ICWIM덤프최신문제 & ICWIM시험대비공부

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CISI ICWIM Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Regulation and Ethics15%- Ethical conduct
  • 1. Conflict of interest
  • 2. Professional responsibilities
  • 3. CISI Code of Ethics
- Regulatory framework
  • 1. Compliance requirements
  • 2. Financial regulation principles
  • 3. Investor protection
Topic 2: Client Advisory25%- Portfolio construction
  • 1. Asset allocation strategies
  • 2. Portfolio review and rebalancing
  • 3. Performance measurement
- Client needs analysis
  • 1. Investment objectives
  • 2. Risk profiling and suitability
  • 3. Time horizons
Topic 3: Market Environment20%- Economic environment
  • 1. Macroeconomic factors affecting investments
  • 2. Interest rates and inflation
  • 3. Business cycles
- Role and function of financial markets
  • 1. Market participants and intermediaries
  • 2. Market indices and benchmarks
  • 3. Types of financial markets and their roles
Topic 4: Risk and Return20%- Portfolio theory
  • 1. Modern portfolio theory
  • 2. Asset allocation principles
  • 3. Risk-return profiling
- Risk concepts
  • 1. Risk measurement
  • 2. Risk diversification
  • 3. Types of investment risk
Topic 5: Financial Products20%- Bonds and fixed income
  • 1. Credit risk
  • 2. Bond types and characteristics
  • 3. Yield and price relationships
- Equities and shares
  • 1. Dividends and total return
  • 2. Valuation methods
  • 3. Types of equity
- Collective investments
  • 1. Funds and structured products
  • 2. ETFs and index trackers
  • 3. Fund selection criteria

>> ICWIM덤프최신문제 <<

ICWIM덤프최신문제최신버전 덤프공부

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최신 CISI level 3 Certificate ICWIM 무료샘플문제 (Q180-Q185):

질문 # 180
An adviser, whilst acting for a client, has identified a conflict of interest which they cannot avoid. In this situation the adviser should:

정답：B

설명：
Advisers must identify, manage, and where possible avoid conflicts of interest to ensure fair client outcomes.
If a conflict arises that cannot be effectively managed through controls and cannot be mitigated to the point where the client's interests are protected, the appropriate action is to stop acting in that matter. Withdrawing from the transaction prevents the adviser from placing themselves in a position where their duty to the client could be compromised by competing interests, such as the firm's interests, another client's interests, or the adviser's personal interests. Simply acting without charge does not remove the conflict, because the conflict is about competing duties and incentives, not only remuneration. Closing the client's account is disproportionate and not necessary when the issue relates to a specific transaction. Registering the conflict with the regulator is not the correct control; conflicts are managed through firm policies, disclosure where appropriate, and withdrawal where necessary. CISI exam framing typically emphasises that where conflicts cannot be managed to avoid harm, the adviser must not proceed.


질문 # 181
What is the role of a central counterparty (CCP)?

정답：D

설명：
# Reference: CFA Institute (Derivatives & Market Infrastructure), CISI Wealth & Investment Management.


질문 # 182
Equities have a higher risk/reward profile when compared to many other asset classes. Their use within a portfolio stems from:

정답：D

설명：
Equities are often used to hedge against inflation because they represent ownership in real assets that can grow in value. Companies generally have the ability to pass on inflationary costs to consumers, which can preserve or enhance their profitability and the equity value.
* Lower cost (B): Equities may incur higher transaction and management costs than other asset classes.
* Align liabilities (C): While equities offer returns, liability alignment is more relevant to fixed-income assets.
* Low volatility (D): Equities are more volatile than bonds or cash, making this statement incorrect.
References:
* International Certificate in Wealth & Investment Management: Equities as inflation hedges and their risk/reward profile.
* Historical analysis of equity performance in inflationary periods.


질문 # 183
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:

정답：D

설명：
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.


질문 # 184
Which two accounts are used to measure the country's balance of payments?

정답：D

설명：
The balance of payments is a framework that records a country's economic transactions with the rest of the world over a period. It is organised into two main components. The first is the current account, which captures trade in goods and services, primary income such as investment income and compensation of employees, and secondary income such as transfers. The second component records cross-border capital flows and changes in financial claims and liabilities. In modern descriptions, this is split into the capital account and the financial account, with the financial account typically being the larger and more significant. Many exam questions simplify this by referring to the current account and the financial and capital account together as the two accounts used to measure the balance of payments. The key idea is that current transactions and capital and financial flows must reconcile through accounting identities, with any imbalance reflected in financing flows.
Options that describe services alone or domestic categories do not represent the recognised balance of payments structure.


질문 # 185
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