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CISI ICWIM Exam Syllabus Topics:

Section	Weight	Objectives
Financial Products	20%	- Collective investments 1. ETFs and index trackers 2. Funds and structured products 3. Fund selection criteria - Bonds and fixed income 1. Bond types and characteristics 2. Yield and price relationships 3. Credit risk - Equities and shares 1. Types of equity 2. Dividends and total return 3. Valuation methods
Client Advisory	25%	- Portfolio construction 1. Performance measurement 2. Portfolio review and rebalancing 3. Asset allocation strategies - Client needs analysis 1. Risk profiling and suitability 2. Time horizons 3. Investment objectives
Regulation and Ethics	15%	- Ethical conduct 1. Professional responsibilities 2. CISI Code of Ethics 3. Conflict of interest - Regulatory framework 1. Investor protection 2. Compliance requirements 3. Financial regulation principles
Market Environment	20%	- Role and function of financial markets 1. Market participants and intermediaries 2. Types of financial markets and their roles 3. Market indices and benchmarks - Economic environment 1. Business cycles 2. Macroeconomic factors affecting investments 3. Interest rates and inflation
Risk and Return	20%	- Portfolio theory 1. Modern portfolio theory 2. Risk-return profiling 3. Asset allocation principles - Risk concepts 1. Risk measurement 2. Types of investment risk 3. Risk diversification

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q241-Q246):

NEW QUESTION # 241
Assuming an upward-sloping yield curve that does not change, how can a fund manager profit from buying a longer-dated bond?

A. The yield will rise as the bond gets closer to maturity, so the bond can be sold for a profit
B. As time passes, the yield and price of the purchased bond will rise
C. The yield will fall as the bond gets closer to maturity, so the bond can be sold for a profit
D. The gross redemption yield will rise on the purchased bond as maturity nears

Answer: C

Explanation:
In an upward-sloping yield curve, long-term bonds typically have higher yields than short-term bonds. As the bond nears maturity:
Price Appreciation: The bond price rises as the yield declines due to the pull-to-par effect.
Capital Gains Opportunity: A fund manager can sell the bond before maturity for a profit if interest rates remain unchanged.
Yield and Price Relationship: Bond prices move inversely to yields. When yields fall, prices rise, allowing for a profit upon sale.
# Reference: CISI Wealth & Investment Management (Fixed-Income Securities), CFA Institute (Bond Pricing
& Yield Curves).

NEW QUESTION # 242
When a hedge fund puts together an equity arbitrage position, it will seek to balance respective:

A. Deltas
B. Gammas
C. Alphas
D. Betas

Answer: D

Explanation:
Equity arbitrage strategies involve balancing betas to hedge risk while profiting from pricing inefficiencies.
* Key Concept:
* Beta measures systematic risk (market-related risk).
* Equity arbitrage strategies aim to neutralize beta while profiting from pricing anomalies.
* Example:
* A hedge fund buys an undervalued stock and shorts an overvalued stock with matching betas
, ensuring market-neutral exposure.
# Reference: CFA Institute (Hedge Fund Strategies), CISI Wealth & Investment Management.

NEW QUESTION # 243
When analysing rates of return, why is a short-dated government bond considered to be the risk-free rate?

A. There is no tracking error when measuring the performance of government bonds
B. Governments are considered unlikely to default
C. Investors can buy short-dated government bonds without risk
D. Government bonds are free from all types of risk

Answer: B

Explanation:
* Risk-Free Rate
* The rate of return on an investment with virtually no risk of financial loss.
* Short-dated government bonds are considered risk-free because governments, especially in developed economies, are deemed highly unlikely to default.
* Why the Answer is A
* Short-dated bonds minimize risks associated with duration (interest rate risk).
* Governments can typically print money or increase taxes to meet debt obligations, reducing default risk.
* Why Other Options are Incorrect
* B. Without risk: Investors still face inflation risk and currency risk.
* C. Free from all risks: No investment is completely risk-free; risk is minimized, not eliminated.
* D. No tracking error: Irrelevant to the definition of a risk-free rate.
* ICWIM Study Guide, Chapter on Risk Management: Defines the risk-free rate and its attributes.
* Economic Theory: Short-dated government bonds as benchmarks for risk-free rates.
ReferencesThus, the correct answer isA. Governments are considered unlikely to default.

NEW QUESTION # 244
The ongoing charges figure for a mutual fund should be included in its:

A. Key features document
B. Prospectus
C. Key investor information document
D. Terms of business

Answer: C

Explanation:
The ongoing charges figure (OCF) of a mutual fund is included in its Key Investor Information Document (KIID). The KIID provides standardized and essential information about a fund's costs, risks, and performance, ensuring transparency for investors.
Reference:
ICWIM, Topic: Fund Documentation and Regulatory Requirements.
EU UCITS Directive: Requirement for KIIDs.

NEW QUESTION # 245
The use of a bare trust ensures that the:

A. Name of the beneficiary remains private
B. Beneficiary has the right to all of the capital and income once they reach a certain age
C. Trustees have discretion over who the income and capital is paid to
D. Beneficiary has a right to the income but not the capital

Answer: B

Explanation:
A bare trust is a simple trust structure in which the beneficiary is absolutely entitled to both the trust income and the trust capital. The trustees hold the assets in name only and must act according to the beneficiary's instructions once the beneficiary has the legal capacity to demand the assets. In practice, bare trusts are commonly used for gifts to minors, where the trustees administer the assets until the beneficiary reaches the age at which they can legally take control. At that point, the beneficiary can require the trustees to transfer the trust property to them, and they have an enforceable right to both income and capital. This contrasts with discretionary trusts where trustees decide who benefits and when. It also differs from interest in possession arrangements where a beneficiary may have a right to income but not necessarily the capital. Privacy is not the defining feature tested for bare trusts. The key examinable point is absolute entitlement: once the beneficiary reaches the relevant age of legal entitlement, they have the right to all capital and income.

NEW QUESTION # 246
......

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