A study conducted by non-profit sector consultants Baker Tilly and the Education & Employers Taskforce investigated the return of investment from the CAs programme, and found evidence that apprentices will have a significant impact on the UK economy.
The CA programme was instigated in 2008 and consists of vocational as well as theory-based qualifications at Level 2 or 3.
The latest intake of apprentices is expected to deliver a net gain of £2.4m to the UK economy over the next ten years with expected net gains of some £16.4m for the next five intakes to the CA programme.
Surveys, conducted as part of the report, also showed that 79% of employers believe that CAs made a significant contribution to their business.
Pauline Tambling, joint chief executive of Creative & Cultural Skills, the skills council responsible for the delivery of CAs, said: "Employers are now seeing the real economic benefits of apprenticeships. Young people who have completed apprenticeships are ahead of the game when it comes to developing a wider skill set, formal workplace training and an understanding of business."
Tambling added: "With youth unemployment and tuition fees both at a high, the future development of new apprenticeship frameworks, including at Levels 4 and above, is likely to play a significant role in the success of the creative and cultural industries in the UK."