Overview of the role

Work in a range of industries that manage physical assets.

Details of standard

Occupation summary

Asset manager practitioners work in a range of industries that manage physical assets. This includes energy and utilities, manufacturing, mining, petrochemical, buildings and transport. They may be employed by asset owning companies, outsourced services companies or asset management consultants. Companies may range in size from small to large.

Physical assets are defined as an item, thing or entity that has value to a business or service. Examples include buildings, bridges, digital hardware, flood defences, gas fiscal metering, pipelines, plant , rail track, reservoirs, roads, retail space, runways and wind turbines. ISO 55000 defines asset management as ‘the co-ordinated activity of an organisation to realise value from assets'.

Asset manager practitioners contribute to the asset management function within an organisation. They help to ensure physical assets are managed in a way to achieve the organisation’s objectives and provide an appropriate level of service. They assess the performance, condition, root cause of failure, consequence of failure and risk of physical assets, asset systems and the service they provide. They identify asset investment needs, interventions and mitigations for asset failure, and produce business cases to address asset investment needs. They participate in the management of asset data, supplier selection and management, and support stakeholder engagement. They also promote and champion asset management within the organisation. They will work both in the office and at asset locations. They do not conduct physical ‘hands on’ operation or maintenance of assets.

In their daily work, they interact with the wider business and senior managers in the organisation to whom they will report. In order to support their work, they will liaise with internal stakeholders. These could include maintenance and operations personnel, investment groups, policy teams and capital delivery. Plus customer services to ensure the asset management function aligns with customer, stakeholder and organisational requirements. They may also come into contact with representatives from other organisations or external bodies such as clients, funding agencies, regulators and suppliers.

They are responsible for ensuring asset management complies with legal frameworks and legislation, including public health, health and safety, economic and environmental. They need to keep up to date with asset management requirements and best practice. They typically work to deadlines with minimal supervision, operating within a set framework and budget. They may be responsible for leading a project team but are not usually responsible for line management.

Typical job titles include:

Acquistion and disposal manager Asset and insight manager Asset manager Asset resilience manager Assistant asset manager Associate asset manager Infrastructure asset manager

Occupation duties

Duty KSBs

Duty 1 Contribute to the development of asset strategies to meet organisational goals.

K1 K2 K3 K4 K5 K6 K9 K10 K11 K15 K16 K18 K19

S1 S2 S6 S7 S13 S14

B1 B2 B3 B5 B6

Duty 2 Inform the information management approach, specifications and rules. For example, how to collect data on condition assessment, age profiles and asset failures.

K1 K2 K3 K4 K5 K6 K9 K10 K11 K15 K18 K19 K24

S2 S6 S14

B1 B3 B6

Duty 3 Collate, process and evaluate data and information for assets and asset systems.

K1 K2 K3 K4 K5 K13 K24 K25 K26

S3 S4 S6 S8 S10 S14 S15 S16

B1 B6

Duty 4 Conduct assessments of asset systems. Identify current and future risk of the asset and consequential service failure. For example, reviewing the performance of assets, loss of service, failure of legal compliance, asset failure/breakage.

K1 K2 K3 K4 K5 K8 K10 K12 K16 K25

S3 S6 S8 S9 S10 S13 S14 S15 S16

B1 B6

Duty 5 Analyse the root cause of asset failure and the impact upon service.

K1 K5 K7 K10 K17 K25

S6 S10 S11 S14 S15 S16

B1 B6

Duty 6 Identify intervention and mitigation options for the failure of assets. For example, preventative/reactive maintenance, new build, refurbishment, replacement, change in operation, rapid response.

K1 K2 K3 K5 K6 K9 K10 K11 K15 K18 K19

S1 S4 S5 S6 S14 S16

B1 B2 B5 B6

Duty 7 Identify and prioritise the asset needs using for example, whole life cost, cost-benefit analysis, cost effectiveness analysis, multi-criteria decision making and options comparisons.

