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| Section | Weight | Objectives |
|---|---|---|
| Financial Products | 20% | - Bonds and fixed income
|
| Market Environment | 20% | - Economic environment
|
| Regulation and Ethics | 15% | - Regulatory framework
|
| Client Advisory | 25% | - Client needs analysis
|
| Risk and Return | 20% | - Risk concepts
|
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問題 #101
Treasury bills are normally issued with a minimum maturity of:
答案：D
解題說明：
* Treasury Bills Defined
* Treasury bills (T-bills) are short-term government debt securities issued at a discount and redeemed at face value at maturity.
* They are typically issued with maturities of3 months (most common), 6 months, and 1 year.
* Why the Answer is B
* While T-bills can have shorter or longer maturities,3 monthsis the standard minimum maturity for most markets, including the UK and US.
* ICWIM Study Guide, Chapter on Fixed Income Securities: Covers treasury bill characteristics.
* Debt Market Literature: Confirms typical T-bill maturities.
References
問題 #102
The underlying, when describing the terms of a future, refers to what?
答案：C
解題說明：
A futures contract is a standardised agreement to buy or sell an item at a specified future date at a price agreed today. The underlying is the item whose value the futures contract references. Depending on the contract, the underlying can be a physical commodity such as oil or wheat, a financial instrument such as a government bond, an equity index, a currency, or an interest rate instrument. The contract's price moves as market expectations about the value of that underlying change. The expiry date is a term of the contract, but it is not the underlying. The futures price is the quoted contract price, which is derived from the underlying's expected value, funding, income, and convenience yield or storage where relevant. The difference between the spot price of the underlying and the futures price is commonly referred to as the basis, not the underlying. CISI exam questions typically focus on ensuring candidates can distinguish the referenced asset from contract terms such as expiry and pricing measures. Therefore, the underlying refers to the asset that the future is based on.
問題 #103
An approach which applies a theoretical price to a company's shares by discounting the company's expected future cash flow into infinity. This statement is describing the:
答案：C
解題說明：
The dividend valuation model values equity by estimating the present value of future cash flows to shareholders, typically dividends, discounted back at the required rate of return. In its classic form, the model assumes dividends continue indefinitely and therefore discounts an infinite stream of expected future dividends, making it a perpetual valuation approach. Where dividends are expected to grow at a constant rate, the model is commonly expressed using a perpetuity-with-growth structure, linking the theoretical share price to next period's dividend, the required return, and the growth rate. The key exam point is recognising that equity value can be framed as the discounted value of cash flows to shareholders over an indefinite horizon.
Net asset value is an asset-based valuation, often used for funds or asset-rich firms, not an infinite cash flow discounting model. Market value added and economic value added are performance and value creation measures linked to capital employed and cost of capital, rather than a direct share pricing model based on discounting dividends forever. Therefore, the description aligns to the dividend valuation model.
問題 #104
What term is used to describe a situation where clients give investment instructions to a firm without being given advice to do so?
答案：A
解題說明：
Execution-only refers to situations where clients make investment decisions without receiving advice from the firm. The firm's role is limited to executing the client's instructions, without providing recommendations or assessing suitability.
Key features:
The firm does not offer advice.
The client takes full responsibility for their investment decisions.
Reference:
ICWIM, Topic: Types of Investment Advice and Regulatory Frameworks.
FCA Handbook, Conduct of Business Sourcebook (COBS).
問題 #105
The return on a whole-of-life unit-linked policy is:
答案：C
解題說明：
A whole-of-life unit-linked policy is a permanent life insurance policy where the payout depends on the investment performance of the underlying insurance fund.
* How It Works:
* Premiums are invested in unit-linked funds chosen by the policyholder.
* The policy value fluctuates based on the fund's performance.
* Some policies offer a minimum guaranteed payout, while others fully depend on market returns.
* Why is Option A Correct?
* The value of the policy directly tracks the investment performance of the insurance fund.
* Why Not Other Options?
* B (CPI) # Inflation affects purchasing power but does not directly determine returns.
* C (Inflation-linked) # Some policies may be inflation-protected, but not all.
* D (Interest rates) # Returns depend more on equity or bond fund performance than interest rates.
# Reference: FCA Handbook (Insurance Conduct of Business), CISI Wealth & Investment Management.
問題 #106
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