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CISI IFC Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Ethics, Compliance, and Mutual Fund Regulation	16%
Topic 2: The Modern Mutual Fund	5%
Topic 3: Analysis of Mutual Funds	10%
Topic 4: Understanding Investment Products and Portfolios	18%
Topic 5: Introduction to the Mutual Funds Marketplace	13%
Topic 6: Know Your Client (KYC) Communication Process	19%
Topic 7: Evaluating and Selecting Mutual Funds	16%
Topic 8: Understanding Alternative Managed Products	3%

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q12-Q17):

NEW QUESTION # 12
Evan owns retractable preferred shares of Ingram Corp. Which statement CORRECTLY describes a key feature of Evan's shares?

A. Entitles Evan to sell the shares back to Ingram Corp at a pre-determined price and time in the future.
B. Gives Evan the option to convert the Ingram Corp preferred shares into a fixed number of common shares at a predetermined price within a specified period.
C. Allows Ingram Corp to buy back the preferred shares at a pre-determined price within a defined period.
D. Offers Evan the opportunity to receive additional dividends if Ingram Corp's profit exceeds a stated level.

Answer: C

Explanation:
Retractable preferred shares are a type of preferred stock that lets the issuer force the redemption of the shares at a set price and time. The issuer can pay cash or common shares to the retractable preferred shareholders.
References = Retractable Preferred Shares: What it is, How it Works, Example, What are Retractable Preferred Shares? Definition, And How Does it Work? - CFAJournal, Retractable Preferred Shares | Example
| Feature - Accountinguide

NEW QUESTION # 13
Which factors would cause the management expense ratio charged by a mutual fund to be higher?
* The fund invests in foreign equities
* The fund is large in size
* The fund is managed by the fund sponsor's management team
* The fund pays a trailer fee

A. 1 and 4
B. 3 and 4
C. 2 and 3
D. 1 and 2

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Factors that increase a mutual fund's management expense ratio (MER) include investing in foreign equities and paying trailer fees, as these add to operational costs. The feedback from the document states:
"Four factors primarily affect the management expense ratio. Funds that invest in foreign equities; are small in size; are managed by an outside specialist firm; and charge trailer fees will have higher management expense ratios." Reference:Chapter 16 - Mutual Fund Fees and ServicesLearning Domain:Evaluating and Selecting Mutual Funds

NEW QUESTION # 14
You are meeting a new client, Steven, and you are trying to determine his level of understanding of different investments. Which question would give you the most information regarding your client's familiarity with investing?

A. What rate of return do you expect from investing?
B. Do you want to minimize taxes from your investments?
C. Do you understand the relationship between risk and return?
D. Do you have the resources to invest for the long-term?

Answer: C

Explanation:
This question would give you the most information regarding your client's familiarity with investing because it tests their basic knowledge of one of the fundamental concepts in finance. The relationship between risk and return is the trade-off that investors face when choosing between different investments. Generally, the higher the risk, the higher the expected return, and vice versa. A client who understands this relationship would be able to evaluate the potential outcomes and costs of their investment decisions and choose the ones that match their risk tolerance and return objectives. A client who does not understand this relationship might have unrealistic expectations or make unsuitable choices.
References = Risk-Return Tradeoff Definition - Investopedia, Risk and Return - Corporate Finance Institute, Risk and Return: An Introduction - Morningstar

NEW QUESTION # 15
What items are typically classified as current assets on the statement of financial position?

A. Cash, inventories, and depreciation
B. Cash, accrued charges, and accounts receivable
C. Cash, accounts receivable, and inventories
D. Cash, accounts receivable, and retained earnings

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Current assets on a statement of financial position include items that are expected to be converted to cash or used within one year, such as cash, accounts receivable, and inventories. The feedback from the document states:
"Typical current asset accounts include cash, representing the total amount in all of the company's deposit accounts; inventories, representing the finished and unfinished products which have not yet been sold; and accounts receivable." Reference:Chapter 9 - Understanding Financial StatementsLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 16
A client wishes to deal with one registered representative for both banking services and mutual fund investments. The client would also like advice on determining where best to place their money to enhance their overall tax situation as they approach buying a home. Which individual is best suited for this service if the client's goal is to build a long-term advisor-client relationship?

A. Senior account manager working at a credit union.
B. Financial planner working at the insurance arm of a wealth management firm.
C. Dealing representative at a large financial conglomerate offering several specialized business lines.
D. Investment representative at a Robo-Advisor offering deposit products.

Answer: C

NEW QUESTION # 17
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