Management
- Entry requirements
- What you might do
- Training and professional qualifications
- Rewards
- Prospects
- Useful links
If you're interested in business management, the insurance industry is an ideal place to start. All the core elements of successful modern business feature here - from finance, information systems and human resources to change management, relationship management and team management. This means there are vast opportunities for you to build broad experience across a range of specialisms - and to develop your leadership skills in the process.
The insurance industry is one of the few that still appoints management trainees to learn how to plan, organise, lead, co-ordinate and control business direction. Larger organisations in the industry offer talented graduates the chance to join rotational management development programmes, which groom individuals to become rounded professionals and take on a variety of leadership roles.
Entry requirements
Some employers ask for the equivalent of at least a 'B' grade GCSE in Maths and English, with candidates also typically requiring a 2.1, first class or postgraduate degree in any discipline (though a business-related degree is often an advantage).
More important is drive, strong leadership qualities, the ability to motivate others and make decisions. The best candidates will also be able to demonstrate commercial awareness, creativity, dedication and initiative, as well as the desire to learn and the ability to acquire new skills quickly.
What you might do
Developing an individual to take on a managerial role requires breadth and depth of experience, so you will be exposed to many aspects of the business you join. Most companies offer a range of placements in different areas, depending on individual preferences and prevailing business needs, so you can gain breadth as well as depth of experience.
That means you may take on roles in customer services, underwriting, claims, sales, marketing, finance or HR. You may be required to be an analyst, a project manager or a team leader in any part of the business, and you will be expected to gain an understanding of policies, practices, products, customers and competitors.
Training and professional qualifications
Management development programmes vary in duration and intensity but typically last from 18 months to four years and include both technical and professional development training. They may involve courses to assist you in gaining 'soft' skills in communication, negotiation or presentations, and are also likely to include professional studies, for example Chartered Insurance Institute (CII) qualifications ((link to relevant part of site)), Financial Planning Certificates, postgraduate diplomas in management studies, or even - in due course - an MBA.
Most programmes involve a series of rotations, working alongside senior colleagues in different parts of an organisation to ensure wide exposure and to broaden your business awareness and work experience. You'll learn how to influence people, make sound business decisions, acknowledge and develop other people's ideas, and delegate responsibility.
Rewards
Typical starting salaries for graduate management trainees, depending on location, are in the region of £20,000 - £25,000. Very senior managers who have worked their way up to director level and have accumulated many years of experience in the industry are likely to command remuneration packages worth more than £100,000.
Prospects
If you have drive and ambition, the sky is the limit for people who successfully complete a management development course. While some may choose to specialise along the way and move across to claims, underwriting or customer services, high achievers can expect to attain senior management positions and have the opportunity to travel or work overseas, building a successful international career.
Useful links
Chartered Management Institute
3rd Floor
2 Savoy Court
Strand, London
WC2R 0EZ
Tel 020 7497 0580
www.managers.org.uk
Chartered Insurance Institute (CII)
42-48 High Road, South Woodford, London E18 2JP
Tel: 020 8989 8464
www.cii.co.uk
