To become a Member of the IAM, you will meet one of the following experience criteria:
- Achieved the IAM Certificate by examination, followed by 24 months’ experience working in an asset management role as a Practitioner or higher in three of the seven Key Roles
- Achieved the IAM Diploma by examination, followed by 12 months’ experience working in an asset management role as a Practitioner or higher in three of the seven Key Roles
- Hold a postgraduate degree (MSc/MBA etc.) in Asset Management on a course acceptable to the IAM, followed by 12 months’ experience working in an asset management role as a Practitioner or higher in three of the seven Key Roles
- Hold a first degree in a relevant subject and 36 months’ experience working in an asset management role as a Practitioner or higher in at least three of the seven Key Roles
- Hold Chartered Membership of another relevant professional body with 12 months’ experience working in an asset management role as a Leading Practitioner, or 36 months as a Practitioner in three of the seven Key Roles
- 7 years’ experience working as a Practitioner or above in three of the seven principal activity areas identified in the IAM Competences Framework, with current responsibility as a Leading Practitioner in two of the seven Key Roles.
Key Roles (IAM Competences Framework)
- Policy development
- Strategy development
- Asset management planning
- Implement asset management plans
- Asset management capability development
- Risk management and performance improvement
- Asset knowledge management
Levels of Expertise
No experience or competence – developing asset management knowledge and experience.
Level 1: Practitioner
Consolidating asset management knowledge: able to work largely unsupervised on asset management projects and have responsibility for individual deliverables, e.g.:
- Condition surveys
- Implementing an asset management or maintenance plan
- Developing asset data acquisition systems specified by others
- Cost/ benefit/ risk analyses
- Whole-life costing studies
- Compiling maintenance and renewal schedules
- Delivering training courses in asset management practice at Certificate/ Diploma level
- Contributing by studies/ papers/ analysis to the development of policy and strategy for an employer or clients
Generally, the work of a Practitioner will be subject to checking/ review. Practitioners will normally be expected to support less experienced people in developing their asset management knowledge.
Level 2: Leading Practitioner
A Leading Practitioner holds senior responsibility in an asset management role and typically be, or have been, one of more of the following:
- leader of a team responsible for developing/ delivering an organisation’s asset management plan, the operational performance of assets under their control, risk management or managing asset knowledge
- project leader responsible for the technical and commercial delivery of asset management consultancy projects to clients
- senior consultant or academic responsible for specific research and development projects or the creation and delivery of structured training in asset management in a company or educational establishment.
A Leading Practitioner will take significant technical/ commercial decisions and be able represent the asset management discipline effectively in discussions with both professionals in other disciplines and senior management who may not have asset management experience or knowledge.
They will have some responsibility for the resources and budget associated with the work they lead and may contribute significantly to the development of an Asset Management Policy and Strategy.
A Leading Practitioner may be responsible for checking the output of staff at a lower level. Some of their work will normally be subject to authorisation/ review at a higher level or on an acceptance process by an informed client. In an organisational context, the Leading Practitioner contributes to or is responsible for the professional development of new entrants to the discipline.
Level 3: Principal
A Principal holds current superior responsibility in asset management and will typically be, or have been:
- an executive in an asset-owning organisation
- a recognised and eminent expert in asset management in an asset-owning organisation or engaged as a consultant
- a leading academic at an educational establishment accountable for the development and implementation of IAM-recognised training courses covering asset management across all Key Roles.
A Principal controls the budget and resources to deliver an organisation’s asset management plan or is accountable for the delivery of consultancy projects in asset management.
In a business context, a Principal is accountable for the Asset Management Policy and Strategy, including development of new entrants to the discipline, and demonstrates leadership and vision, promoting the benefits of asset management and furthering the objectives of the IAM.
A Principal may have conducted research and development work contributing to asset management knowledge. In these fields, the Principal will be an ‘expert practitioner’, with full technical responsibility for the output of work produced by themselves and by those at a lower level. Their work is not subject to any further checking, and the advice, products and services for which they are accountable may be acted upon directly by others, e.g. Boards of Directors, uninformed clients, students. When a Principal is advising an organisation, this is normally at the most senior level.