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| Section | Weight | Objectives |
|---|---|---|
| Regulation and Ethics | 15% | - Ethical conduct
|
| Financial Products | 20% | - Equities and shares
|
| Market Environment | 20% | - Economic environment
|
| Risk and Return | 20% | - Portfolio theory
|
| Client Advisory | 25% | - Client needs analysis
|
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NEW QUESTION # 156
For a key person protection policy, a company will:
Answer: B
Explanation:
Key person protection is a type of business insurance where a company takes out a life insurance policy on a key employee, such as a CEO or top executive.
* Why is Option D Correct?
* An insurable interest must exist # The company must demonstrate financial loss if the key person dies or becomes incapacitated.
* The policy protects against lost revenue, recruitment costs, and operational disruption.
* Why Not Other Options?
* A (Ever-increasing premiums) # Premiums may increase, but this is not a requirement.
* B (Protection against staff leaving) # Key person insurance does not cover resignations.
* C (Undefined sum) # The insured amount is calculated based on business impact.
# Reference: FCA Business Protection Regulations, CISI Wealth & Investment Management.
NEW QUESTION # 157
The Arbitrage Pricing Theory (APT) assumes investors can sell short. This involves:
Answer: B
Explanation:
Short selling is a trading strategy where an investor sells borrowed securities, expecting the price to decline, and then repurchases them at a lower price.
* Why is Option B Correct?
* Short sellers borrow shares, sell them at the current price, and later buy them back at a lower price to return to the lender, profiting from the price difference.
* APT assumes investors can sell short to exploit mispricings in multiple risk factors.
* Why Not Other Options?
* A (Not selling the whole shareholding) # Short selling does not involve owning shares.
* C (Selling & buying back shortly after) # Describes day trading, not short selling.
* D (Selling many securities quickly) # Short selling is not about trading speed, but betting on price declines.
# Reference: CFA Institute (Arbitrage Pricing Theory), CISI Wealth & Investment Management.
NEW QUESTION # 158
The underlying, when describing the terms of a future, refers to what?
Answer: C
Explanation:
A futures contract is a standardised agreement to buy or sell an item at a specified future date at a price agreed today. The underlying is the item whose value the futures contract references. Depending on the contract, the underlying can be a physical commodity such as oil or wheat, a financial instrument such as a government bond, an equity index, a currency, or an interest rate instrument. The contract's price moves as market expectations about the value of that underlying change. The expiry date is a term of the contract, but it is not the underlying. The futures price is the quoted contract price, which is derived from the underlying's expected value, funding, income, and convenience yield or storage where relevant. The difference between the spot price of the underlying and the futures price is commonly referred to as the basis, not the underlying. CISI exam questions typically focus on ensuring candidates can distinguish the referenced asset from contract terms such as expiry and pricing measures. Therefore, the underlying refers to the asset that the future is based on.
NEW QUESTION # 159
Which of the following is categorised as a soft commodity?
Answer: A
Explanation:
Performance attribution analysis evaluates the performance of a portfolio by breaking it into components attributed to specific investment decisions. These include:
* Asset Allocation: The decision on the proportion of the portfolio allocated to different asset classes (e.
g., stocks, bonds).
* Sector Choice: Selecting specific sectors (e.g., technology, healthcare) within asset classes.
* Security Selection: Choosing individual securities within the selected sectors.
Risk analysis, while critical for investment management, is not typically part of standard performance attribution frameworks.
References:
* International Certificate in Wealth & Investment Management: Portfolio performance evaluation section.
* Standard attribution models: Brinson, Hood, and Beebower model widely used in performance attribution.
NEW QUESTION # 160
Which of the following is a characteristic of a perfectly competitive industry?
Answer: D
Explanation:
* Perfectly Competitive Industry Characteristics:
* Perfect competition assumes identical (homogeneous) products, no barriers to entry or exit, and numerous buyers and sellers where all face a uniform market price.
* Firms are price takers, unable to influence prices individually.
* Elimination of Other Options:
* A: Homogeneous, not heterogeneous, products are a key characteristic.
* B: Perfect competition assumes free entry and exit.
* C: Prices are uniform, not variable.
References:
* ICWIM Module 3: Microeconomics and market structures
NEW QUESTION # 161
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