Since 2012, demand for training to get candidates ready for the IAM examinations has gone global as the demand for competent asset management professionals has surged. Unsurprisingly, the level of demand increased greatly with the publication in January 2014 of ISO55000, the international standard for asset management systems.
Promoting asset management as a positive career choice and providing the building blocks for developing and accrediting the people who choose it are now major challenges for the professional bodies in this field. Not least because asset management calls for such a wide range of knowledge, skills and experience and career paths into the profession are diverse.
People come to asset management roles from engineering, technical, financial, management and operational backgrounds. They may enter as graduates or switch from other roles where they have already gained senior responsibilities.
Career paths tend to be specialist or managerial. Specialist roles involve the accumulation of methodologies, techniques, skills and best practices. Managerial roles involve gaining a strong grasp of technical, operating and commercial realities. In both cases, there is a range of personal and people management skills which tend to differentiate high performers from the rest.
Asset management offers a strategic approach to running asset dependent businesses better. Asset management problem-solving is multidisciplinary, team- based and crosses traditional boundaries between functions. Decision-makers will come from a range of backgrounds. They will be financially articulate and business leaders, not just managers.
The role of the IAM Certificate and Diploma qualifications is to make sure people are well grounded in asset management concepts, principles, methods and best practices at a relatively early stage of their individual asset management journeys.
Tailored training
Master’s degrees have an important part to play in developing the people organisations will need in senior specialist and managerial roles in future. At present most Master’s degrees are technical or engineering-based, but the Asset Management Academy is talking with universities around the world about offering more business orientated programmes – and we know others are in the pipeline.
A key responsibility for asset management training organisations like ours is to make sure that people get the training that is best suited to their needs. This is not just a question of which qualification they are ready for, but also what training they have already received, what practical experience they have and how confident they are.
Chartered Asset Manager
The career progression for a Chartered Asset Manager typically involves several stages. The first stage is an entry-level position, where the individual will learn the basics of asset management and gain exposure to different types of physical infrastructure assets. This position may involve working in a team, performing audits, and contributing to asset management plans. At this stage the IAM Foundation course would be taken.
After gaining some experience in entry-level roles, the next stage of career progression is typically a more senior position. This may involve taking on more significant responsibilities such as managing teams, leading asset management projects, and liaising with clients and stakeholders. Individuals in senior positions may also be responsible for developing new asset management strategies and overseeing the implementation of these strategies. We would recommend sitting the principles of Asset Management course at this stage of the journey.
The final stage of career progression for Chartered Asset Managers in physical infrastructure is typically a leadership position, such as a Chief Asset Manager or Asset Management Director. In these roles, individuals are responsible for leading large teams and overseeing the entire asset management function for an organization. They may be involved in setting organizational goals, developing strategic plans, and ensuring that the asset management function is aligned with the broader goals of the organization. The Diploma course is a perfect companion to this stage of career development.
In conclusion, a career in Chartered Asset Management for physical infrastructure offers excellent opportunities for professional growth and advancement. As individuals gain experience and progress through the different stages of their career, they will have the opportunity to take on more significant responsibilities, work on more complex projects, and contribute to the success of their organizations.
