ICWIM Pass-Sure Braindumps: International Certificate in Wealth & Investment Management & ICWIM Exam Guide

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CISI ICWIM Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Regulation and Ethics	15%	- Ethical conduct 1. CISI Code of Ethics 2. Conflict of interest 3. Professional responsibilities - Regulatory framework 1. Financial regulation principles 2. Compliance requirements 3. Investor protection
Topic 2: Client Advisory	25%	- Portfolio construction 1. Asset allocation strategies 2. Portfolio review and rebalancing 3. Performance measurement - Client needs analysis 1. Risk profiling and suitability 2. Time horizons 3. Investment objectives
Topic 3: Financial Products	20%	- Bonds and fixed income 1. Bond types and characteristics 2. Credit risk 3. Yield and price relationships - Collective investments 1. ETFs and index trackers 2. Fund selection criteria 3. Funds and structured products - Equities and shares 1. Dividends and total return 2. Types of equity 3. Valuation methods
Topic 4: Risk and Return	20%	- Risk concepts 1. Types of investment risk 2. Risk measurement 3. Risk diversification - Portfolio theory 1. Modern portfolio theory 2. Asset allocation principles 3. Risk-return profiling
Topic 5: Market Environment	20%	- Economic environment 1. Macroeconomic factors affecting investments 2. Business cycles 3. Interest rates and inflation - Role and function of financial markets 1. Market participants and intermediaries 2. Types of financial markets and their roles 3. Market indices and benchmarks

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q160-Q165):

NEW QUESTION # 160
If an investor expects to receive a bullet payment, they are likely to be invested in a:

A. Zero coupon bond
B. Treasury bond
C. Premium bond
D. Convertible bond

Answer: A

Explanation:
* Understanding Bullet Payments:
* A bullet payment is a single payment of principal and interest at maturity.
* Zero coupon bonds do not provide periodic interest payments, making them associated with bullet payments.
* Elimination of Other Options:
* A: Treasury bonds typically pay semiannual interest.
* C: Convertible bonds may have periodic interest.
* D: Premium bonds involve prize draws, not bullet payments.
References:
* ICWIM Module 3: Coverage of fixed income securities and payment structures.

NEW QUESTION # 161
A defined benefit pension scheme gives an employee the advantage of:

A. Consistently better investment performance
B. Knowing what income will be received in retirement
C. Not having to make any contributions
D. Being index-linked to inflation

Answer: B

Explanation:
* Defined Benefit Pension Scheme:
* This scheme provides a fixed, pre-determined income in retirement based on factors like years of service and final salary.
* The employer assumes the investment and longevity risks, ensuring predictability for the employee.
* Elimination of Other Options:
* A: Contributions may be required from the employee, depending on the plan.
* B: Index-linking to inflation is a feature of some schemes but not universal.
* D: Investment performance is not guaranteed but managed by the employer.
References:
* ICWIM Module 5: Discussion on pension types and benefits.

NEW QUESTION # 162
How does a negative interest rate policy aim to boost lending?

A. Consumers are paid to borrow money
B. By discounting the interest rate charged on loans
C. Interest is not charged on loans
D. By penalising banks for holding surplus cash

Answer: D

Explanation:
* Understanding Negative Interest Rates:
* Negative interest rate policies (NIRP) are used by central banks to stimulate the economy by discouraging banks from hoarding excess reserves.
* Under NIRP, banks are charged interest for holding deposits with the central bank, incentivizing lending to businesses and consumers instead.
* Elimination of Other Options:
* A & B: Interest is still charged on loans, and consumers are not directly "paid" to borrow.
* C: Discounting loan interest rates is a potential consequence but not the direct mechanism of NIRP.
References:
* ICWIM Module 1: Economic Policy: Coverage of unconventional monetary policies like NIRP.

NEW QUESTION # 163
When deciding on an appropriate benchmark, why would an index be chosen?

A. To avoid the difficulty of constructing a benchmark
B. To remove any tracking error from the measurements
C. If it represents a feasible investment alternative to the constructed portfolio
D. Because the client has stated that they are familiar with that particular index

Answer: C

Explanation:
A benchmark is a reference point used to compare the performance of an investment portfolio. The chosen index should accurately reflect the investment strategy and asset class.
* Why is Option D Correct?
* A benchmark must represent a realistic investment alternative to compare against the portfolio.
* If a portfolio invests in UK equities, an appropriate benchmark would be the FTSE 100 or FTSE All-Share Index.
* If a portfolio invests globally, a relevant benchmark could be the MSCI World Index.
* Why Not Other Options?
* A (Client familiarity) # While clients may know an index, this does not mean it is the best benchmark.
* B (Avoiding difficulty) # Constructing a benchmark must be based on investment strategy, not convenience.
* C (Removing tracking error) # No benchmark eliminates tracking error; it only measures it.
# Reference: CFA Institute (Benchmark Selection), CISI Wealth & Investment Management.

NEW QUESTION # 164
In normal market circumstances, the yield curve slopes upward. Why is this?

A. As long as the interest being paid on the government bond is near to the interest rate available on the market, there is little risk that the resale value will be significantly different from the purchase price
B. Longer-dated bonds are generally more sensitive to interest rate changes than short-dated bonds because holders are exposed to risk for a longer period
C. Although bonds are generally less risky than equities, their prices are intrinsically linked to the general level of interest rates and expectations of future changes
D. The longer an investor ties up capital, the higher the rate of interest they will demand to compensate themselves for the greater risk and opportunity cost on the capital they have invested

Answer: D

Explanation:
The yield curve typically slopes upward because long-term bonds have higher yields than short-term bonds.
* Why is Option C Correct?
* Investors require a higher return (yield) for longer-maturity bonds due to:
* Greater risk exposure (inflation, interest rate changes).
* Opportunity cost (capital is locked up for a longer period).
* This creates an upward-sloping yield curve.
* Why Not Other Options?
* A (Interest rate sensitivity) # While true, it does not explain why the curve slopes upwards.
* B (Resale value risk) # Not a key factor in yield curve structure.
* D (Bond-equity risk comparison) # Bonds react to interest rate expectations, but this does not cause the yield curve slope.
# Reference: CFA Institute (Fixed Income Markets), CISI Wealth & Investment Management.

NEW QUESTION # 165
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