ICWIM : INTERNATIONAL CERTIFICATE IN WEALTH & INVESTMENT MANAGEMENT DUMPS & CISI ICWIM TEST-KING

ICWIM : International Certificate in Wealth & Investment Management dumps & CISI ICWIM test-king

ICWIM : International Certificate in Wealth & Investment Management dumps & CISI ICWIM test-king

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Tags: Reliable ICWIM Real Exam, ICWIM Latest Test Materials, ICWIM Online Exam, ICWIM Valid Dumps Pdf, New ICWIM Exam Answers

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q95-Q100):

NEW QUESTION # 95
When analysing rates of return, why is a short-dated government bond considered to be the risk-free rate?

  • A. Government bonds are free from all types of risk
  • B. Governments are considered unlikely to default
  • C. There is no tracking error when measuring the performance of government bonds
  • D. Investors can buy short-dated government bonds without 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 # 96
Why do investors demand a risk premium?

  • A. To cover the expenses of the fund manager
  • B. To compensate them for accepting additional risk
  • C. To cover the tax payments on profitable trades
  • D. So that they can outperform the benchmark

Answer: B


NEW QUESTION # 97
A fund manager would be keen to improve the alpha of a fund because:

  • A. It has not outperformed the benchmark
  • B. The fund will be easier to manage
  • C. It will become more attractive to risk-averse clients
  • D. As alpha improves, so does beta

Answer: A

Explanation:
Alpha (#) measures a fund's excess return relative to its benchmark. A positive alpha indicates outperformance, while a negative alpha means underperformance.
* Why is Option A Correct?
* A fund manager aims to improve alpha to outperform the benchmark (e.g., S&P 500, FTSE
100).
* If a fund's alpha is negative, it has not beaten the benchmark, indicating poor active management.
* Why Not Other Options?
* B (Easier to manage) # A high-alpha strategy often requires active management, which can be complex.
* C (Improves beta) # Alpha is independent of beta (systematic risk).
* D (Attractive to risk-averse clients) # High alpha does not necessarily mean low risk.
# Reference: CFA Institute (Alpha & Beta), CISI Wealth & Investment Management.


NEW QUESTION # 98
The return on a whole-of-life unit-linked policy is:

  • A. Directly related to the performance of the insurance company's fund
  • B. Linked to the rate of inflation
  • C. Dependent on prevailing interest rates
  • D. Related to the Consumer Price Index (CPI)

Answer: A

Explanation:
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.


NEW QUESTION # 99
Which factor forms the basis of an appropriateness test?

  • A. Experience
  • B. Wealth
  • C. Qualifications
  • D. Age

Answer: A

Explanation:
The appropriateness test, as outlined in financial regulations like MiFID II, evaluates whether a client has the necessaryknowledge and experienceto understand the risks of a financial product or service. This is particularly applicable when a client is investing in complex or non-advised products.
* Age (A): While relevant to certain suitability tests, age is not a determinant of appropriateness.
* Qualifications (C): Although qualifications may indicate some level of understanding, they are not a core requirement for the test.
* Wealth (D): Wealth does not equate to investment knowledge or experience.
References:
* International Certificate in Wealth & Investment Management: Section on MiFID II regulations and appropriateness tests.
* Regulatory guidelines for evaluating client risk understanding.


NEW QUESTION # 100
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