The professional body for whole life management of physical assets

More about the IAM Qualifications

These two new qualifications were formally launched at the IAM Annual Conference at Warwick on 18 June 2012.

Please Note:

The IAM Certificate and IAM Diploma are not training courses: they are IAM examinations. These Qualifications are designed to test knowledge and understanding of asset management and the application of that knowledge and understanding in the workplace. 

Candidates who feel they will need training and preparation for these examinations should contact an appropriate Training Provider. 

Find Endorsed Trainers

 

Background

The structure and contents of the new qualifications have been defined and aligned to the IAM Competences Framework, PAS55 and ISO55000 and, most recently the ’AM's free publication Asset Management – an Anatomy

This completes the phase of development work which began in 2010.  ince then extensive consultations have been carried out, including an in-company trial, an open public questionnaire / survey, various workshops and meetings.  The development work has been steered by the Qualifications Design Group whose support has been invaluable throughout the process. The result is these two new professional qualifications:

These qualifications are designed to promote best practice asset management concepts and practices, establish asset management career paths and make recruitment and selection to asset management roles more efficient and effective.

You can download full specifications for the Certificate and Diploma from this page.

IAM Certificate

The IAM Certificate (IAM Cert) is aimed at new entrants and those with some experience in asset management roles and seeking to achieve formal recognition of their knowledge, skills and experience.

Although the IAM Cert is intended to stand alone, it is designed as part of a progression route to the IAM Diploma (IAM Dip), which deals with a wider range of topics in greater depth.

It is anticipated that achievement of the IAM Cert will involve 150 hours of learning, of which 50% would be expected to taught and 50% personal study. The time requirements will depend upon personal circumstances and the candidate’s prior knowledge and experience.

Assessment for the IAM Cert will be by a written, multi-choice and scenario- based question examination set by the IAM. Examinations will be held at IAM Assessment Centres at various locations around the world – these will be organisations that have satisfied the IAM that they have the necessary resources and infrastructure and can meet certain quality assurance requirements.

The IAM Certificate consists of five Modules, the content of all of which must be covered for the full qualification:

Introduction to asset management 

Asset-related risk 

The asset management lifecycle

Asset information

Financial and business impact

The content of the IAM Cert is directly linked to the IAM Competence Framework and is also mapped to the specifications of PAS 55:2008, the emerging specifications of ISO 55 000, the IAM Document (2012) ‘Asset Management – An Anatomy’ and the GFMAM Asset Landscape.

IAM Diploma 

The IAM Dip is aimed at people with prior knowledge and experience of physical asset management or being prepared for or recently appointed to specialist or management roles.

It is anticipated that achievement of full IAM Dip will involve approximately 350 hours of notional learning, of which 30% is expected to be taught, 30% taken up with assignments and a project and 40% by personal study. However, the time requirements will depend upon personal circumstances and the extent to which relevant prior knowledge and experience has been acquired.

The IAM Dip is linked to the IAM Cert and is designed to form a natural progression from the IAM Cert. However, there is no mandatory requirement to achieve the IAM Cert before registering for the IAM Dip. Both qualifications are valuable in their own right and candidates can choose the award that best suits their needs.

Assessment for the IAM Dip will be by a written examination set by the IAM.

The examination will consist of multi-choice and scenario based questions. In addition to achieving success in the written examination, candidates will also be required to complete assignments, which will be used to assess understanding; and a project, which will be used to assess their ability to apply knowledge and understanding.

The IAM Diploma consists of 14 Modules, of which 6 are mandatory and 8 are optional, as follows:

Mandatory modules

Asset management policy and strategy

Assessing and managing asset management risks

Asset management information and knowledge

Life-cycle decision-making

Developing asset management plans

Managing asset lifecycle activities

Optional modules

Managing change in asset management systems and capabilities

Asset performance management

Contractor and supplier management 

Demand forecasting and capital expenditure planning

Asset care and maintenance management

Sustainable asset management

Techniques for whole-life costing and accounting

Asset management information systems 

Candidates must cover the requirements of the six Mandatory Modules and a selection of four from the eight Optional Modules.

The content of the IAM Dip is directly linked to the specifications of the IAM

Competences Framework and is also mapped to the specifications of PAS 55:2008, the emerging specifications of ISO 55 000 and the IAM Document (2012) ‘Asset Management – An Anatomy’.

A revised 2012 version of the IAM Competences Framework is available on the IAM website. This has been updated on the basis of user feedback and to bring it in line with the latest IAM and international thinking on asset management – this has resulted in some minor amendments, additions and some additional mapping.

Achieving the qualifications

These qualifications are designed to promote best practice asset management concepts and practices, establish asset management career paths and make recruitment and selection to asset management roles more efficient and effective.

The IAM Certificate and the IAM Dip are not training courses. They are qualifications which are awarded to candidates who demonstrate that they have met the evidence requirements. It will be the responsibility of candidates or their employers to decide how best to prepare candidates for the examinations. The expectation is that most candidates will need a substantial amount of training and development, while others will need less and a small minority may need very little. It will all depend upon the personal circumstances of the learners.

It will be left to training organisations to determine the best approach to and methods of preparing candidates and assessing their readiness for the examinations. The evidence requirements for the two qualifications provide the basis for designing training courses and assessing learner progress and readiness for the examinations.

IAM Assessment Centres

IAM Assessment Centres will be venues and/or organisations internationally that have shown they have the necessary facilities and staffing to satisfy the quality assurance and quality control requirements of the IAM.

