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CISI IFC Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Analysis of Mutual Funds	10%
Topic 2: Know Your Client (KYC) Communication Process	19%
Topic 3: Understanding Investment Products and Portfolios	18%
Topic 4: Evaluating and Selecting Mutual Funds	16%
Topic 5: Understanding Alternative Managed Products	3%
Topic 6: The Modern Mutual Fund	5%
Topic 7: Ethics, Compliance, and Mutual Fund Regulation	16%
Topic 8: Introduction to the Mutual Funds Marketplace	13%

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q39-Q44):

NEW QUESTION # 39
Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds. Which of the following is TRUE?

A. She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax- sheltered.
B. She can convert her RRSP to a locked-in retirement income fund (LRIF).
C. She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.
D. She can purchase a registered term or life annuity.

Answer: C

Explanation:
A registered retirement savings plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. Contributions to an RRSP are tax-deductible and grow tax-deferred until withdrawal. However, RRSPs have a maturity date of December 31st of the year in which the holder turns 71.
By then, the holder must convert the RRSP to a registered retirement income fund (RRIF), purchase an annuity, or withdraw the funds in cash (subject to tax). Therefore, B is the correct answer.
References: Registered Retirement Savings Plan (RRSP): Definition and Types, Registered Retirement Savings Plan (RRSP) - Canada.ca

NEW QUESTION # 40
As it pertains to fixed-income securities, which yield metric factors in cash flows relative to ongoing bond prices rather than the initial amount invested?

A. Current
B. Dividend
C. Earnings
D. Effective

Answer: A

Explanation:

NEW QUESTION # 41
For what reason do different entities have securities created and sold?

A. When common shares are initially sold, the capital raised will increase the issuing corporation's retained earnings.
B. The issuance of securities is a method used by corporations to redistribute their wealth to investors to lower taxes.
C. Government debt is reduced due to the capital that is received from investors when their securities are purchased.
D. Governments can address financial needs and support initiatives when securities are first sold.

Answer: D

Explanation:
One of the main reasons why different entities have securities created and sold is to raise funds for various purposes. Governments, for example, can issue securities such as bonds or treasury bills to finance public spending, such as infrastructure, education, health care, or social programs. By selling securities to investors, governments can borrow money at a lower cost than other sources of funding, and can also stimulate the economy and create jobs12 References = Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.1:
Money Market Instruments3 and web search results from search_web(query="reasons for issuing securities")
12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf

NEW QUESTION # 42
A mutual fund representative meets with a young family whose net worth/level of wealth is categorized as low, but they have the potential to become wealthy. In general, the family seems susceptible to believing that market events are predictable. Also, the family has a stronger impulse to avoid losses than earn gains. How might the mutual fund representative effectively address each of the two biases, respectively?

A. Conform to the first bias and moderate the second.
B. Moderate the first bias and adapt to the second.
C. Conform to both biases identified.
D. Moderate both biases identified.

Answer: B

NEW QUESTION # 43
Which of the following Dealing Representatives has CORRECTLY fulfilled their suitability obligation?

A. Kiri recommends the Conservative Bond Fund to his client, Myrtle. The fund generates income and Myrtle's investment objective is "income" on her Know Your Client (KYC) form.
B. Roderik determines that the model portfolio he has developed will be suitable for all of his clients.Roderik has included investments with both income and growth to appeal to all investors.
C. Clarence determines that the Absolute Alternative Fund is suitable for all of his clients. Clarence believes that all investors need alternative funds in order to be properly diversified.
D. Li Ming recommends the Venturex Labour-Sponsored Fund to her client, Park. While Park has low tolerance and capacity for risk, Li Ming provides detailed disclosure which explains the fund's risks.

Answer: A

Explanation:
Kiri has correctly fulfilled his suitability obligation by matching the risk-return profile of the fund with the personal circumstances of his client. The Conservative Bond Fund is a low-risk, low-return fund that pays regular interest income to investors. Myrtle's investment objective is "income", which means she wants to receive steady income from her investments and preserve her capital. Therefore, Kiri's recommendation is reasonably suitable for Myrtle in all the circumstances.(Canadian Investment Funds Course, Chapter 2, Section 2.3)
:
Canadian Investment Funds Course, Chapter 2, Section 2.3: Conflicts of Interest IFSE Institute: Suitability Obligations1 SFC: Frequently Asked Questions on Compliance with Suitability Obligations2

NEW QUESTION # 44
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