K1 K4 K6 K9 K10 K11 K15 K16

S2 S3 S4 S5 S6 S14 S16

B1 B5 B6

Duty 8 Develop business cases to address investment needs and/or to inform asset management decision making.

K1 K2 K3 K5 K6 K9 K10 K11 K14 K15 K16 K18 K19

S1 S2 S6 S9 S14 S16

B1 B2 B5 B6

Duty 9 Categorise assets according to common features, consistent with the organisation’s asset management system.

K1 K2 K3 K4 K25

S1 S8 S14

B1 B6

Duty 10 Develop impact and contingency plans for asset and/or service failure in consultation with subject matter experts.

K1 K2 K3 K4 K5 K6 K9 K10 K11 K14 K16 K18 K19

S2 S9 S13 S14

B1 B5 B6

Duty 11 Contribute to reports, for example, internal performance reports, asset management plans, reports to sector specific regulators and certifying bodies.

K1 K2 K3 K22 K24 K25

S13 S14 S15 S17 S18

B1 B3 B5 B6

Duty 12 Undertake assurance to challenge data quality, interpretations and assumptions across asset management.

K1 K24


B1 B6

Duty 13 Engage with stakeholders to support the asset management process. For example, internal colleagues, customers, technical, economic, and environmental regulators.

K1 K2 K3 K21 K22 K23 K25 K26

S14 S15 S17 S18

B1 B2 B3 B4 B6

Duty 14 Identify opportunities for continuous improvement of asset management systems.

K1 K5 K6 K7 K9 K10 K11

S2 S12 S14

B1 B2 B5 B6 B7

Duty 15 Support the selection of external suppliers, the setting of objectives for suppliers and performance measurement of suppliers within the context of the organisation’s asset management approach.

K1 K2 K3 K6 K14 K20 K21 K22 K23 K26

S1 S9 S14 S15

B1 B2 B3 B4 B6

Duty 16 Champion the asset management approach, including implementation of the resource and competence strategy, within the organisation to support clear and consistent decision making.

K1 K2 K3 K14 K20 K21 K22 K23

S1 S9 S14 S15 S18

B1 B2 B3 B4 B6 B7



K1: Asset management standards: ISO55000, British Standard Institute (BSI) Publicly Available Specification (PAS) 55. Back to Duty

K2: Management systems for asset management: policy, strategy, objectives, plans and continual improvement. Back to Duty

K3: Impact of organisational context on asset management: regulatory frameworks, stakeholders, governance and asset management policy, objectives strategy and plan. Back to Duty

K4: Different types of assets and classification approaches; hierarchy, function and value. Back to Duty

K5: Asset systems; effect of each asset on the system and impact of external factors. Back to Duty

K6: Asset/system service and performance requirements; service level. Back to Duty

K7: Continuous improvement techniques. Back to Duty

K8: Asset costing and valuation techniques; cost estimation (maintenance, operation, renewal), depreciation, whole life costing, and social, environmental, safety and reputational cost. Back to Duty

K9: Optioneering, cost benefit analysis; asset management multi-criteria decision making (cost, risk, performance, sustainability, compliance and intangibles). Back to Duty

K10: Creative thinking and problem-solving techniques. Back to Duty

K11: Asset life cycle activities: demand analysis and future requirements, creation and acquisition or rationalisation, operation, resilience, redundancy, shutdown, obsolescence, outage management, future asset capability. Back to Duty

K12: Performance monitoring of asset life cycle activities. Back to Duty

K13: Asset and asset systems health, condition and performance assessment methods. Back to Duty

K14: Project management, resource and time management techniques. Back to Duty

K15: Types of asset maintenance: preventive, predictive, corrective. Back to Duty

K16: Risk management and its application to asset management: risk assessment, quantification, mitigation and impact. Back to Duty

K17: Techniques to assess asset risk; causes and effects: Failure Mode Event/Effects Critically Analysis (FMEA/FMECA), Root cause analysis and Bow Tie analysis. Back to Duty

K18: Legislation: Health and Safety at Work, Environmental Protection. Back to Duty

K19: Sustainable development; impact on environment of asset management and asset management activities. Back to Duty

