Guide
IAM Certificate vs IAM Diploma
Two qualifications from the Institute of Asset Management, often confused. Here is how they differ, and how to decide which one to sit.
The guide
The short answer
The Certificate is the entry-level qualification: the principles, for people new to asset management or early in it. The Diploma is the advanced one, for people already working in the field and moving into specialist or management roles. Most people take the Certificate first, although since June 2019 you haven't had to.
Side by side
| IAM Certificate | IAM Diploma | |
|---|---|---|
| Level | Introductory | Advanced |
| Aimed at | New to asset management, or with some initial experience | Prior knowledge and experience; specialist or management roles |
| Exam | Principles of Asset Management | Advanced Asset Management |
| Questions | 60 multiple choice | 70 multiple choice |
| Modules | 5 compulsory | 12 compulsory |
| Duration | 2 hours | 3 hours |
| Pass mark | 65% overall, at least 50% in every module | 65% overall, at least 50% in every module |
| Distinction | — | 75% or more |
| Suggested study | About 150 hours | About 200 hours |
| Entry requirements | None | None; the Certificate is not required |
| Format | Closed book, invigilated | Closed book, invigilated |
Both require registration with the IAM, but neither requires membership. Check the current exam fees and delivery options on the IAM's site before booking.
The same trap in both
Both exams apply the same two-part pass rule: 65% overall and at least 50% in every module. It hurts more on the Diploma, where the paper is spread across 12 modules, so each one carries only a handful of questions. A few wrong answers in one weak area can sink an otherwise strong paper. The guide to passing the Certificate works through exactly how that happens.
Which should you take?
Take the Certificate if:
- you're new to asset management, or have been doing part of it without the full picture
- your role is technical, operational, financial or data-focused and sits alongside asset management
- your employer is putting a cohort through it
Consider going straight to the Diploma if:
- you've worked in asset management for several years and already use the vocabulary daily
- you're in, or moving into, a specialist or management role
- you've read around the discipline beyond your own organisation. The IAM strongly recommends Diploma candidates read beyond the core list
If in doubt, take the Certificate. The Diploma assumes you're fluent in the principles. Many strong practitioners find gaps in their vocabulary once they're tested on it, and the Certificate is where those gaps get closed.
Preparing for the Certificate
If the Certificate is the right fit, start with the guide to passing, then try the free practice questions to see where you stand. The full question bank includes a timed mock weighted exactly like the real paper.
Next
Try the thirty free practice questions: six on each module page, scored the way the exam scores you. The guide to passing covers the format, the scoring rule and a week-by-week study plan.