2026 ExamPassdump 최신 ICWIM PDF 버전 시험 문제집과 ICWIM 시험 문제 및 답변 무료 공유: https://drive.google.com/open?id=17v2eGo-gp3xsbtB6C1S50tfpCM5yA_cv
많은 분들이 고난의도인 CISI관련인증시험을 응시하고 싶어 하는데 이런 시험은 많은 전문적인 관련지식이 필요합니다. 시험은 당연히 완전히 전문적인 ICWIM관련지식을 터득하자만이 패스할 가능성이 높습니다. 하지만 지금은 많은 방법들로 여러분의 부족한 면을 보충해드릴 수 있으며 또 힘든 CISI시험도 패스하실 수 있습니다. 혹은 여러분은 전문적인 International Certificate in Wealth & Investment Management관련지식을 터득하자들보다 더 간단히 더 빨리 시험을 패스하실 수 있습니다.
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulation and Ethics | 15% | - Ethical conduct
|
| Topic 2: Market Environment | 20% | - Economic environment
|
| Topic 3: Risk and Return | 20% | - Risk concepts
|
| Topic 4: Client Advisory | 25% | - Portfolio construction
|
| Topic 5: Financial Products | 20% | - Bonds and fixed income
|
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질문 # 127
Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down the performance and attributing the results based on the decisions made by the fund manager on which of the following?
정답：A
설명：
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.
질문 # 128
It is impossible to diversify against:
정답：C
설명：
Market risk, also known as systematic risk, affects the entire market and cannot be eliminated through diversification. Examples include economic recessions, geopolitical events, or market-wide changes in interest rates.
* Currency risk (A): Can be diversified through exposure to multiple currencies.
* Credit risk (B): Can be mitigated by spreading exposure across various credit profiles.
* Liquidity risk (C): Can be addressed by diversifying into liquid assets.
References:
* International Certificate in Wealth & Investment Management: Types of risk and strategies to mitigate them.
* Modern Portfolio Theory and the distinction between systematic and unsystematic risk.
질문 # 129
When calculating business taxes on profits, what figure is used in addition to the profits made from a company's trading activities?
정답：B
설명：
Business taxation on profits typically considers more than just the profit generated from normal trading operations. A company may also realise gains when it disposes of capital assets, such as property, subsidiaries, or investment holdings. These gains are treated separately from trading income and are commonly referred to as chargeable gains. They are included in the computation of taxable profits because they represent an increase in company value that has been crystallised through a sale or disposal event.
Declared dividends are distributions of post tax profits to shareholders and do not form part of taxable profits in the same way. Net current assets and long term debt are balance sheet figures that describe financial position and capital structure, but they are not additional categories of profit. The examinable distinction is between revenue profits from trading and capital profits from disposals. Therefore, when calculating taxes on profits, chargeable gains are added to trading profits to arrive at the total profits chargeable to tax, subject to the relevant rules and any allowable reliefs.
질문 # 130
When a UK based investor receives overseas equity dividend income, which one of the following types of tax may have been deducted?
정답：C
설명：
Overseas dividends are often paid net of withholding tax deducted in the source country before the income reaches the investor. Withholding tax is a tax levied by the country where the company is resident on payments made to non-resident investors, and it is commonly applied to dividends and sometimes to interest and royalties. The rate can depend on domestic law and may be reduced under a double taxation treaty if the investor qualifies and the necessary documentation is in place. Stamp Duty is typically a transaction tax on certain purchases of securities, not a tax deducted from dividend payments. Value Added Tax applies to consumption of goods and services and is not relevant to dividend income. UK Corporation Tax applies to company profits, not to dividend payments received by an individual investor. The key exam point is recognising that the deduction at source on overseas dividend payments is withholding tax, which is why investors may need to consider treaty relief, reclaims, or foreign tax credit relief depending on their overall tax position.
질문 # 131
In what circumstances would a central bank use its foreign reserves in currency markets?
정답：B
설명：
Central banks use foreign currency reserves to stabilise or influence their national currency in the foreign exchange (FX) market.
* Why Intervene?
* To prevent excessive currency depreciation/appreciation.
* To control inflation by managing exchange rates.
* To maintain export competitiveness.
* Example: The People's Bank of China (PBOC) intervenes in FX markets to stabilise the Chinese Yuan (CNY).
# Reference: IMF Guidelines on Currency Intervention, CISI Wealth & Investment Management.
질문 # 132
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