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CISI IFC Exam Syllabus Topics:

TopicDetails
Topic 1
  • Analysis of Mutual Funds: This domain addresses evaluation tools and techniques for mutual fund performance, including quantitative measures like returns and risk metrics, and qualitative factors like manager experience and investment style.
Topic 2
  • 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 3
  • 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 4
  • 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 (Q249-Q254):

NEW QUESTION # 249
What is often a requirement of maintaining licensing as a mutual fund sales representative?

Answer: A


NEW QUESTION # 250
Terri, 30 years old, is the marketing manager at Provincial Winery with an average annual income of $60,000.
Her spouse Yvette, 28 years old, is a project manager with a telecommunications firm earning
$70,000 per year. You are helping them to organize their investments and are trying to assess their financial resources.
Which of the following is the best question to ask?

Answer: D

Explanation:
One of the steps in the Know Your Client (KYC) rule is to assess the client's financial resources, which include their income, assets, liabilities, and net worth. Asking about pension plans at work is a relevant question to determine the client's sources of income and potential retirement savings. Pension plans can also affect the client's risk tolerance and investment objectives, as they may provide a stable and guaranteed income in the future. Asking about children, money needs, and investment experience are also important questions, but they relate to other aspects of the KYC rule, such as personal circumstances, time horizon, and investment knowledge. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 1: The Investment Funds Industry, Section 1.4: The Know Your Client (KYC) Rule, page 1-111
* Know Your Client (KYC) Definition - Investopedia


NEW QUESTION # 251
For a family RESP with three beneficiaries, what is the lifetime maximum contribution?

Answer: D

Explanation:
The lifetime RESP contribution limit is determined per beneficiary , not per RESP contract. The IFC material states that there is no annual RESP contribution limit, but the lifetime maximum that may be contributed for each beneficiary is $50,000 . A family RESP can contain more than one beneficiary, generally family members related to the subscriber by blood or adoption. Because this family plan has three beneficiaries, each beneficiary can have up to $50,000 of lifetime contributions allocated to them. Therefore, the combined maximum is $50,000 × 3 = $150,000 . The Canada Education Savings Grant limits are separate from the RESP contribution ceiling and do not reduce the $50,000 lifetime contribution amount.
Consequently, $21,600 and $16,667 do not represent the applicable contribution limit. Therefore, A is correct.


NEW QUESTION # 252
Your client's unused RRSP contribution room is $46,000. He contributes $15,000 in the current taxation year.
How much RRSP contribution room can he carry forward?

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Unused RRSP contribution room can be carried forward indefinitely. The carry-forward amount is the unused room minus the current year's contribution: $46,000 - $15,000 = $31,000. The feedback from the document states:
"Any RRSP contribution room that is not used in a taxation year can be carried forward to be used in future years. There is no limit on the amount that can be carried forward. In this example, $46,000 - $15,000 =
$31,000."
Reference:Chapter 6 - Tax and Retirement PlanningLearning Domain:The Know Your Client Communication Process


NEW QUESTION # 253
Which statement CORRECTLY describes index mutual funds and traditional exchange-traded funds (ETFs)?

Answer: D

Explanation:
Index mutual funds and traditional exchange-traded funds (ETFs) are both types of investment funds that use a passive investment management style, which means they try to track the performance of a specific market index, such as the S&P/TSX Composite Index or the S&P 500 Index. They do so by holding the same securities as the index or a representative sample of them, and by adjusting their portfolio composition and weighting to reflect any changes in the index. However, both types of funds may not be able to exactly replicate the return of the index for various reasons, such as fees, expenses, tracking error, rebalancing frequency, dividend reinvestment, and cash holdings. Therefore, there may be some deviation or difference between the fund's return and the index's return, which is called tracking difference.
1: Canadian Investment Funds Course, Chapter 4: Types of Investments1


NEW QUESTION # 254
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