TEST ICWIM QUESTIONS, FREE ICWIM EXAM DUMPS

Test ICWIM Questions, Free ICWIM Exam Dumps

Test ICWIM Questions, Free ICWIM Exam Dumps

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Tags: Test ICWIM Questions, Free ICWIM Exam Dumps, ICWIM Answers Free, Latest ICWIM Exam Questions Vce, Latest ICWIM Test Sample

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Pass Guaranteed Quiz 2025 ICWIM: International Certificate in Wealth & Investment Management Latest Test Questions

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q37-Q42):

NEW QUESTION # 37
When deciding on an appropriate benchmark, why would an index be chosen?

  • A. To remove any tracking error from the measurements
  • B. Because the client has stated that they are familiar with that particular index
  • C. To avoid the difficulty of constructing a benchmark
  • D. If it represents a feasible investment alternative to the constructed portfolio

Answer: D

Explanation:
A benchmark is a reference point used to compare the performance of an investment portfolio. The chosen index should accurately reflect the investment strategy and asset class.
* Why is Option D Correct?
* A benchmark must represent a realistic investment alternative to compare against the portfolio.
* If a portfolio invests in UK equities, an appropriate benchmark would be the FTSE 100 or FTSE All-Share Index.
* If a portfolio invests globally, a relevant benchmark could be the MSCI World Index.
* Why Not Other Options?
* A (Client familiarity) # While clients may know an index, this does not mean it is the best benchmark.
* B (Avoiding difficulty) # Constructing a benchmark must be based on investment strategy, not convenience.
* C (Removing tracking error) # No benchmark eliminates tracking error; it only measures it.
# Reference: CFA Institute (Benchmark Selection), CISI Wealth & Investment Management.


NEW QUESTION # 38
A bullet bond portfolio can have an advantage over a barbell bond portfolio because:

  • A. It is always riding the yield curve
  • B. A bullet portfolio does not require regular rebalancing
  • C. The gross redemption yield is always higher
  • D. It only invests in short-dated bonds

Answer: B

Explanation:
* Bullet Bond Portfolio
* Invests in bonds with maturities focused on a single date or time period (a "bullet").
* This structure eliminates the need for frequent adjustments as maturities naturally align with portfolio objectives.
* Barbell Bond Portfolio
* Invests in bonds with very short and very long maturities.
* Requires regular rebalancing to maintain the intended allocation, increasing transaction costs.
* Why the Answer is D
* A bullet portfolio simplifies management by focusing on a single maturity period, avoiding the complexity of rebalancing inherent in barbell strategies.
* ICWIM Study Guide, Chapter on Fixed-Income Strategies: Compares bullet and barbell portfolios.
* Bond Portfolio Management Principles: Highlights the operational advantages of bullet structures.
References


NEW QUESTION # 39
An advisor is reviewing a client's portfolio which has a time horizon of 15 years and is made up primarily of bonds and cash but with some exposure to equities and other higher-risk investments. It is reasonable to believe that the client's risk appetite is:

  • A. Low-Mid Risk
  • B. Mid-High Risk
  • C. Mid Risk
  • D. Low Risk

Answer: A

Explanation:
* Risk Appetite and Portfolio Composition
* A portfolio primarily of bonds and cash indicates a conservative approach, but the inclusion of equities and higher-risk investments suggests some tolerance for risk.
* A 15-year time horizon allows for a balanced approach, mitigating risks associated with equities over time.
* Why the Answer is B
* The mix of low-risk (bonds, cash) and some high-risk exposure (equities) aligns withLow-Mid Risk.
* Why Other Options are Incorrect
* A. Low Risk: Overlooks the equity and higher-risk components.
* C. Mid Risk / D. Mid-High Risk: Overestimate the risk level due to the dominance of bonds and cash.
* ICWIM Study Guide, Chapter on Risk Profiling: Explains portfolio risk classification.
References


NEW QUESTION # 40
One benefit of the Rules-Based model of regulation is that it:

  • A. Evolves quickly in fast-changing dynamic markets
  • B. Involves a high degree of prescriptive procedures and detailed rules, making it clear what individuals and firms must do to comply
  • C. Offers a unique combination of private interests with government oversight
  • D. Provides a source of guidance on how firms and individuals are expected to act

Answer: B

Explanation:
A Rules-Based model provides strict, prescriptive compliance requirements to ensure regulatory adherence.
* Why is Option C Correct?
* It removes ambiguity by outlining clear-cut rules that financial firms must follow.
* Example: The FCA's Conduct of Business Sourcebook (COBS) provides detailed guidelines on investment advice and suitability.
* Why Not Other Options?
* A (Evolves quickly) # Rules-based systems are rigid and slow to adapt.
* B (Guidance) # A Principles-Based system (not Rules-Based) provides general guidance.
* D (Combination of interests) # This relates more to self-regulation models.
# Reference: FCA Regulatory Framework, CISI Wealth & Investment Management.


NEW QUESTION # 41
How does a negative interest rate policy (NIRP) aim to boost lending?

  • A. By penalising banks for holding surplus cash
  • B. Consumers are paid to borrow money
  • C. By discounting the interest rate charged on loans
  • D. Interest is not charged on loans

Answer: A

Explanation:
A Negative Interest Rate Policy (NIRP) is used by central banks to stimulate economic activity by penalising banks for holding excess reserves.
* How It Works:
* Instead of earning interest, banks pay to keep reserves with the central bank.
* To avoid losses, banks increase lending to businesses and consumers.
* This increases money supply, investment, and spending, boosting economic growth.
* Real-World Example: The European Central Bank (ECB) and Bank of Japan implemented NIRP to encourage lending.
# Reference: ECB Negative Interest Rate Policy, CISI Wealth & Investment Management.


NEW QUESTION # 42
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