Studies have shown that Professional Qualifications can provide long-term benefits to earnings – people who hold a professional qualification can typically expect to earn £81,000 more over the course of their working life compared to those who don’t. However, even if studying pays off in the long term, it can sometimes be difficult to source funding to cover the cost of a course.
Funding for professional Qualifications is not as easy to find as for more traditional qualifications, but for those who are struggling to fund a course there are avenues available, particularly for those who are unemployed.
Funding Option 1: Work
If you’re working and the course you wish to study is relevant to your job, your employer may be prepared to fund your studies out of their training budget. This might take the form of full payment, or a contribution towards the costs of your course.
Employer sponsorship is a popular way of funding professional qualifications, but there can be pitfalls. Many employers impose conditions such as a requirement to remain with the company for a set period of time after completing the course to ensure they benefit from funding your studies, and you may find they expect to be involved in module choices to tailor the course to fit their needs.
Funding Option 2: Government Grants
There are grants available from the UK government to fund professional qualifications – these are mostly aimed at those seeking work, or who have recently returned to work after a period of unemployment.
Those over 50 who are returning to work after unemployment may be eligible for a Fifty Plus In-Work Training Grant to help them get started in a new career.
http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/DG_178370
If you are in work and wish to study a course related to your job, you may be eligible for a Professional and Career Development Loan:
http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/CareerDevelopmentLoans/index.htm
If you live in Wales and are facing redundancy, ReAct can provide grants to help with vocational training:
http://wales.gov.uk/topics/educationandskills/allsectorpolicies/europeansocialfund/projects/react/?lang=en
Funding Option 3: Courses for Forces
If you’ve served in the Armed Forces for four years or more from the 1st April 2000, you’ll be entitled to up to £6,000 in funding for further education courses. For full details, visit http://www.courses4forces.co.uk
Funding Option 4: Charities/Other Organisations
There are numerous other charities and organisations who could provide funding for a professional qualification, but the circumstances in which they will grant funding vary depending on the organisation’s remit and target group. The Family Action Trust has a search facility, allowing you to enter your details and be matched to suitable organisations: http://www.family-action.org.uk/section.aspx?id=1403
Funding Option 5: Self Funding
If none of the above funding options are available to you, it’s important not to forget the possibility of paying for the course yourself. While professional qualifications can be expensive, they’re nowhere near as costly as degrees or other forms of higher education, and the long-term benefits to your career and earning potential are well-documented. In addition, you’ll have the freedom to choose the course and modules that are right for you, with no conditions imposed from employers or other funding sources.
Many colleges offer payment plans to help spread the cost of professional qualifications, so funding a course yourself might be more achievable than you think.