K20: Supply chain; types of suppliers, their role and contractual relationships. Back to Duty

K21: Collaborative working techniques: personality types, influencing, negotiating, networking, and equality, diversity and inclusion. Back to Duty

K22: Communication techniques including plain English – verbal, written and presentation. Back to Duty

K23: Business ethics including corporate governance, bribery, discrimination, socially responsible organisations. Back to Duty

K24: Data analysis and interpretation techniques; data presentation techniques (charts, diagrams and tables). Back to Duty

K25: Information technology (IT) systems and processes: asset registers, work management systems, word processing, spreadsheets, email, presentation. Back to Duty

K26: Information and data security/management requirements; cyber security, General Data Protection Regulations (GDPR), data protection and integrity. Back to Duty


S1: Identify the organisation’s context and constraints that affect asset management. Back to Duty

S2: Identify asset service and performance requirements. Back to Duty

S3: Estimate and calculate Life Cycle Cost (LCC) or Total Cost of Ownership (TCO) for assets/asset systems. Back to Duty

S4: Use techniques to identify interventions for assets/asset system and estimate benefits. Back to Duty

S5: Apply multi criteria decision making methods to proposed intervention options. Back to Duty

S6: Select and use decision support tools to make asset management recommendations. Back to Duty

S7: Develop asset life-cycle plans including performance monitoring and business case. Back to Duty

S8: Classify assets, asset systems, life cycle stages and activities. Back to Duty

S9: Plan and manage projects. Back to Duty

S10: Assess asset health; condition and performance. Back to Duty

S11: Select and apply fault finding technique(s) to identify causes and effects of assets/asset system failures. Back to Duty

S12: Apply continuous improvement techniques. Back to Duty

S13: Assess and quantify asset, asset system and asset management activity-related risks; identify mitigation options. Back to Duty

S14: Comply with legislation, asset management standards and company policies. Back to Duty

S15: Use information technology systems and processes: for example, asset registers, work management systems, word processing, spreadsheets, email, presentation. Back to Duty

S16: Collate and analyse asset/asset system data and information. Back to Duty

S17: Interpret and present data - qualitative and/or quantitative. Back to Duty

S18: Communicate with colleagues and stakeholders – verbal, written and presentation. Back to Duty


B1: Committed to compliance with legislation, asset management standards and company policies. Back to Duty

B2: Focusses on value and outcomes in alignment with organisational objectives and stakeholders’ expectations. Back to Duty

B3: Collaborates, within teams and across disciplines. Back to Duty

B4: Shares knowledge and good practice, gives and receives feedback, help and support. Back to Duty

B5: Adaptable for example, seeks new ways of working. Back to Duty

B6: Reliable and self-motivated, takes responsibility for work and seeks to deliver against personal objectives. Back to Duty

B7: Committed to continued professional development. Back to Duty


English and Maths

Apprentices without level 2 English and maths will need to achieve this level prior to taking the End-Point Assessment. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL.

Professional recognition

This standard aligns with the following professional recognition:

  • Associate for The Institute of Asset Management

Additional details

Occupational Level:


Duration (months):



this apprenticeship will be reviewed in accordance with our change request policy.

Status: Approved for delivery
Level: 4
Reference: ST0861
Version: 1.0
Date updated: 26/07/2021
Approved for delivery: 17 May 2021
Route: Engineering and manufacturing
Typical duration to gateway: 18 months (this does not include EPA period)
Maximum funding: £9000
LARS Code: 624
EQA Provider: Ofqual
Employers involved in creating the standard: AMCL, Anglian Water, Arups, BMT Consulting, Cadent Gas, Enviroment Agency, Jacobs, Manchester Aiports Group (MAG), Mott Mac Donald, National Grid, Network Rail, Northern Gas Networks, NWG (Northumbrian Water), RWE Generation UK plc, Severn Trent, The Woodhouse Partnership, UK Power Networks

Version log

Version Change detail Earliest start date Latest start date Latest end date
1.0 Approved for delivery 20/05/2021 Not set Not set

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