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CISI IFC Exam Syllabus Topics:

TopicDetails
Topic 1
  • Understanding Investment Products and Portfolios: This domain explores various investment products including stocks, bonds, and securities, along with portfolio construction principles, asset allocation strategies, and how different products work together to meet client objectives.
Topic 2
  • Ethics, Compliance, and Mutual Fund Regulation: This domain addresses ethical standards and regulatory requirements for advisors, covering professional conduct, compliance obligations, conflicts of interest, disclosure requirements, and rules established by regulators and self-regulatory organizations.
Topic 3
  • The Modern Mutual Fund: This domain examines mutual fund structures, types, and operations, covering equity, fixed income, balanced, and specialty funds, their legal structures, pricing mechanisms, purchase processes, and associated fees.
Topic 4
  • Evaluating and Selecting Mutual Funds: This domain covers the systematic process of choosing appropriate mutual funds based on client needs, including selection criteria, cost considerations, performance history, and ongoing portfolio monitoring and rebalancing.
Topic 5
  • Understanding Alternative Managed Products: This domain introduces investment products beyond traditional mutual funds, including ETFs, segregated funds, and hedge funds, examining their features, structures, benefits, risks, and regulatory treatment.
Topic 6
  • Introduction to the Mutual Funds Marketplace: This domain covers the structure of Canada's mutual fund industry, including key participants like manufacturers, distributors, and regulators, along with distribution channels and the regulatory framework governing the industry.

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q240-Q245):

NEW QUESTION # 240
One of your clients, Rakesh, had a portfolio composed of 60% ABC Equity Fund and 40% ABC Bond Fund.
Since equities were performing much better than fixed income, he had increased his holdings in ABC Equity Fund to 70% and had reduced his holding in ABC Bond Fund to 30% of his portfolio.
After benefitting the growth in his ABC Equity Fund for over 2 years, Rakesh is uncomfortable with this heavy exposure to equity funds and decides to rebalance his portfolio back to 60% of ABC Equity Fund and
40% of ABC Bond Fund.
He instructs you to switch 10% of the portfolio from the ABC Equity Fund to the ABC Bond Fund.
Which of the following statements is CORRECT?

Answer: C

Explanation:
Rakesh will not be subjected to a switch fee if it is outlined in the prospectus. A switch fee is a charge that may apply when an investor switches from one fund to another within the same fund family. The prospectus is the legal document that provides information about the fund, including its fees and charges. If the prospectus states that there is no switch fee or that there are certain conditions under which the switch fee is waived, then Rakesh will not have to pay a switch fee. The type of fund (no-load, low-load, or sales charge) does not determine whether there is a switch fee or not, as different fund families may have different policies regarding switch fees. References: Mutual Fund Fees, Prospectus


NEW QUESTION # 241
At the close of business, Great Lengths Equity Fund had total assets of $135 million and total liabilities of $10 million. They had 11 million units outstanding. In addition, their current assets totalled $13 million and current liabilities were $3 million. Which of the following statements regarding Great Lengths Equity Fund's net asset value per unit (NAVPU) is correct?

Answer: C

Explanation:
The net asset value per unit (NAVPU) of a mutual fund is calculated by dividing the net asset value (NAV) of the fund by the number of outstanding units. The NAV is the difference between the total assets and total liabilities of the fund. Current assets and current liabilities are not relevant for the NAVPU calculation.
Therefore, Great Lengths Equity Fund's NAVPU is ($135 million - $10 million) / 11 million = $11.36.


NEW QUESTION # 242
What bias would influence an investor's decision to continue to hold an unprofitable investment despite little likelihood of an improvement in the investment's value?

Answer: A

Explanation:
Loss aversion bias causes investors to hold onto unprofitable investments due to a stronger desire to avoid losses than to seek gains. The feedback from the document states:
"Loss aversion bias states that people generally feel a stronger impulse to avoid losses than to acquire gains.
Loss aversion can prevent people from unloading unprofitable investments, even when they see little to no prospect of a turnaround." Reference: Chapter 5 - Behavioural FinanceLearning Domain: The Know Your Client Communication Process


NEW QUESTION # 243
Dave purchases 10,000 units of a no-load US-dollar denominated mutual fund for US$15 per unit for a total cost of $165,400 Canadian. He later sells the units for US$16 per unit, with a loss of $11,400 Canadian. To what type of risk has Dave been exposed?

Answer: B

Explanation:
Dave invested in a U.S.-dollar denominated mutual fund. Even though the unit price increased (US$15 # US$16), he lost money when converted back to Canadian dollars. This loss was caused by fluctuations in the exchange rate between the Canadian dollar and the U.S. dollar, not the fund's performance itself.
This is a clear example of exchange rate (currency) risk.


NEW QUESTION # 244
When opening a new non-registered account, which client information is optional?

Answer: B

Explanation:
When opening a new non-registered account, the Know Your Client (KYC) rule requires collecting information such as:
personal and financial circumstances,
investment knowledge,
investment objectives,
risk profile, and
time horizon.
The Social Insurance Number (SIN) is mandatory only for registered accounts (RRSP, TFSA, RESP, etc.) to track tax-related reporting, but it is optional for non-registered accounts.
Thus, the correct answer is A. Social insurance number.


NEW QUESTION # 245
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