Insurance Management Associate Program (IMAP)

Some peers has fixed salaries (2.8k - 3.2k) for the two years meaning no Increment.
Others like my company gave increment of 2-3% every year (some of you may think it's ok, but remember you are on the lowest tier of the food chain at 3k pm) Only your friends in audit are more pathetic than you.

Exit options out of the company still OK, there is some relevance in your certification but don't expect good salaries cause companies will view you as 0 years of experience due to rotation
Exit options out of the industry, tough/challenging/shag but not impossible (I am the walking example).

Join the program with your eyes wide open, it's not a MA program, it's just a "program".
The rotation can serve as an opportunity to develop transferrable skillset i.e. stakeholder management, client relationships, financial analysis, real pitching to real companies with real ideas that have real impact (not your uni tutorial bull), building network... The overseas stint can broaden your perspective. Good first job to be thrown into the deep end for some experience.

Good luck and may the insurance god shine on all you ambitious little smarty pants!

PS: the industry don't attract capable people, and your colleagues are often not the top tier people. As such, if you stay long enough and really "zai" you can shine easily. I know of one particular peer who stayed after the program (1 of the big brokers) and is highly regarded in her department and her advice is well sought after by her clients. 真金not scared of 火

should i renege if i have another offer elsewhere haha

Originally Posted by Unregistered

Some peers has fixed salaries (2.8k - 3.2k) for the two years meaning no Increment.
Others like my company gave increment of 2-3% every year (some of you may think it's ok, but remember you are on the lowest tier of the food chain at 3k pm) Only your friends in audit are more pathetic than you.

Exit options out of the company still OK, there is some relevance in your certification but don't expect good salaries cause companies will view you as 0 years of experience due to rotation
Exit options out of the industry, tough/challenging/shag but not impossible (I am the walking example).

Join the program with your eyes wide open, it's not a MA program, it's just a "program".
The rotation can serve as an opportunity to develop transferrable skillset i.e. stakeholder management, client relationships, financial analysis, real pitching to real companies with real ideas that have real impact (not your uni tutorial bull), building network... The overseas stint can broaden your perspective. Good first job to be thrown into the deep end for some experience.

Good luck and may the insurance god shine on all you ambitious little smarty pants!

PS: the industry don't attract capable people, and your colleagues are often not the top tier people. As such, if you stay long enough and really "zai" you can shine easily. I know of one particular peer who stayed after the program (1 of the big brokers) and is highly regarded in her department and her advice is well sought after by her clients. 真金not scared of 火

Do you have any idea how is the salary increment / career progression like for Marsh?

Originally Posted by Unregistered

Do you have any idea how is the salary increment / career progression like for Marsh?

Curious to know about this too

Originally Posted by Unregistered

should i renege if i have another offer elsewhere haha

depends on where?

Is this programme still open to application.

Originally Posted by Unregistered

Some peers has fixed salaries (2.8k - 3.2k) for the two years meaning no Increment.
Others like my company gave increment of 2-3% every year (some of you may think it's ok, but remember you are on the lowest tier of the food chain at 3k pm) Only your friends in audit are more pathetic than you.

Exit options out of the company still OK, there is some relevance in your certification but don't expect good salaries cause companies will view you as 0 years of experience due to rotation
Exit options out of the industry, tough/challenging/shag but not impossible (I am the walking example).

Join the program with your eyes wide open, it's not a MA program, it's just a "program".
The rotation can serve as an opportunity to develop transferrable skillset i.e. stakeholder management, client relationships, financial analysis, real pitching to real companies with real ideas that have real impact (not your uni tutorial bull), building network... The overseas stint can broaden your perspective. Good first job to be thrown into the deep end for some experience.

Good luck and may the insurance god shine on all you ambitious little smarty pants!

PS: the industry don't attract capable people, and your colleagues are often not the top tier people. As such, if you stay long enough and really "zai" you can shine easily. I know of one particular peer who stayed after the program (1 of the big brokers) and is highly regarded in her department and her advice is well sought after by her clients. 真金not scared of 火

Talking about Marilyn or Avril?

Originally Posted by Random12345

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.

Are you Kong tat, Kenneth, wijohn or Melvin?

Originally Posted by Unregistered

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...

Which company are you from?

Originally Posted by Unregistered

should i renege if i have another offer elsewhere haha

Now got covid companies start to rescind offers, you still want to nego?