There is growing evidence for the relationship between working memory and academic attainment. The aim of the current study was to investigate whether working memory is simply a proxy for IQ or whether there is a unique contribution to learning outcomes. The findings indicate that children's working memory skills at 5 years of age were the best predictor of literacy and numeracy 6 years later. IQ, in contrast, accounted for a smaller portion of unique variance to these learning outcomes. The results demonstrate that working memory is not a proxy for IQ but rather represents a dissociable cognitive skill with unique links to academic attainment. Critically, we find that working memory at the start of formal education is a more powerful predictor of subsequent academic success than IQ. This result has important implications for education, particularly with respect to intervention. (Contains 4 tables.)