Insurance Management Associate Program (IMAP)

Originally Posted by Unregistered

Talking about Marilyn or Avril?

Is that you Alvin haha

Originally Posted by Unregistered

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

Nobody will say because although Marsh is big, it is actually not that big an organization in Singapore. Only got these few Imap. First year no increment, those who stay after bond even lesser. So easy to narrow down who is who. Nobody will act hero reveal their package here lah.

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

Is that you Alvin haha

Who are you ? Don't anyhow expose people here.

Whatsapp me.

Originally Posted by Lol

To those interested in the program, take it as if you wanna explore an (unique) industry
This is neither your MA program in banks nor the Grad programs in civil service.

I was part of the program in one of the (then) big3 brokers.

Pros:
Some overseas exposure when sent to London w your batchmates, awesome fun with bunch of same age folks roaming Central London/UK.

Cons:
Salary was pegged at 3.2k (sucked balls, had to drive grab to make up for the income gap)
No performance bonus
Rotation meant you don't have a home dept/boss to fight for your promotion/increment during appraisal
Colleagues are not the smartest nor the brightest (not good for professional growth if you aren't young, no one to look up to in office)
Post grad certification (many peers fail miserably - xia suay - but it was quite easy for me, aced it and they will give you some paper with your name on it. Mehhhh)
Full of (incapable) ang mohs who talk more than they pang sai
Bond of $xxxxx

Only 2-3 people I know from the program stayed on in the industry.

The rest left on the dot when their bonds are up or be like me break the bond to jump out of the program, company and industry all together.

That being said with covid infecting this economy, I guess the industry will get a bumper intake of quality people from imap.

Cheers

Come back from London then break bond? Aon?

Marsh imap got chio bu hehe

Originally Posted by Marshcares

Marsh imap got chio bu hehe

So true.. the short skirts and the off shoulder tops

do not join if you are attached like me. lots of temptation.

[COVID-19]

Originally Posted by Marshlover

So true.. the short skirts and the off shoulder tops

do not join if you are attached like me. lots of temptation.

Do you know this girl called Avril then

[COVID-19]

As an IMAPer, you will have a mentor, buddy (for each rotation), coach (supervisor) and will need to do a performance review every rotation. Because IMAPers are fresh grads, it is hard to justify and ask for a higher pay. Plus it's actually competitive (first class honours go to Prudential IMAP).
The programme was disappointing as there were a lot of random projects that took up a lot of our time and we don't really learn much. There is immense cognitive dissonance that comes from being told I'm supposed to be appreciative of my amazing opportunities as an MA, while having to face a reality that the job I'm assigned to is one of the most uninspiring things I could do with my life.
At the end of the program, I was told that my choices (which were where I rotated to), will never have headcount due to automation, efficiency, and job freeze (this was years before covid). To HR, I am just a pawn, a chess piece. They told me I'm a plaster, to go wherever the organisation needs.
Then one day I applied to another company and was offered an amazing opportunity.

Any other companies available this year?