Set Instant Pot to saute and add 2 tablespoons vegetable oil. When oil is hot, add onion and saute for about 3 minutes, then add ham and seasonings and continue to saute for another 3 minutes. Press cancel to stop saute cycle.
Add chicken broth, split peas and carrots, stir well. Secure lid and pressure cook for 18 minutes.
Allow pressure to naturally release (NPR) and serve when ready.