They could be Corporate Members or Endorsed Trainers or organisations that might not offer training at present but wish to offer assessment facilities in accordance with the IAM specifications and criteria.

IAM Examinations Board

A new IAM Examinations Board (EB) is responsible for designing and managing the processes for assessing and verifying the IAM Cert and IAM Dip and awarding them to successful candidates. It will also be responsible for overall quality assurance of these IAM qualifications.

The EB’s main tasks for 2012 are the design and maintenance of the bank of examination questions and the development of procedures for the international delivery of examinations.

If you are interested or know of someone who might be interested in getting involved in the work of the Examinations Board or serving as an IAM examiner, please contact us.

Further Information

The Frequently Asked Questions section below will be updated as questions arise.

 
FAQs: 

Q Why has the IAM introduced these new qualifications?

A
To meet a need in the now global market for asset management - there are, currently, no comparable qualifications available and market research by the IAM during the course of developing the qualifications showed that there are potentially large numbers of   individuals who will welcome the opportunity to achieve the IAM Certificate(Cert) or IAM Diploma (Dip). The qualifications will increase the status of asset management as a career choice, enable employers to attract and retain the right staff and give individuals a way of demonstrating their knowledge and skills.

Q Why should I bother to get an IAM Certificate or IAM Diploma? – I already have a graduate qualification.

A
Employers look for evidence of achievement in specific fields, both for recruitment purposes and as part of career development and progression. The IAM Cert and IAM Dip offer people new to asset management and people who already have some experience the opportunity to provide this evidence – in other words, the ability to demonstrate knowledge and understanding that is based on the latest asset management thinking, internationally recognised standards and the IAM Competences Framework.

Q What’s in the IAM Certificate and the IAM Diploma?

A
The IAM Cert has five mandatory Modules. The IAM Dip has 14 Modules, of which six are mandatory and eight are options – of which four must be completed. Full details of the content and structure of the qualifications are available on the IAM Website. 

Q Are these qualifications training courses?

A
No. They are publicly available qualifications that show you have the necessary knowledge and understanding of asset management and can apply it. Most people will need training to prepare them for the examinations.  The IAM is, in effect, an examinations board.

Q When will the IAM Certificate and IAM Diploma be available?

A      
The qualifications were launched at the IAM Annual Conference on 18 June 2012.  Candidates may register now for the Cert (and in 2013 for the Dip). The first examinations for the IAM Cert will be held by the end of January 2013; and for the IAM Dip by the end of April 2013.

Q Do I need to have a first degree to register for the IAM Certificate or IAM Diploma?

A
There are no pre-set entry requirements. You do not have to be a Member of the IAM.

 

Q How do I enter for the IAM examinations?

A      


To become a candidate you must register for the exam with the IAM.  The relevant Registration Fee, which covers entry to an examination, must be paid at this time.  This will allow you to access the online exam portal and practice questions for the exam. 

Your registration number should be used in any correspondence with the IAM about the qualifications, including examination registrations and bookings.

If you are already a member of the IAM (you have a Member or Registrant number) you need  to enrol

If you are not a member or registrant with the IAM you need to register for the exam here .  This will take you to a screen to collect your personal details before paying the exam registration fee.

The IAM recommends that you register for the exam as soon as possible.

When you are ready to take the examination, you will be able to find and book an exam session (on our website) at a convenient IAM Endorsed Assessment Centre.  The volume and location of registrations should enable us to decide where and when to hold exams.  (The booking system is not yet visible.)

 

 

Q When are the examination sessions held?

A      
They will be held at least quarterly. The first examinations for the IAM Cert will be held by the end of January 2013; and for the IAM Dip by the end of April 2013.

Q Where will the examination sessions be held?

A      
IAM Endorsed Assessment Centres are expected to be arranged anywhere in the world. Candidates need to decide which Centre is most convenient.  Attendance may involve travel. The IAM has issued a call for expressions of interest from organisations that may wish to become formally approved as an IAM Assessment Centre. To achieve this, the organisation must provide evidence of having, or being able to develop, the necessary knowledge, experience, resources and facilities to hold examination sessions.

Q What do the examinations consist of?

A      
For the IAM Cert there will be a single examination paper which is expected to comprise multiple choice questions. For the IAM Dip, the examination will be a mixture of multi-choice questions and more reflective questions based on scenarios, case-studies, etc, requiring more thought and analysis

Q Who is responsible for setting the examination questions and marking the papers?

A      
The IAM is establishing an IAM Examinations Board, which will be responsible for deciding the final format and contents of examinations and assessments, quality assuring the examinations process, scoring and marking, and awarding the qualifications to successful candidates.

Q Do I have to attend an Assessment Centre to take the examinations? Can’t I just do it online?

A      
The IAM requires attendance in person at an IAM-Endorsed Assessment Centre for reasons of identification and security. Assessment Centres offer on-line assessment for the IAM Certificate and the IAM Diploma. 

Q What happens if I fail the examinations?

A      
You can re-sit the examination for either the IAM Certificate or the IAM Diploma. The fees for repeated attempts are the same as the fees for the initial attempt.  If you are using a voucher bought before a price rise there is no extra cost – the voucher does not expire.

Q Where I can find out more?

A  
The IAM Website contains the latest information and guidance relating to the IAM Cert and IAM Dip. The IAM Qualifications Team can deal with specific enquiries: Quals@theIAM.org  


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