Succeed in Your IAM Certificate or Diploma Exam with Our Expert Tips

19th September 2024

Welcome to our definitive guide for conquering the IAM Certificate and IAM Diploma exams, renowned as the gold standards in Asset Management professional development.

Facing an exam can be intimidating, but with the right strategy and insights, you can approach it with confidence. Here are our expert tips designed to help you excel:

Pre-Exam Preparation

  1. Understand the Exam Format: Familiarize yourself with the structure of the exam. Whether you’re tackling the Certificate or the more advanced Diploma, understanding the type of questions—be it multiple choice or scenario-based—will help you strategize your approach.
  2. Strategic Studying:
    • Flashcards for Key Terms: Create flashcards to memorize critical asset management definitions and principles.
    • Mock Exams: Practice with similar exam questions to get accustomed to the format and phrasing of questions.
    • Focus on Application Rather Than Memorization: The exam tests your ability to apply knowledge rather than just recall facts. Engage with each concept by relating it to real-world applications or case studies.

During the Exam

  • Manage Your Time: Allocate your time wisely. With about two minutes per question, it’s crucial to pace yourself. If stumped, flag the question and revisit it later.
  • Techniques for Multiple-Choice Questions: Begin by eliminating the clearly incorrect answers to narrow down your choices. Use keywords and logic to deduce the correct answers.
  • Handling Scenario-Based Questions: Read the questions first, then the provided scenarios. This approach helps sift through extraneous information quickly and efficiently.
  • IAM’s Perspective: Answer the questions based on the theories taught in the course, not based on personal or organizational practices.

Key Concepts to Master

  • Policy Hierarchy: Understand how different policies and plans align, from Organizational Strategy to individual Asset Management Plans.
  • Asset Life Cycle: Know the decisions made at each stage and their impacts.
  • Value Optimization: When unsure, choose answers that demonstrate a risk-based approach and deliver maximum organizational value.
  • Whole Life Costing: Be aware that certain financial accounting elements, like depreciation, are excluded from life cycle costing.

Additional Resources

  • Learning More: Consider booking a refresher course with Woodhouse’s Academy to further your preparation.
  • Get in Touch: For more tips or personalized advice, reach out via our contact page.

Exam Comparison

  • Certificate Level covers foundational principles like Asset Management Policy Strategy & Planning, Managing Asset Life Cycle, etc. Suited for beginners, focusing on basic principles.
  • Diploma Level goes deeper with modules on Sustainable Asset Care and Performance, Managing Change in Asset Systems, among others. Targeted at experienced professionals, covering advanced topics and deeper applications.
    Achieving a score above 75% on the Diploma earns a ‘Distinction’ recognition, showcasing your advanced knowledge and commitment to the field.

We wish you the best of luck on your IAM Certification or Diploma journey. For more insights and updates, subscribe to our blog and join our community of asset management professionals.

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The Woodhouse Alumni Communities have been created to help you stay connected with your peers, Woodhouse tutors & experts, and others embarking on the learning journey

We all work in the area of probabilities and actuarial risk so while all consultancy analysis, training services and information provided within our published material are provided in good faith, no responsibility either express or implied can be taken by The Woodhouse Partnership Ltd for conclusion or actions made by the Client or any other party as a result of our advice or opinion.

Pedro Siblesz

With over 32 years of Asset Management, Reliability and, Mechanical Engineering experience in leadership, technical, and operational roles in Oil & Gas, and the Petrochemical industry. Pedro brings a proven track record of success in developing and implementing asset management processes and tools, to facilitate communication between engineers and managers, while establishing a direct connection between business objectives and frontline engineering and operational actions, with strong considerations of Fit for Purpose and Life Cycle cost factors.
Pedro is a strong advocate and Change Agent for cross-functional collaboration between departments orientated to achieve alignment of objectives for the development of efficient and effective asset management solutions.  Pedro heads up our Australiasia business unit. 

Victoria Hogg BEng(Hons) MSc PhD FIEAust CPEng EngExec NER

Victoria is a Principal Consultant & our Product Manager for the SALVO Decision-Making Framework. 

She has over 20 years’ asset management experience, across transport, energy and defence sectors and is a specialist in asset management decision-making and risk management.

With plenty of hands-on experience developing optimized, risk-based asset maintenance and renewal strategies, and deploying these to develop multi-year investment plans, her industry positions include the Head of Asset Management (Electrical Utility), Manager Network Risk & Performance (Electrical Utility), Associated Director, Safety and Engineering Systems (Government Transport Agency), Team Leader, Asset & Risk Management Systems (Electrical Utility), Team Leader, Structural Safety, Risk & Reliability (Government Highways Agency)

Patrick Bossert

Patrick is a specialist in data-enabled business transformation design and executive-level delivery governance to enable asset- and workforce-intensive organizations to deliver better customer and operational outcomes. He has 30 years of experience in the industry, working at the executive and board levels with critical national infrastructure organizations to shape and lead major value-realization programs with data and digital enablers at their core.

His core skills include Data strategy, Transformation design, Strategic roadmap development, Transformation governance and assurance, Transformation leadership, Business data services operating model design, Data skills and leadership development, and Leadership coaching, and mentoring.
Patrick is also a graduate of the Australian Institute of Company Directors (GAICD).

Susan Steyn

Susan Steyn is a seasoned expert with over 30 years of experience in Management, Operations, Business Development, and Supply Chain across diverse industries. Her core focus lies in spare parts management and inventory optimization. Throughout her career, Susan has held key leadership roles in multinational companies such as GE, Dow, Roche, Bayer, Lloyds Register, and Woodhouse Partnership.

