매달, 우리는 1000명 이상의 사람들이 시험 준비를 잘하고 시험을 잘 통과할 수 있도록 도와줍니다.
International Certificate in Wealth & Investment Management 온라인 연습
최종 업데이트 시간: 2025년06월06일
당신은 온라인 연습 문제를 통해 CISI ICWIM 시험지식에 대해 자신이 어떻게 알고 있는지 파악한 후 시험 참가 신청 여부를 결정할 수 있다.
시험을 100% 합격하고 시험 준비 시간을 35% 절약하기를 바라며 ICWIM 덤프 (최신 실제 시험 문제)를 사용 선택하여 현재 최신 100개의 시험 문제와 답을 포함하십시오.
정답:
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=S(Ri-R?)2n ext{Standard Deviation} = \sqrt{rac{\Sigma (R_i - \bar{R})^2}{n}}Standard Deviation=nS(Ri?-R?)2??
Where:
RiR_iRi? = Individual returns
R?\bar{R}R? = Mean return
nnn = Number of data points
[Reference: ICWIM, Topic: Risk Measurement and Investment Analysis., CFA Curriculum: Standard Deviation in Portfolio Risk Assessment., , ]
정답:
Explanation:
Understanding Execution-Only Sales:
Execution-only sales occur when the client makes a financial transaction without receiving any advice or
recommendations from the intermediary.
The client assumes full responsibility for the decision.
Elimination of Other Options:
A: Charges are typically present in execution-only sales.
C: The product is being sold; the sale cannot occur without it.
D: Guarantees are unrelated to the advisory process.
Reference: ICWIM Module 4: Focus on financial advice models, including execution-only services.
정답:
Explanation:
Fiduciary Duty:
A fiduciary is legally and ethically bound to prioritize the client’s best interests above all else, ensuring transparency, loyalty, and care in decision-making.
Elimination of Other Options:
A: Reducing risk is important but not the primary fiduciary responsibility.
B: Competitive fees are desirable but not a fiduciary obligation.
D: Offering conservative advice is situational and based on client needs, not a fiduciary mandate.
Reference: ICWIM Module 4: Coverage of fiduciary duties in financial advising.
정답:
Explanation:
Understanding Bullet Payments:
A bullet payment is a single payment of principal and interest at maturity.
Zero coupon bonds do not provide periodic interest payments, making them associated with bullet payments.
Elimination of Other Options:
A: Treasury bonds typically pay semiannual interest.
C: Convertible bonds may have periodic interest.
D: Premium bonds involve prize draws, not bullet payments.
Reference: ICWIM Module 3: Coverage of fixed income securities and payment structures.
정답:
Explanation:
Importance of Prioritizing Protection Needs:
The process ensures that the client's financial risks (e.g., loss of income, health issues) are addressed effectively within their budget.
Affordability is crucial to ensuring the plan can be implemented and sustained long-term.
Elimination of Other Options:
A: Establishing net worth is important but unrelated to prioritizing protection needs.
B: A benchmark is not the focus of protection planning.
C: The primary goal is the client’s protection, not the firm’s risk.
Reference: ICWIM Module 2: Emphasis on understanding client affordability and agreeing on realistic financial plans.
정답:
Explanation:
An increase in earnings per share (EPS) indicates improved profitability on a per-share basis. This enhances the company’s ability to distribute dividends to shareholders, assuming a consistent payout ratio.
Widened share base (A): This would typically dilute EPS, not increase it.
Market share (C): Market share is unrelated to EPS; it is about the company’s competitive position.
P/E ratio (D): While EPS affects valuation, a rise in EPS does not guarantee a P/E increase.
Reference: International Certificate in Wealth & Investment Management: Financial ratios and their implications.
EPS as a metric of profitability and dividend-paying capacity.
정답:
Explanation:
Conflict of Interest Definition:
A fiduciary position requires prioritizing the client's best interest. When personal or professional interests compete with this duty, it constitutes a conflict of interest.
Such conflicts can undermine the trust and integrity of the fiduciary relationship.
Elimination of Other Options:
A: Discretionary management is unrelated to fiduciary conflicts.
B: A regulatory breach may occur if the conflict is not disclosed but is not inherently the conflict itself.
C: Full disclosure is a way to manage conflicts, not the conflict itself.
Reference: ICWIM Module 5: Coverage of fiduciary responsibilities and managing conflicts of interest.
