We evaluate the effect of the Apprenticeship Bonus, an employment subsidy programme, on early apprenticeship dropout. Eligibility for the programme is restricted to school leavers who have actively looked for an apprenticeship to start immediately after leaving school, but were unsuccessful in finding one. Our analysis is based on rich survey data that were collected specifically for this study. Using this data, we describe the characteristics of school leavers who looked unsuccessfully for an apprenticeship directly after leaving school and analyse the effect of the subsidy on the probability of apprenticeship dropout. Even though the subsidy provides strong incentives to discourage dropout, we do not find significant effects of the programme. Our findings suggest that financial incentives are not effective in increasing the probability of people finishing vocational in-firm training successfully.