2026年It-Passportsの最新ICWIM PDFダンプおよびICWIM試験エンジンの無料共有：https://drive.google.com/open?id=1AT-yvKi7rdu7bz8rhzaQj3prVci8Q3Uo
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| Section | Weight | Objectives |
|---|---|---|
| Fiduciary Relationships | 16% | - Risk profiling and suitability - Conflicts of interest - Client needs assessment - Duties and responsibilities |
| Economics and Investment Analysis | 10% | - Economic indicators and cycles - Investment mathematics and statistics - Valuation methods - Macroeconomics and markets |
| Asset Classes | 10% | - Cash and money market instruments - Derivatives - Fixed income securities - Real estate and alternative assets - Equities |
| The Financial Services Sector | 16% | - Regulatory objectives and frameworks - Structure and participants - Ethical standards and professional conduct - Market functions and products |
| Investment Management | 15% | - Performance measurement and evaluation - Portfolio construction theories - Risk and return concepts - Investment strategies |
| Lifetime Financial Provision | 18% | - Trusts and foundations - Retirement planning - Estate and succession planning - Protection and insurance planning |
| Investment Advice | 21% | - Communication and documentation - Portfolio recommendations and review - Taxation principles - Advisory process |
| Industry Regulation | 10% | - Financial crime prevention - Client categorization and protection - Regulatory authorities and rules - Compliance and governance |
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質問 # 173
A financial adviser has created and recommended a risk-targeted investment portfolio for a client. What key factor drove the adviser's decision that this was a suitable approach?
正解：D
解説：
A risk-targeted portfolio is built around delivering returns within a defined risk profile, typically expressed through a volatility range or risk band. The adviser's suitability decision is therefore driven by identifying the client's acceptable level of risk and aligning the portfolio's expected variability of returns to that tolerance and capacity for loss. This approach focuses on risk first, with asset allocation and fund selection designed to keep portfolio behaviour within the agreed risk parameters over time, often supported by ongoing monitoring and rebalancing. It is different from a return-targeted approach, where achieving a required return is the starting point and risk is a constraint. Equal emphasis on growth and income does not, by itself, justify a risk- targeted design, and socially responsible preferences relate to investment constraints rather than the portfolio' s risk framework. The defining feature, and the key suitability driver, is that a clear, pre-defined band of acceptable volatility has been agreed with the client and the portfolio is constructed to stay within that band.
質問 # 174
A non-profit, whole-of-life assurance policy will pay:
正解：A
解説：
A non-profit whole-of-life assurance policy is a type of life insurance that guarantees a fixed payout upon death, without any investment element.
* Why is Option D Correct?
* The sum assured is determined at the start of the policy and does not fluctuate.
* Unlike unit-linked or with-profits policies, the payout is fixed and guaranteed.
* Why Not Other Options?
* A (Linked to insurance company's units) # Only applies to unit-linked policies, which have investment risk.
* B (Pre-determined time limit) # Describes term life insurance, not whole-of-life.
* C (Inflation-linked payout) # Applies to index-linked policies, not non-profit whole-of-life.
# Reference: FCA Handbook (Insurance Conduct of Business), CISI Wealth & Investment Management.
質問 # 175
An investor deposits €1,000 into an account that pays interest at the rate of 3% per year. If the interest is credited to the account at the end of the year and the investor leaves the money in the account for 5 years, how much money will be in the account at the end of the fifth year?
正解：D
解説：
Because the interest is credited at the end of each year and left in the account, the investor earns compound interest. The correct approach is to apply the compound interest formula: future value equals principal multiplied by one plus the annual rate raised to the number of years. Here, the principal is €1,000, the annual interest rate is 3% or 0.03, and the term is 5 years. The calculation is €1,000 × 1.03
2026年It-Passportsの最新ICWIM PDFダンプおよびICWIM試験エンジンの無料共有：https://drive.google.com/open?id=1AT-yvKi7rdu7bz8rhzaQj3prVci8Q3Uo