ICWIM인증공부문제, ICWIM자격증문제

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CISI ICWIM Exam Syllabus Topics:

Section	Weight	Objectives
Industry Regulation	10%	- Regulatory authorities and rules - Compliance and governance - Client categorization and protection - Financial crime prevention
Economics and Investment Analysis	10%	- Economic indicators and cycles - Investment mathematics and statistics - Valuation methods - Macroeconomics and markets
Asset Classes	10%	- Fixed income securities - Equities - Cash and money market instruments - Derivatives - Real estate and alternative assets
Investment Advice	21%	- Portfolio recommendations and review - Communication and documentation - Taxation principles - Advisory process
The Financial Services Sector	16%	- Ethical standards and professional conduct - Structure and participants - Market functions and products - Regulatory objectives and frameworks
Fiduciary Relationships	16%	- Client needs assessment - Duties and responsibilities - Risk profiling and suitability - Conflicts of interest
Lifetime Financial Provision	18%	- Trusts and foundations - Estate and succession planning - Retirement planning - Protection and insurance planning
Investment Management	15%	- Risk and return concepts - Performance measurement and evaluation - Investment strategies - Portfolio construction theories

>> ICWIM인증공부문제 <<

ICWIM자격증문제 & ICWIM높은 통과율 시험대비자료

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최신 CISI level 3 Certificate ICWIM 무료샘플문제 (Q86-Q91):

질문 # 86
When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:

A. Advisory dealing
B. Discretionary
C. Execution-only
D. Financial planning

정답：B

설명：
* Discretionary Management Defined:
* In discretionary management, the investment manager is authorized to make decisions and implement changes in a portfolio without client consultation.
* This requires a pre-agreed mandate outlining the client's goals and risk tolerance.
* Elimination of Other Options:
* A: Execution-only involves the client making all decisions without advice.
* B: Advisory dealing requires client approval for transactions.
* D: Financial planning is broader and focuses on comprehensive client goal-setting, not direct portfolio management.
References:
* ICWIM Module 4: Explanation of portfolio management styles.

질문 # 87
Which two accounts are used to measure the country's balance of payments?

A. Investment in and out, Actual
B. Services, Physical
C. Domestic, Non-domestic
D. Current, Financial and Capital

정답：D

설명：
The balance of payments is a framework that records a country's economic transactions with the rest of the world over a period. It is organised into two main components. The first is the current account, which captures trade in goods and services, primary income such as investment income and compensation of employees, and secondary income such as transfers. The second component records cross-border capital flows and changes in financial claims and liabilities. In modern descriptions, this is split into the capital account and the financial account, with the financial account typically being the larger and more significant. Many exam questions simplify this by referring to the current account and the financial and capital account together as the two accounts used to measure the balance of payments. The key idea is that current transactions and capital and financial flows must reconcile through accounting identities, with any imbalance reflected in financing flows.
Options that describe services alone or domestic categories do not represent the recognised balance of payments structure.

질문 # 88
The Arbitrage Pricing Theory (APT) assumes investors can sell short. This involves:

A. Selling lots of securities over a short time frame
B. Not selling the whole of your shareholding in one trade
C. Selling something you do not own, intending to buy it back at a lower price later
D. Selling your shares and buying them back a short time later

정답：C

설명：
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.

질문 # 89
Having prepared recommendations via a report, why would an adviser suggest a face-to-face meeting with their client?

A. So that the client can review the adviser's qualifications
B. In order to collect fees prior to implementation of the recommendations
C. To establish the client's tax position
D. To afford the opportunity to clear up any misunderstandings

정답：D

설명：
* Purpose of Client Meetings: A face-to-face meeting allows the adviser to personally communicate complex financial recommendations.
* Importance of Clarity: Clients may misunderstand written reports due to technical jargon or unfamiliarity with financial terms. This meeting provides an opportunity to ensure clarity and build trust.
* Elimination of Other Options:
* A: Collecting fees can be done online or through invoices; this is not the primary purpose of a meeting.
* B: Tax position assessment is typically done before preparing recommendations.
* C: Reviewing adviser qualifications is rare in meetings; trust is built through prior interactions.
References:
* ICWIM Module 2: Focus on professional adviser-client relationships and clear communication.

질문 # 90
Which of these banks are likely to have relatively few legacy issues?

A. Online bank
B. Retail bank
C. Challenger bank
D. Central bank

정답：C

설명：
Challenger banks are newer, digital-first institutions that operate with modern technology, avoiding the legacy issues that traditional banks face.
* Why is Option B Correct?
* They lack outdated IT systems that traditional banks struggle to upgrade.
* They focus on digital banking services, reducing operational inefficiencies.
* Examples: Monzo, Starling Bank, Revolut.
* Why Not Other Options?
* A (Central bank) # Not a commercial bank; deals with monetary policy, not retail banking infrastructure.
* C (Online bank) # Some online banks are part of traditional banks, inheriting legacy issues.
* D (Retail bank) # Large banks have aging IT systems, regulatory burdens, and high costs.
# Reference: UK Financial Conduct Authority (FCA) - Challenger Banks Report, CISI Wealth & Investment Management.

질문 # 91
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