This is a key month in the world of Asset Management as it is the first time ever that examinations will be held for the new professional qualifications from the IAM. The IAM Certificate (IAM Cert) will be examined first, followed by the IAM Diploma some four months later.
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.
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 be 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.
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:
- 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
- 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’.
Candidate registration and fees
Anyone interested in achieving the IAM Cert or IAM Dip will need to register as a candidate with the IAM.
Only registered candidates may apply to an IAM Assessment Centre for entry to one of the quarterly examinations. Typically, people will first register as a candidate, then complete a programme of training and development, then apply for entry to an examination. Candidate registration will help the IAM to manage demand and allow candidates to engage in its professional development activities.
Candidates or their employers will be responsible for arranging any training they consider necessary to prepare for the examination.
A registration fee will be payable to the IAM which will cover registration and one entry to an examination. Where a candidate needs to re-sit an examination, a re-sit fee will be payable on each occasion.
(i) For employees
Achieving the IAM Cert or IAM Dip will be first-hand evidence of your knowledge and understanding of asset management as measured against recognised national and international standards and the IAM Competences Framework.
The IAM Cert and IAM Dip are directly related to the requirements of the workplace and will draw upon your knowledge and experience of the holistic aspects of asset management as well as your work in your chosen area of interest.
The IAM Cert and IAM Dip are designed as part of a progression route, intended for those relatively new to the discipline as well as those with greater experience. However, you can choose the qualification that best suits your personal circumstances: there is no mandatory requirement to achieve the IAM Cert before entering for the IAM Dip.
As awards offered by the IAM, the IAM Cert and IAM Dip will have international recognition and currency. At present there are no other comparable qualifications available worldwide.
(ii) For employers
The IAM Cert and IAM Dip offer employers the means by which they can evaluate and certify the knowledge, understanding and experience of asset management of their workforce. Such evidence is becoming increasingly required in supply-chain management, where contractors must show that they have appropriately qualified personnel.
Registering staff for the qualifications will provide an opportunity to evaluate individual training needs and thus to structure training provision efficiently and cost-effectively.
Using the specifications of the IAM Cert and IAM Dip can help with development of staff career progression and promotion, as individuals express interest in either generalist or specialist roles.
Recruiting new staff will be facilitated as individuals achieve the IAM Cert or IAM Dip, The qualifications will represent evidence of holistic knowledge and understanding of asset management.
For more information contact Gillian
T: (061) 329 269
M: (087) 6826171