Insurance Management Associate Program (IMAP) - Page 2 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Insurance Management Associate Program (IMAP)

 Citibank Cash Back Card - up to $350 cash back* - Click to Apply Now 
Reply
 
Thread Tools
  #11 (permalink)  
Old 09-03-2020, 02:35 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Bump, anyone applying for iMAP 2020???
Did you pass the first round interview with SCI?

Reply With Quote
  #12 (permalink)  
Old 13-03-2020, 11:59 PM
Random12345
Guest
 
Posts: n/a
Default

Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.

Reply With Quote
  #13 (permalink)  
Old 15-03-2020, 03:27 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Random12345 View Post
Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.
damn, thank you for your insight into the iMAP program. They do make it sound it's bloody awesome and all.

Reply With Quote
  #14 (permalink)  
Old 20-03-2020, 05:22 PM
Unregistered
Guest
 
Posts: n/a
Default

Any iMAP seniors care to share about promotion / pay increment over the 2-3 years for this? The benefits don't sound so great for an MA program
Reply With Quote
  #15 (permalink)  
Old 20-03-2020, 10:01 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Random12345 View Post
Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.
Are you in the company that starts with M?
Reply With Quote
  #16 (permalink)  
Old 22-03-2020, 04:08 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Random12345 View Post
Hi I'm a current IMAP with one of the Big3 of the industry. To those joining or currently interviewing. I highly do not recommend it. Only join if you have no other good offers. They make the programme sound prestige and nice promising a good future in your career. But it is a scam. Yes the starting pay maybe decent (3.5K) but honestly you are better off as a direct hire as in the 2 years you will be rotating around and ur pay will hardly increase and you probably won't be promoted after you complete. Oh and the ACII thing is kinda useless, i mean most of the people i know like directors are doing totally fine without it. So pleaae do not join if you have other higher offers out there.
So you will just be very underpaid when you finish with your ACII eventually after 2 years.
Beg to differ here. I'm one of those so called seniors/director level people. It's a good industry to be in. Some old timers are not ACII qualified as it is not regarded by MAS or the larger industry as the paper to have, but just a nice to have then. Now, ACII is the pathway to the future, much like having a degree. As with all other industries, junior level means learning the ropes, and get exposures. This is an industry where knowing your peers, underwriters, adjusters are so so important. That network will set you up in future.
Be patient.
As for pay, as you gain experience, the pay will come, anything in excess of SGD150k after 10-15 years are common...
Reply With Quote

  #17 (permalink)  
Old 25-03-2020, 06:12 PM
Random12345
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Beg to differ here. I'm one of those so called seniors/director level people. It's a good industry to be in. Some old timers are not ACII qualified as it is not regarded by MAS or the larger industry as the paper to have, but just a nice to have then. Now, ACII is the pathway to the future, much like having a degree. As with all other industries, junior level means learning the ropes, and get exposures. This is an industry where knowing your peers, underwriters, adjusters are so so important. That network will set you up in future.
Be patient.
As for pay, as you gain experience, the pay will come, anything in excess of SGD150k after 10-15 years are common...
I'm not denying that this is a good industry. But all I'm saying is if you come in as an IMAP. You are very under valued as an MA. I know of friends who are executives after 2 years (eg same as fresh hire grading). I also know of MAs who earn less than direct hires who just came in. I hate to break it the truth but as an IMAP myself I came in believing my future is bright and all will be well, but honestly with MAS sponsoring half your salary, companies take you in as a cheap hire. If you're lucky to find one company that really want to groom you as a true MA then congratulations (there are cases like this, promoted and significant salary increase after completion). I'm just saying this isn't the case for most other IMAPs i personally know.

If i had the choice again. I would rather be a direct hire as compared to a rotating IMAP. Yes i agree be patient 10 to 15 years you will reach it there 150K per annum no problem. But then again lets think of it logically ...10 to 15 years. Which industry will not give you 150K after 10 to 15 years (assuming you don't screw up and work diligently and move up the rank normally, promote once per 3 years which is relatively slow... you're already 5 ranks higher after 15 years and should be fetching 10K plus per month)

My point and conclusion here is just that: it is not worth it to be an IMAP thats all. Cause from my experience and what i observed. The fast track is a scam and i believe that's why many decided to join IMAP for a so called fast track future right? No insults to the industry, i highly reccomend all fresh grads to join the industry as a broker/underwriter or actuary it is a good career. Just probably not under the IMAP scheme. As for ACII yeah maybe it is getting more recognised but like the poster pointed out, its a relationship business. Your connection is your power not your cert.

