Standard Guide for Asset Management Career Development, Education, and Training

SIGNIFICANCE AND USE
4.1 The asset management career field has many career disciplines (particularly asset management consistent with ISO 55000 definitions, concepts, and requirements) that support an entity’s activities. These career titles may include, but are not limited to, industrial asset management specialists, asset administrators, property asset management, operations, accounting, database management, contract management, motor vehicle managers, and so forth. Career professionals not only manage assets, but may also perform audits or self-assessments, develop policies and procedures for the management of assets, supervise asset management operations within and across their entities, or act as a primary interface to customers for asset management related matters.  
4.2 ISO 55001 and ISO 55002 recommend entities determine the competency of personnel performing asset management functions to ensure that personnel are competent to perform assigned asset management functions based on education, training, or experience, or combinations thereof. ISO 55002 recommends that human resource skills improvement and competencies should be included in the entity’s asset management training plans. (See Table 1.)  
4.3 Entity adoption of an AMCD program enables asset management professionals to become fully competent in their chosen career field and allows for career progression which, in turn, will assist the entity in retaining competent asset management professionals.  
4.4 A properly designed and implemented AMCD program leads to assurance that asset management professional and support staff are sufficiently competent to meet industry technical standards, customer expectations, and that competence is no less than similar activities that customers require, and are needed to maximize the value of assets and the elimination of waste, fraud, and abuse.
SCOPE
1.1 This guide provides the principles for an Asset Management Career Development program including education and training for professional employees engaged in the practice of asset management.  
1.2 As a guide, this is the consensus of the asset management profession for the requirements for an Asset Management Career Development (AMCD) program.  
1.3 The use of this guide by the profession can improve professional competence, enhance value from assets, reinforce or establish adequate internal controls, encourage a broader and higher level of competency and thinking by its practitioners, reinforce the use of innovative and cost-effective practices, create greater commonality between all entities that perform asset management, and increase the ability of entities to respond to changing needs and business conditions.  
1.4 The AMCD program establishes the recommended education, training, and experience requisites necessary for asset management activities to adequately support the missions and objectives of an entity’s asset management operations, and therefore supports the entities’ missions.  
1.5 The AMCD program is predicated on multiple levels of professional competency and achievement based on a combination of academic education and training and professional experience.  
1.6 It is the responsibility of each entity that adopts this guide to confirm the appropriateness of any specific education and training offerings.  
1.7 This guide encourages a broad and continuous self-study practice for those within the profession as applicable knowledge and lessons learned are disseminated continuously from multiple sources.  
1.8 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety, health, and environmental practices and determine the applicability of regulatory limitations prior to use.  
1.9 This international standard was developed in accordance with internationally recognized principles on standardization established in the ...

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30-Jun-2019
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This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the
Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
Designation: E3140 − 19
Standard Guide for
Asset Management Career Development, Education, and
1
Training
This standard is issued under the fixed designation E3140; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1. Scope responsibility of the user of this standard to establish appro-
priate safety, health, and environmental practices and deter-
1.1 This guide provides the principles for anAsset Manage-
mine the applicability of regulatory limitations prior to use.
ment Career Development program including education and
1.9 This international standard was developed in accor-
training for professional employees engaged in the practice of
dance with internationally recognized principles on standard-
asset management.
ization established in the Decision on Principles for the
1.2 As a guide, this is the consensus of the asset manage-
Development of International Standards, Guides and Recom-
ment profession for the requirements for anAsset Management
mendations issued by the World Trade Organization Technical
Career Development (AMCD) program.
Barriers to Trade (TBT) Committee.
1.3 The use of this guide by the profession can improve
2. Referenced Documents
professional competence, enhance value from assets, reinforce
or establish adequate internal controls, encourage a broader
2.1 This listing is not intended to be a complete list of
and higher level of competency and thinking by its
reference documents; however, it may prove useful in devel-
practitioners, reinforce the use of innovative and cost-effective oping a plan to better understand the training and development
practices, create greater commonality between all entities that
goals and priorities established by this guide.
perform asset management, and increase the ability of entities 2
2.2 ASTM Standard:
to respond to changing needs and business conditions.
E2453 Practice for Estimating the Life-Cycle Cost of Own-
1.4 The AMCD program establishes the recommended ership of Property Assets
3
education, training, and experience requisites necessary for
2.3 ISO Standards:
asset management activities to adequately support the missions
ISO 55000 Asset Management -- Overview, principles and
and objectives of an entity’s asset management operations, and
terminology
therefore supports the entities’ missions.
ISO 55001 Asset management -- Management systems --
Requirements
1.5 TheAMCD program is predicated on multiple levels of
ISO 55002 Asset management -- Management systems --
professional competency and achievement based on a combi-
Guidelines for the application of ISO 55001
nation of academic education and training and professional
experience.
3. Terminology
1.6 It is the responsibility of each entity that adopts this
3.1 Definitions of Terms Specific to This Standard—Terms
guide to confirm the appropriateness of any specific education
areinorderof(understanding)andnotalphabeticallyarranged.
and training offerings.
Similar job titles may be used within organizations.
1.7 This guide encourages a broad and continuous self-
3.1.1 asset management, n—the coordinated activity of an
study practice for those within the profession as applicable
organization to realize value from assets. The scope of asset
knowledge and lessons learned are disseminated continuously
management is circumstantial based upon the nature of an
from multiple sources.
entity’s work, customer base, and identified objective, policies,
1.8 This standard does not purport to address all of the and plans. It generally covers the lifecycle of assets and
safety concerns, if any, associated with its use. It is the
2
For referenced ASTM standards, visit the ASTM website, www.astm.org, or
contact ASTM Customer Service at service@astm.org. For Annual Book of ASTM
1
This guide is under the jurisdiction of ASTM Committee E53 on Asset Standards volume information, refer to the standard’s Document Summary page on
Management and is the direct responsibility of Subcommittee E53.01 on Process the ASTM website.
3
Management. Available from International Organization for Standardization (ISO), ISO
Current edition approved July 1, 2019. Published August 2019. DOI: 10.1520/ Central Secretariat, BIBC II, Chemin de Blandonnet 8, CP 401, 1214 Vernier,
E3140–19. Geneva, Switzerland, http://www.iso.org.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
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