the right business studies and background that would fit into the production accountant role.
Chandelle Clarke: At the start of my placement, I had to go through an interview process and I felt quite confident and comfortable with it. As I met Nicki and Caroline, which are part of the production accountant team. Since starting the placement, I've learned to work in an office environment where I've interacted with many other people. The people at ITV are very cheerful, welcoming, and helpful.
Debra: We've worked alongside Chandelle now and Chandelle has been in an environment where there's been sensitive information, where we feel there's a little risk around the information, and yet she's shown us that she's got the maturity to have access to that information and knows how to deal with that information. And when she doesn't, or has any questions about that information, she's got the confidence to come and ask us. So I think it's confidence on both sides that we feel that we can now go forward and work with other students and feel quite safe in that environment. It will encourage us to probably look at other areas. I look after Emmerdale, and is it a possibility that we could look for a college in Leeds to work alongside?
Chandelle:  I have enjoyed the responsibility of working on real projects that I've been given, and it's given me a boost of confidence. The work that I've been given is pretty similar to the work that the members of staff here already do. I've learned to use software packages such as a iBusiness and Telpay.
Caroline: We've shown Chandelle, the iBusiness system, which is an Oracle based finance package, which is a transferable skill for Chandelle to take with her. She's using Excel spreadsheets a lot, every day, increasing her skillset on Excel. She's looking at expenses, so getting involved with VAT and receipts. She's also shadowed other departments to look at what they do and how that feeds into what we do. So she's getting a bigger understanding of the work she's looking at and also how that fits in with the programme and other departments. She's watched some filming in studio, so she can understand how a programme is made. So, we wanted her to get the best experience out of this industry placement, so she learns about media as well as production accounting.
Chandelle: It's been really interesting to not only just see the financial side of things, but to also see how programmes are actually made. And here I am on the set of Coronation Street in the Rovers.
Caroline: The benefits of the industry placement was that it fits in with our apprenticeship schemes that ITV offers. We do offer work experience, but for shorter periods of time, so I thought this complemented what ITV already offer. Again, I thought it was a great opportunity for somebody to come in and work on Coronation Street and learn the production accounting role, which, we find, that there is a shortage of this skillset for production accountants. So any experience that we could pass on to the next generation is a massive benefit to ITV and also these students.
Debra: The one piece of advice I would give to other employers looking to give industry placements is take the opportunity to work alongside the education facilities out there. I don't think you'll regret it and I think it is time to give back and allow people to develop in the various industries.

The Legal, Finance and Accounting skill area has 3 T Levels: 

Contents

Finance

Starting September 2022

Students will develop an understanding of a broad range of issues relevant to the sector, including:

  • the business environment – a general understanding of business models, tax laws, fundamental business principles and drivers for change
  • fundamentals of financial accounting – an understanding of elementary financial principles, concepts and practices and how this content links to relevant accounting, bookkeeping, and business mathematics requirements
  • professionalism and ethics - an understanding of professional conduct and responsibilities in the workplace and ethical dilemmas for the individual, organisation and professional
  • data driven innovation and analytics and design thinking – an awareness of key requirements of a data governance framework and understand the main contemporary visualisation tools and when they are best used to support decision making

They will also complete at least one of the following modules of occupation-specific content:

  • retail and commercial banking analyst
  • investment banking and asset and wealth management analyst
  • insurance practitioner
  • financial compliance/risk analyst

To find out more about the content of this T Level, download the course outline from the Institute for Apprenticeships and Technical Education

Accounting

Starting September 2022

Students will develop an understanding of a broad range of issues relevant to the sector, including:

  • fundamentals of financial accounting – an understanding of elementary financial principles, concepts and practices and how this content links to relevant accounting, bookkeeping, and business mathematics requirements
  • professionalism and ethics - an understanding of professional conduct and responsibilities in the workplace and ethical dilemmas for the individual, organisation and professional
  • data driven innovation and analytics and design thinking – an awareness of key requirements of a data governance framework and understand the main contemporary visualisation tools and when they are best used to support decision making

They will also complete an Assistant accountant occupational specialism. As part of this, they will:

  • produce and analyse a trial balance
  • prepare primary financial statements
  • analyse business performance and present results
  • provide support to Tax and Audit functions
  • prepare computations for payroll

To find out more about the content of this T Level, download the:

 

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