Ps. For privacy sake I'm not gonna reveal which batch and big3 I'm in. Please understand that. Observations are from people i know cross batches including current to even the very first batch when it was not even called IMAP yet. This is my very opinion. But of course since its a forum everyone is dedicated to their own very honest opinions.
Reply With Quote
  #18 (permalink)  
Old 28-03-2020, 01:57 AM
Unregistered
Guest
 
Posts: n/a
Default

thanks for your honest reply. i have an offer and alr accepted it but im still looking out for other opportunities. i have a senior whose story is somewhat similar to yours. after 2 years he told me he had to start from the bottom at the dept with almost no pay increment lol. however,given this economic climate, i guess i have no choice. i aspired to work in a bank but i got rejected from everywhere.
Reply With Quote
  #19 (permalink)  
Old 28-03-2020, 10:42 AM
Unregistered
Guest
 
Posts: n/a
Default

Is the scenario that you have described from a company that disguised the IMAP as their graduate program?
Reply With Quote
  #20 (permalink)  
Old 28-03-2020, 12:57 PM
Unregistered
Guest
 
Posts: n/a
Default

insurance agent just say insurance agent lah.
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Q: Management Associate at SGX Saab Income and Jobs 92 03-06-2020 05:02 PM
PSA Management Associate Programme kwkhiu Income and Jobs 8 17-03-2020 01:26 PM
Management Associate Program hexengeist Income and Jobs 0 05-09-2013 01:40 PM
standard chartered finance management trainee program alwaysnforever Income and Jobs 3 07-02-2013 03:44 PM
Dive Management Associate Program Rickykoh Marketplace and Find Work 0 20-01-2013 01:30 PM

» 30 Recent Threads
Lawyer Salary ( 1 2 3... Last Page)
7,643 Replies, 2,620,118 Views
Roles in accenture singapore ( 1 2 3... Last Page)
391 Replies, 251,586 Views
Mortgage Specialist Role.
2 Replies, 1,455 Views
Anyone being hired during covid... ( 1 2 3)
26 Replies, 2,132 Views
Possible to earn passive income... ( 1 2)
18 Replies, 4,296 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,296 Replies, 909,717 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
165 Replies, 77,433 Views
Anyone work for Casino (RWS/MBS) ?... ( 1 2)
12 Replies, 8,771 Views
DBS Management Associate Program... ( 1 2 3... Last Page)
1,794 Replies, 273,922 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,196 Replies, 973,192 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
3,066 Replies, 1,287,082 Views
Career as Teacher ( 1 2 3... Last Page)
2,671 Replies, 1,610,500 Views
Compare civil service salary ( 1 2 3... Last Page)
10,119 Replies, 5,592,279 Views
ST Electronics ( 1 2 3... Last Page)
690 Replies, 212,578 Views
What's the graduate officer... ( 1 2 3... Last Page)
56 Replies, 13,450 Views
Tax ( 1 2)
15 Replies, 3,674 Views
Mid-Year Civil Servant Bonus 2019 ( 1 2 3... Last Page)
1,635 Replies, 784,720 Views
anyone working at NCS ? ( 1 2 3... Last Page)
396 Replies, 288,367 Views
How much do you earn and save? ( 1 2 3... Last Page)
104 Replies, 14,593 Views
Submitting My Resume To ST... ( 1 2 3)
23 Replies, 22,528 Views
Job offer from Apple ( 1 2 3... Last Page)
462 Replies, 88,382 Views
Sign On After 30? ( 1 2 3... Last Page)
34 Replies, 3,100 Views
Queries about Cpib application ( 1 2 3... Last Page)
1,091 Replies, 500,984 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,298 Replies, 1,910,623 Views
Ceca
2 Replies, 293 Views
Changi Airport Group ( 1 2 3... Last Page)
378 Replies, 335,206 Views
Feeling helpless, need advice... ( 1 2)
11 Replies, 1,000 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
2,916 Replies, 1,086,909 Views
Anyone working in NTU... ( 1 2 3... Last Page)
91 Replies, 93,101 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
1,380 Replies, 565,503 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 05:59 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2