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The aim of this study was to evaluate the cost effectiveness of apprenticeship training, and compare this to the cost effectiveness of other forms of vocational qualification provision in the UK. The study: focusses on government funded apprenticeship rather than traditional apprenticeships; considers changes over time; compares the impact of apprenticeships to that of other vocational qualifications; and includes information on costs to the individual, the employer and the state in a full cost-benefit analysis. Findings indicate that: the estimates reveal substantial wage returns in 2004/5 to Modern Apprenticeships, of around 18% at level three and 16% at level two, compared to individuals whose highest qualification is at level two, or at level one or two respectively; significant wage returns are observed for women for the first time in the study of apprenticeships in the UK, specifically of 14% to a level three (Modern) Apprenticeship; the estimated wage returns to apprenticeships are rising, particularly for Modern Apprenticeships; there is significant variation in the estimated wage returns to apprenticeships, depending on the sector in which the former apprentice works; and the wage returns to apprenticeships, particularly Modern Apprenticeships are considerably higher than for other vocational qualifications, such as National Vocational Qualifications (NVQs), Business and Technology Education Councils (BTECs) and City and Guilds.