Public funding for vocational training is tightening. The contribution paid by holders of a personal training account, the CPF, is rising, and funding caps are being introduced. The draft 2027 finance bill also plans to reduce the share of employer contributions allocated to training. A buyer may be tempted to view any provider funded through these schemes as a risky asset. For a seller, the risk is a discount applied indiscriminately. Yet the system remains largely funded, and the measures target specific segments rather than the sector as a whole.
Funding refocused rather than dried up
In its amended 2026 budget, France compétences forecasts €11.55 billion in employer contributions. It allocates €8.39 billion to work-study programmes and €1,359 million to the personal training account. It expects a surplus of €518 million.
CPF: an out-of-pocket cost that weighs less the longer the programme
The account holder’s contribution rose to €150 on 2 April 2026. It is paid by the individual who uses their entitlement, not by the employer or the training provider, for whom the stakes are commercial. It is a flat fee, whatever the cost of the training. It represents 37.5% of a €400 course, but only 3% of a €5,000 certification programme, the balance of which can be covered by accrued entitlement. Jobseekers are exempt, as are cases where the employer tops up the employee’s entitlement. The employer may also choose to cover it.
Since 26 February 2026, the entitlement that can be used has been capped at €1,500 for certifications listed in the specific register, €1,600 for skills assessments and €900 for driving licences. Qualifications listed in the national register of professional certifications, the RNCP, are not affected.
The draft 2027 budget, currently under review, goes further. The contribution could rise to €350 for training far removed from a career plan. Training leading to shortage occupations or to sectors deemed strategic, such as industry, defence, digital or health and social care, would be exempt. The same would apply to training co-funded by an employer. Even at the higher rate, the contribution would represent only 7% of a €5,000 programme.
Apprenticeship tax: the contribution stays, but its allocation narrows
Together with the vocational training contribution, the apprenticeship tax makes up the single contribution paid by companies. Its base was even widened in March 2026 to include associations and non-profit organisations. The tightening concerns allocation. The balance of apprenticeship tax not allocated by companies would be transferred to France compétences, up to a limit of €129 million.
On the spending side, France compétences capped funding levels for apprenticeship contracts at €11,000 for qualifications at levels 5 to 7 in 2026. Hiring subsidies paid to employers of apprentices were reduced in March 2026. The draft 2027 budget does not provide for any further reduction.
What buyers now examine
The question is no longer whether a target draws on the CPF or on apprenticeships, but for which programmes and with which funders. Acquisition due diligence breaks down revenue between the CPF, skills operators, corporate clients, private individuals and apprenticeship contracts. It compares programme costs with the applicable caps. It also measures the share of qualifications listed in the national register and the share of training for shortage occupations. A provider whose demand is driven by employers has a very different risk profile from one that relies on short courses chosen by the account holder alone.
M&A and vocational training: the resilience premium as the CPF tightens
Faced with targets heavily exposed to the CPF, buyers now favour providers positioned on long programmes priced above €5,000, where the impact of the higher out-of-pocket cost becomes marginal for the learner. This resilience premium nevertheless depends on direct ownership of RNCP qualifications valid for several years, whose strong employment outcomes ensure their renewal by the state.
Due diligence also checks Qualiopi certification, which is mandatory for receiving public or pooled funding. Its updated standard has applied since 1 November 2026. Certifications are registered for a maximum of five years. Finally, due diligence simulates the effect of a higher contribution outside strategic sectors. Part of the valuation may then be made conditional on meeting targets.
For the seller, documenting this structure before approaching any buyer is the first lever for avoiding a blanket discount.
Investors remain active
Deals completed in 2026 confirm this. In May, Initiative & Finance took a majority stake in Opus Formation. This provider, with revenue of around €20 million, delivers apprenticeship training from CAP vocational certificates to master’s level in shortage occupations, notably in quick-service restaurants. In June, Unify Group acquired a network of higher education and vocational training institutions. The network generates close to €90 million in revenue and includes IRFA Formation, which specialises in career change. Both transactions took place after the caps and the higher contribution came into force.
A market being reshaped
Budget cuts are not closing the market. They are redrawing its hierarchy. Providers that can demonstrate the strength of their funding retain investor interest. For the others, a tie-up may be one answer.
In a market where the reading of funding structures now determines a provider’s value, AURIS Finance, an independent M&A advisory firm dedicated to SMEs and mid-sized companies, brings the experience of its sector experts to business leaders considering a sale, opening up their capital or making an acquisition in vocational training.
“The tightening of the CPF is not holding back deals in vocational training; it is accelerating them. When a learner commits to a programme lasting several months, €150 or €350 does not change their decision. What matters to an investor is that the provider owns its certifications and that the state has reasons to renew them. Today, buyer appetite is concentrated on those that meet these conditions.”
Philippe Bontemps, Education & Training Sector Expert