With a strong background in strategic leadership, P&L management, and lean manufacturing, Susan has consistently driven business turnarounds and growth. She excels in international global business management and has a proven track record of expanding market presence and building strong client relationships.

As a Six Sigma Black Belt and PMP certified professional, Susan is adept at implementing process improvements and managing complex projects. Her expertise in data analysis, project management, and ERP systems ensures effective spare part management and optimal inventory levels.

Susan’s contributions to various companies include revenue growth, cost reduction, successful software launches, and the establishment of strategic alliances. Her commitment to diversity and inclusion, coupled with her leadership in team building and mentorship, have created a culture of excellence in every organization she has worked with.

Overall, Susan Steyn is a results-oriented leader with a passion for leveraging data-driven decision-making and innovative strategies to optimize spare parts management, reduce downtime risks, and enhance profitability in any business environment.

José Luis Perdomo R

José Luis cuenta con una experiencia exitosa en multi-industrias públicas y privadas, donde desempeñó cargos gerenciales, líder de aplicación técnica especializada, puestos operativos y en mantenimiento, así como en áreas de consultoría sustentando nivel operativo, táctico y estratégico.

Ha formado parte de proyectos de mejoramiento de gestión de activos, confiabilidad operacional, integridad y mantenimiento en Latinoamérica en diferentes empresas creando valor al negocio con resultados técnicos y económicos importantes.

Facilitador e instructor acreditado en temas relacionados con la gestión de activos, mejores prácticas, metodologías de administración gerencial y técnicas especializadas.

Robinson Medina

Mechanical Engineer with 31 years of experience. Specialist in implementation processes of activities
associated with Asset Management under the ISO 55001 approach, Implementation of diagnostic
programs and audits of management systems, Specialist in applying reliability methodologies such as
Reliability-Centered Maintenance, risk-based inspection, Cause Analysis Root, Life Cycle Cost Analysis,
Condition Based Maintenance, Failure Modes and Effects Analysis, Mechanical Integrity among others.
He has been an Equipment Mechanical Integrity Engineer, an experienced user of traditional NonDestructive Testing such as Ultrasound, Infrared Thermography, Superficial Techniques, Industrial
Radiography.
He has led and participated in countless applications in the field of reliability and condition monitoring,
with special emphasis on the generation and execution of policies and maintenance plans aimed at
achieving the “minimum total business impact” guaranteeing Safety, Hygiene and Environment
standards.

Damien Carter

Over his 28 plus year span in the industrial sectors with working technical backgrounds in Project & Construction Management, Asset Operations and Maintenance Reliability Management, and being certified in various courses of study; Damien has gained the knowledge and experience and has had proven successes throughout his tenure in the Oil, Gas, Petro-Chemical and Construction sectors. Establishing his-self in the various sectors, Damien’s first experience and success started in the Construction Sector in estimating engineering. This was the stepping stone for Damien and has paved the way for his passion and continued success in supporting People, Process, and Systems in an organization.

Damien has held positions in local, international and multi-national corporations and comes from a working background in the fields of environmental, operations, project and construction management, operations maintenance and reliability management, planning, supervisory management, and has proven his abilities to succeed in each field.

Richard Ardolino

Rich was an Engineer and Project Manager professional at the New York Power Authority for over 30-years. In addition to being the first Project Manager for the Niagara Project Upgrade, Rich rose to be the Vice President of Engineering having started in Operations Engineering decades earlier. Rich went on to be Vice President, Transmission and Substation at AECOM responsible for hundreds of millions of dollars in design and construction. Rich joined Woodhouse Partnership, North America and participates in aligning organization towards ISO 55000 and many reliability studies supporting DST.

Aleck Santamaría De La Cruz

Executive in Operational Excellence, Asset Management and Best Practices in Projects, Operations and Maintenance in the Energy and Industrial Sector.
Consultant, Instructor and International Lecturer on issues related to project management (risk management), operational reliability, strategic management of operations, maintenance, Asset Management in the energy sector (ISO 55001) and Applied Data Analytics.
PMP, CMRP, IAM and CAMA certifications, being recognized by the SMRP in 2019 as CMRP of the Year https://smrp.org/2019-CMRP-Winners.

George Galambos

George has over twenty-five years of experience as a consulting engineer providing design, planning, program and project management, and strategic asset management services for asset-intensive organizations in the Americas, Africa, and the Middle East. His primary focus has been in the public infrastructure sector; as a result, he has intimate knowledge of the assets, processes, and resources necessary to deliver and sustain safe, reliable services to the customers of public asset-owning organizations.

George has assisted organizations with the development of PAS 55, ISO 55000, and GFMAM AM Landscape aligned asset management systems (AMS), has performed gap analyses of their AMS against industry standards and best practices, and has guided them through the creation of strategic asset management plans (SAMPs), asset management plans (AMPs), AM policy and supporting documents. He has undertaken asset risk modelling to ascertain organizations’ capability to sustain their desired levels of service. George has performed asset health-informed lifecycle cost modelling and forecasting capital and operational expenditures over near and long-term planning horizons.

John Woodhouse

With 30 years’ experience in utilities, oil & gas, transport and other sectors, John is one of the most widely known experts in integrated asset management projects for some of the largest companies in the world.

John is a Founder and Life Fellow of the IAM; he has written 4 books, chaired the development of BSI PAS55 and represents the UK on the ISO55000 committee.

He also led the international MACRO and SALVO collaboration projects in optimised asset management decision-making.

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