Despite tuition fees of £9,000 a year, university degrees have remained hugely popular in the UK - viewed as a springboard for career development.
But with a cost-of-living crisis unfolding, many believe that apprenticeships could become a challenger to institutions - especially since the arrival of degree apprenticeships, where learners develop both academic and vocational skills.
With so much in flux, OneFile has looked at which candidates make the best members of staff: graduates or apprentices? We look at the pros and cons of hiring graduates and apprentices, so you can decide for yourself.
If you're a levy-paying employer, recruiting an apprentice is often a no-brainer. You can use your funds to pay for their training, and develop learners to meet your specific requirements, as well as apprenticeship standards.
In contrast, graduates will expect higher wages than apprentices - with no levy available to support hiring.
Apprentices often have some vocational experience and are ready to learn specific technical skills 'on the job'. They don't usually have highly academic backgrounds. When hiring apprentices, you'll need to deliver a curriculum which meets national standards, as well as the needs of your own business.
On the flipside, graduates bring robust academic training - but often lack experience of the workplace. This means they may still need some vocational training before they can do the job.
Unlike with apprenticeships, there isn't a structured programme employers must follow when hiring graduates. This means you can tailor any training and development to meet the exact requirements of your business. In fact, it's likely you'll place graduates into more conventional 'roles', as opposed to training programme.
One way to bridge the gap between hands-on experience and academic learning is via higher and degree apprenticeships. Degree apprentices spend four days a week training 'on the job', and the other day studying at university. This means employers get the best of both worlds - workplace skills and the academic skills to back it up.
Deciding whether to hire an apprentice or a graduate is a tough choice. So our experts from OneFile have made a comparison chart showing the pros and cons of each. Who's the winner?