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 Insurance Agent or Corporate Job as a fresh grad

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flying_manatee
post Jul 14 2020, 07:42 PM

Getting Started
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Junior Member
210 posts

Joined: Mar 2014
smile.gif+Jul 14 2020, 02:38 PM-->
QUOTE(kyan smile.gif @ Jul 14 2020, 02:38 PM)


Insurance Agent:
Year 1 (23): Production RM5,000/ month, RM60,000 per year, 1st year comm 25%: RM15,000 = RM1,250/ month
Year 2 (24): Production RM7,500/ month, RM90,000 per year, 1st year comm 25%: RM22,500 + Year 1 comm RM15,000 = RM3125/ month
Year 3 (25): Production RM8,000/ month, RM96,000 per year, 1st year comm 25%: RM24,000 + Year 1 & Year 2 comm= RM4,000/ month
Year 4 (26): Production RM8,000/ month, RM96,000 per year, 1st year comm 25%: RM24,000 + Year 1, Year 2, Year 3 comm = RM24,000 + RM6,000+RM13,500+RM24,000 = RM67,500 per year/ RM5,625/ month
Year 5 (27): Promoted to Unit Manager with RM120,000 Direct group with RM96,000 Personal Production: Direct Group Overriding: RM18,000, Personal Sales: RM24,000 + Year 2- Year 4= RM83,500: RM101,500 per year/ RM9,125/month
Year 6 (28): Unit Manager with RM150,000 Direct Group with RM96,000 Personal Production: Direct Group Overriding: RM22,500 + Year 1 DG OR RM12,000, Personal Sales RM24,000 + Year 2 - Year5= RM89,000: RM123,500 per year/ RM10,300/ month
Year 7 (29): Unit Manager with RM180,000 Direct Group with RM120,000 Personal Production: Direct Group Overriding: RM27,000 + Year 1 - Year 2 DG OR RM27,000, Personal Sales RM30,000 + Year 2 - Year6: RM98,600: RM152,600 per year/ RM12,716/ month
Year 8 (30): Unit Manager with RM300,000 Direct Group with RM120,000 Personal Production: Direct Group Overriding: RM45,000 + Year 1 - Year 3 DG OR RM33,000, Personal Sales RM30,000 + Year 2 - Year 6: RM106,000: RM184,000 per year/ RM15,333/ month

I provide numbers from Year 1 - Year 8 for an average performer, *not the outstanding performer, commission assumption based on market average excluding production bonuses/ incentives.

*
I'm quite curious, are you saying the average insurance agent earns this much after 8 years of working?

 

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