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弊社はICWIM問題集の英語版と日本語版をリリースしています。英語版と日本語版の内容は同じですけど、言語だけ違いがあります。それなので、ICWIMに関する英語試験や日本語試験に参加する予定があるご客様は安心に問題集を購入できます。ICWIM試験のために、気楽に準備したり、参加したりしています。その他、我々のICWIM日本語問題集を購入すると、英語版を送ります。
| Section | Weight | Objectives |
|---|---|---|
| The Financial Services Sector | 16% | - Ethical standards and professional conduct - Regulatory objectives and frameworks - Structure and participants - Market functions and products |
| Lifetime Financial Provision | 18% | - Protection and insurance planning - Retirement planning - Estate and succession planning - Trusts and foundations |
| Investment Advice | 21% | - Advisory process - Portfolio recommendations and review - Communication and documentation - Taxation principles |
| Industry Regulation | 10% | - Financial crime prevention - Regulatory authorities and rules - Client categorization and protection - Compliance and governance |
| Investment Management | 15% | - Performance measurement and evaluation - Risk and return concepts - Investment strategies - Portfolio construction theories |
| Economics and Investment Analysis | 10% | - Investment mathematics and statistics - Valuation methods - Economic indicators and cycles - Macroeconomics and markets |
| Asset Classes | 10% | - Fixed income securities - Cash and money market instruments - Real estate and alternative assets - Equities - Derivatives |
| Fiduciary Relationships | 16% | - Risk profiling and suitability - Conflicts of interest - Duties and responsibilities - Client needs assessment |
変化する地域に対応するには、問題を解決する効率を改善する必要があります。これは、試験に対処するだけでなく、多くの側面を反映しています。 ICWIM実践教材は、あなたがそれを実現するのに役立ちます。 これらの時間に敏感な試験の受験者にとって、重要なニュースで構成される高効率のICWIMの実際のテストは、最も役立つでしょう。 定期的にそれらを練習することによってのみ、あなたはあなたに明らかな進歩が起こったのを見るでしょう。 さらに、ICWIM練習教材の獲得を待つのではなく、支払い後すぐにダウンロードできるので、今すぐICWIM成功への旅を始めましょう。
質問 # 11
When applying the bottom-up active management style to portfolio management, why do managers pay no attention to benchmarks?
正解：D
解説：
Bottom-up active management begins with the selection of individual securities rather than starting from a benchmark, index composition, or top-down macro view. The manager's research focuses on company- specific factors such as business model strength, management quality, earnings outlook, competitive position, valuation, and balance sheet resilience. Because the investment case is built security by security, benchmark weights are not the anchor for portfolio construction, and the manager may hold stocks that are not in the benchmark or may ignore benchmark sector allocations entirely. This is why benchmarks are not central to decision-making in a bottom-up approach: the driver is the perceived attractiveness of each stock on its own merits. Option A can be a consequence, not the reason. Bottom-up portfolios often do exhibit tracking error, but tracking error is the outcome of ignoring benchmark weights, not the rationale. Option B is not defining, since holding periods vary widely across bottom-up managers. Option D is vague and does not express the core principle tested.
質問 # 12
An investor with a relatively small amount to invest has chosen to use a collective investment scheme CIS.
This is because:
正解：D
解説：
A collective investment scheme pools money from many investors and invests it in a diversified portfolio of assets. For an investor with a small amount to invest, buying a broad range of individual securities directly could be impractical due to dealing costs, minimum trade sizes, and the need to spread holdings across sectors, issuers, and asset types to reduce unsystematic risk. By investing through a collective vehicle, the investor gains access to professional portfolio management and diversification benefits at a cost that is shared across all unit holders. This is why collective schemes are commonly described as an efficient or low cost route to diversification for smaller investors. The other options are incorrect for exam purposes. Managers will typically accept small investments through funds, so it is not that managers refuse small investors.
Collective schemes do not automatically provide tax free returns, as taxation depends on the wrapper and the investor's circumstances. Liquidity is often a benefit of many collective schemes, not something the investor lacks a need for. The best answer is that a CIS is a cheap way of achieving diversification.
質問 # 13
Which of the following forms part of the Financial Planning Standards Board's six-step process for financial planning?
正解：D
解説：
# Reference: FPSB Global Financial Planning Standards.
質問 # 14
Which of the following is a key property of fiat currency?
正解：A
解説：
Fiat currency is money that derives its value primarily from government decree and public confidence rather than from being directly convertible into a commodity such as gold. A key property is that it is declared legal tender, meaning it must be accepted for payment of debts within the jurisdiction and is recognised by the state for settling transactions and paying taxes. This legal tender status supports general acceptability and underpins the monetary system. The other options are not defining characteristics. Devaluation can happen to any currency under certain conditions and is not specific to fiat systems. Operating in an exchange rate mechanism describes a policy arrangement between currencies, not a property of fiat currency itself. Being pegged to the US dollar is a specific exchange rate policy that some countries adopt, but many fiat currencies float freely or use other regimes. The examinable concept is that fiat money is not backed by intrinsic commodity value and is sustained by legal framework, monetary policy credibility, and trust. Therefore, being declared legal tender is the correct key property.
質問 # 15
During a period of growth in consumer income the demand curve for a normal product would:
正解：B
質問 # 16
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