Np. They have a "chance" to be promoted to associate in 2.5 years (the local uni intake usually comes in around Jun/July. Performance reviews happen in the second half of the year, and promotions at end of year/start of year). But people who don't get hired through these programs also have a chance to be promoted in 2.5 years as well.

Of course, if you already have 2 years of experience outside, and you join right in the middle of the review cycle, you'll need to do 1 full year so that you will be included in performance review. Then in this case, you will take longer to promote simply by virtue of time, and you having only 1 year to familiarize yourself with the firm systems/tasks.

But if you join as a graduate (maybe just a few months after the university intake), you should not be put at any disadvantage at all, as you'll still be treated as being in the same class.