정답:
Explanation:
Standard deviation measures the volatility of returns, helping investors compare the risk levels of different portfolios or assets. A higher standard deviation indicates greater uncertainty in returns, which can signify higher risk.
[Reference: ICWIM, Topic: Risk Management and Portfolio Analysis., CFA Curriculum: Risk Metrics and Standard Deviation., , ]
정답:
Explanation:
Demutualisation refers to the process by which a mutual savings institution, such as a building society, converts into a publicly traded company or bank. This transformation allows the institution to raise capital through equity issuance and expand its services beyond mutual members.
Example:
The Abbey National Building Society in the UK demutualised in the 1980s to become a bank. [Reference: ICWIM, Topic: Financial Institutions and Their Structures., FCA Handbook: Demutualisation and Regulation of Financial Institutions., ]
정답:
Explanation:
Need for a Composite Benchmark:
Portfolios that span multiple asset classes (e.g., equities, bonds, commodities) require a composite benchmark to provide a fair performance comparison.
Single benchmarks (e.g., S&P 500) would not accurately represent multi-asset portfolios.
Elimination of Other Options:
A: Composite benchmarks complicate fund management rather than simplify it.
C: While portfolios are part of the investment universe, this does not necessitate a composite benchmark.
D: Reducing tracking error is a goal but not the main reason for composite benchmarks.
Reference: ICWIM Module 3: Details on portfolio management and benchmark selection for performance measurement.
정답:
Explanation:
Personal Accident Policies:
These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
The waiting period varies depending on the policy terms.
Elimination of Other Options:
A: A doctor's visit is often necessary but not sufficient for payout.
B: Payments are not instantaneous.
D: Documentation is required, but it is part of the claim process, not the trigger for payout.
Reference: ICWIM Module 5: Details on insurance policy structures and claims processes. Personal Accident Policies:
These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
The waiting period varies depending on the policy terms.
Elimination of Other Options:
A: A doctor's visit is often necessary but not sufficient for payout.
B: Payments are not instantaneous.
D: Documentation is required, but it is part of the claim process, not the trigger for payout.
Reference: ICWIM Module 5: Details on insurance policy structures and claims processes.
정답:
Explanation:
The UCITS (Undertakings for the Collective Investment in Transferable Securities) regulations mandate that fund managers provide a standardized Key Investor Information Document (KIID)to investors. This document ensures that all retail investors receive clear and concise information about the fund’s objectives, risks, charges, and past performance.
Company accounts (A): UCITS does not govern corporate accounting.
Corporate actions (B): Corporate actions such as dividends or mergers are unrelated to UCITS.
Trade settlement (D): UCITS does not standardize trade settlement processes.
Reference: International Certificate in Wealth & Investment Management: Regulations surrounding UCITS and KIIDs.
UCITS directives and their implementation across the European Union.
정답:
Explanation:
Synthetic replication involves tracking an index using derivatives such as swaps. A swap agreement allows the fund to replicate the index performance without holding the actual underlying assets, reducing transaction costs and increasing efficiency.
[Reference: ICWIM, Topic: Index Funds and ETF Strategies., UCITS guidelines on synthetic and physical replication methods.,, ]
정답:
Explanation:
Offshore Foundations
These legal entities are typically used for wealth preservation, estate planning, or philanthropic purposes.
Foundations are managed by acouncil, which is responsible for operational decisions and ensuring the
foundation’s goals are met.
Why the Answer is C
The council acts similarly to a board of directors but focuses specifically on the foundation’s assets and objectives.
Why Other Options are Incorrect
A. Board of directors: Applies to companies, not foundations.
B. Trustees: Apply to trusts, not foundations.
D. Beneficiaries: Beneficiaries do not have decision-making authority.
ICWIM Study Guide, Chapter on Trusts and Foundations: Discusses the governance of offshore foundations.
Legal Principles of Foundations: Confirms the role of the council.
Reference: Thus, the correct answer isC. The council.
정답:
Explanation:
Real vs. Nominal Terms:
Inflation-linked bonds adjust their coupon payments and principal based on inflation rates.
Expressing the coupon in real terms ensures it reflects purchasing power rather than face value.
Elimination of Other Options:
B: Redemption date length is unrelated to coupon expression.
C & D: Security type (unsecured/bearer) does not dictate coupon terms.
Reference: ICWIM Module 3: Explanation of bond types, including inflation-linked securities.