ICWIM Exam Pattern | ICWIM Latest Test Prep
ICWIM Exam Pattern | ICWIM Latest Test Prep
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Tags: ICWIM Exam Pattern, ICWIM Latest Test Prep, ICWIM Test Dumps, Valid Dumps ICWIM Pdf, Dumps ICWIM Free
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CISI International Certificate in Wealth & Investment Management Sample Questions (Q78-Q83):
NEW QUESTION # 78
Which class of mutual fund shares has a charging structure that avoids a front-end load?
- A. Class D
- B. Class A
- C. Class C
- D. Class B
Answer: C
Explanation:
Mutual funds often have different share classes with varying fee structures to suit different investor needs.
* Why is Option C Correct?
* Class C shares avoid front-end loads (initial sales charges).
* Instead, they charge higher ongoing fees (expense ratios) and may have a short-term exit fee if sold within a year.
* Why Not Other Options?
* A (Class A) # Typically front-end loaded, meaning investors pay a fee when buying the fund.
* B (Class B) # Usually back-end loaded, meaning fees apply when selling the fund.
* D (Class D) # Less common, but often low-cost institutional shares.
# Reference: SEC Mutual Fund Share Classes, CISI Wealth & Investment Management.
NEW QUESTION # 79
Which of the following elements would be included in a recommendation report to a client?
- A. Cost of living
- B. Rate of inflation
- C. Previous arrangements
- D. Restrictions
Answer: C
Explanation:
A recommendation report for a client should contain comprehensive details of their existing financial arrangements. This ensures that advice aligns with the client's goals and existing commitments. The inclusion of previous arrangements helps provide a full financial picture and ensures the recommendations are appropriate.
NEW QUESTION # 80
What is the first action an adviser takes to ensure that their advice is suitable for a client?
- A. Offer the client a range of options
- B. Gather sufficient information from the client
- C. Ensure recommendations are confirmed by a third party
- D. Draw attention to the cancellation period
Answer: B
Explanation:
* Suitability of Advice
* The first step in providing suitable advice is understanding the client's financial situation, goals, and risk tolerance.
* This is achieved bygathering sufficient informationthrough a fact-find process.
* Why the Answer is C
* Without detailed client information, advice cannot be tailored to individual circumstances, leading to regulatory non-compliance and potential mis-selling.
* Why Other Options are Incorrect
* A. Offer options: Comes later after understanding the client's needs.
* B. Cancellation period: A compliance requirement but irrelevant to suitability.
* D. Third-party confirmation: Not a standard part of the advice process.
* ICWIM Study Guide, Chapter on Client Engagement: Emphasizes information gathering as the first step.
* FCA Suitability Guidelines: Highlights the importance of a thorough fact-find.
References
NEW QUESTION # 81
Which index tracking method requires a swap agreement?
- A. Synthetic Replication
- B. Full replication
- C. Stratified Sampling
- D. Optimisation
Answer: A
Explanation:
Synthetic replication uses derivative contracts (swaps) to track an index without directly holding the underlying assets.
* Why is Option C Correct?
* The fund manager enters into a swap agreement with an investment bank.
* The bank provides the return of the target index, while the fund pays a fixed rate or cash return.
* This is common for emerging markets or illiquid assets, where direct replication is difficult.
* Why Not Other Options?
* A (Full replication) # Buys all index components, no swaps used.
* B (Stratified sampling) # Buys representative index samples, no swaps.
* D (Optimisation) # Uses mathematical models to track an index, no swaps.
# Reference: CFA Institute (Index Replication Strategies), CISI Wealth & Investment Management.
NEW QUESTION # 82
How does standard deviation provide investors with a measure of historical volatility?
- A. By the analysis of historical share price movements
- B. Through the measurement of share price movements compared to the benchmark
- C. By measuring the degree of fluctuation around the mean
- D. Through the measurement of the highs and lows of each asset
Answer: C
Explanation:
Standard deviation measures the dispersion of returns around the average (mean) return. A higher standard deviation indicates greater historical volatility, showing how much the returns deviate from the expected average.
Formula:
Standard Deviation=#(Ri#R#)2ntext{Standard Deviation} = sqrt{frac{Sigma (R_i - bar{R})