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| Section | Objectives |
|---|---|
| Topic 1: Regulation and Ethics | - Conduct of business and compliance principles - Regulatory environment in financial services - Ethical standards in investment advice |
| Topic 2: Investment Products and Suitability | - Equities, bonds, and collective investments - Taxation and charges overview - Suitability and client profiling |
| Topic 3: Investment and Financial Markets | - Structure of financial markets - Market participants and their roles - Asset classes and investment products |
| Topic 4: Wealth Management Principles | - Client investment needs and objectives - Portfolio construction basics - Risk and return concepts |
Pass4Test는 고객님께서CISI ICWIM첫번째 시험에서 패스할수 있도록 최선을 다하고 있습니다. 만일 어떤 이유로 인해 고객님이CISI ICWIM시험에서 실패를 한다면 Pass4Test는CISI ICWIM덤프비용 전액을 환불 해드립니다. 시중에서 가장 최신버전인CISI ICWIM덤프로 시험패스 예약하세요.
질문 # 127
Once an offshore foundation is established, who will normally be responsible for making ongoing decisions regarding the operational use of the foundation's assets?
정답：D
설명：
# Reference: Offshore Financial Centres (OFCs), CISI Wealth & Investment Management.
질문 # 128
Why would an investment manager conduct forward-looking security attribution?
정답：C
설명：
Forward-looking security attribution focuses on identifying potential future risks in a portfolio by analyzing market trends, economic indicators, and security performance forecasts.
* Why is Option B Correct?
* Investment managers use quantitative models and stress testing to identify upcoming risks.
* Helps in adjusting asset allocation and implementing hedging strategies.
* Why Not Other Options?
* A (Calculate future profits) # Attribution focuses on performance breakdown, not profit forecasting.
* C (Quantify annual charge) # Fees are predetermined and not part of attribution analysis.
* D (Outperform benchmark) # Attribution measures risk sources, not outperformance targets.
# Reference: CFA Institute (Performance Attribution), CISI Wealth & Investment Management.
질문 # 129
The Return on Capital Employed (ROCE) ratio can be used to:
정답：B
설명：
Return on Capital Employed (ROCE) measures how efficiently a company uses its capital to generate profits.
* Formula: ROCE=Operating ProfitCapital Employed×100ROCE = \frac{\text{Operating Profit}}{\text
{Capital Employed}} \times 100ROCE=Capital EmployedOperating Profit×100
* Why Use ROCE?
* It helps in comparing performance over time (trend analysis).
* Investors use it to assess capital efficiency.
* Why Not Option D?
* ROCE evaluates total capital (equity + debt), while Return on Equity (ROE) focuses only on shareholders' equity.
# Reference: CFA Institute (Financial Ratios), CISI Wealth & Investment Management.
질문 # 130
For what reason is holding bearer shares potentially disadvantageous?
정답：B
설명：
Bearer shares are unregistered securities, meaning ownership is determined by physical possession of the share certificate rather than being recorded in a shareholder register.
* Why is Option B Correct?
* If the physical certificate is lost or stolen, the holder loses legal ownership, as no record of ownership exists.
* Unlike registered shares, where ownership is recorded with a company or broker, bearer shares do not have a recovery process.
* Why Not Other Options?
* A (Not being publicly named) # While bearer shares offer anonymity, the major risk is loss of ownership.
* C (Difficult to value) # They can still be valued based on the issuing company's performance.
* D (Not possible to sell part of the holding) # Bearer shares can be sold partially, like other shares.
# Reference: OECD Guidelines on Transparency & Bearer Shares, CISI Wealth & Investment Management.
질문 # 131
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 # 132
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