Ninety-four apprentices will design and build military aircraft in Lancashire and Yorkshire, with 48 joining the Aircraft Maintenance Academy in Doncaster, while 100 will join shipbuilding and maintenance teams in Portsmouth and Glasgow.
The Government-backed scheme will take on 181 more people than last year across its 16 sites as the company races to meet what it calls "the largest workload for two decades".
Positions start in September 2014 and last 42 months, with an average salary of about £14,000 and a guaranteed job at the end.
More than half of the roles are in Barrow-in-Furness, where BAE is building seven new Astute class attack submarines for the Royal Navy and designing a successor to Trident.
Each Astute class sub costs between £747 million and £1160m to build.