Free PDF Quiz 2025 Trustable CISI ICWIM: Pdf International Certificate in Wealth & Investment Management Format

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q25-Q30):

NEW QUESTION # 25
Which of the following is a characteristic of a perfectly competitive industry?

A. Numerous heterogeneous products are produced by all firms in the industry
B. Firms face barriers to entry or exit from the industry
C. There is an infinite number of consumers who all face the same market price
D. There are a range of market prices at which all output produced by any one firm can be sold

Answer: C

Explanation:
* Perfectly Competitive Industry Characteristics:
* Perfect competition assumes identical (homogeneous) products, no barriers to entry or exit, and numerous buyers and sellers where all face a uniform market price.
* Firms are price takers, unable to influence prices individually.
* Elimination of Other Options:
* A: Homogeneous, not heterogeneous, products are a key characteristic.
* B: Perfect competition assumes free entry and exit.
* C: Prices are uniform, not variable.
References:
* ICWIM Module 3: Microeconomics and market structures

NEW QUESTION # 26
If someone in a fiduciary position has personal or professional interests that compete with their duty to act in the client's best interest, this is called:

A. A regulatory breach
B. A conflict of interest
C. Discretionary management
D. Full disclosure

Answer: B

Explanation:
A conflict of interest arises when a financial professional's own interests compete with their duty to act in the best interest of the client.
* Examples:
* A financial adviser recommending a high-commission product instead of the best investment for the client.
* An investment manager trading ahead of client orders to profit personally (front-running).
* Regulatory Requirements:
* Under FCA and MiFID II regulations, firms must disclose conflicts and take reasonable steps to manage them.
# Reference: FCA Handbook (COBS 2.1 - Acting Honestly & Fairly), CISI Ethical Standards.

NEW QUESTION # 27
Why might a custom benchmark be required when measuring portfolio performance?

A. To establish the size of the tracking error
B. So that the portfolio can be measured in absolute terms
C. It is easier than using a pre-defined benchmark
D. The portfolio spans several different asset classes

Answer: D

Explanation:
A custom benchmark is necessary when a portfolio contains multiple asset classes, as no single index can fully represent its performance.
* Why is Option D Correct?
* A diversified portfolio (e.g., equities, bonds, commodities) needs a composite benchmark that reflects its asset allocation.
* Example: A portfolio with 60% equities and 40% bonds might use a benchmark of 60% MSCI World Index and 40% Barclays Global Bond Index.
* Why Not Other Options?
* A (Easier than a pre-defined benchmark) # Custom benchmarks require more effort, not less.
* B (Absolute performance measure) # Benchmarks compare performance relative to the market, not in absolute terms.
* C (Tracking error measurement) # A benchmark helps measure tracking error, but the need for a custom benchmark arises due to asset diversity.
# Reference: CFA Institute (Benchmarking), CISI Wealth & Investment Management.

NEW QUESTION # 28
Your client estimates that they will require £50,000 of income annually to live off when they retire. Personal plus state pension will provide £40,000. They wish to retire in 25 years' time. It is estimated that they can earn 5% per annum, and inflation has been forecast at 2%. Interest rates are currently 1.5%. Allowing for inflation, what lump sum would they need to accrue to supplement their pension?

A. £328,120
B. £546,869
C. £468,745
D. £252,401

Answer: A

Explanation:
To calculate the required lump sum, we need to determine the present value (PV) of future withdrawals, adjusted for inflation and investment growth.
A screenshot of a paper AI-generated content may be incorrect.

NEW QUESTION # 29
Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down performance based on the decisions made by the fund manager in which of the following?

A. Asset allocation and sector choice only
B. The combination of asset allocation, sector choice, security selection, and risk analysis
C. The combination of asset allocation, sector choice, and security selection
D. Asset allocation alone

Answer: C

Explanation:
Performance attribution analyzes portfolio returns by breaking them down into key decision-making factors.
* Why is Option C Correct?
* Asset allocation # Impact of choosing different asset classes (e.g., stocks vs. bonds).
* Sector choice # How selecting industries (e.g., tech vs. healthcare) affects returns.
* Security selection # The impact of choosing specific stocks or bonds.
* Why Not Other Options?
* A (Asset allocation alone) # Sector and security selection also play a role.
* B (Only asset allocation & sector choice) # Security selection directly affects performance.
* D (Includes risk analysis) # Risk is important but not a primary factor in attribution.
# Reference: CFA Institute (Performance Attribution Models), CISI Wealth & Investment Management.

NEW QUESTION # 30
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