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Valid ICWIM Exam Syllabus & New ICWIM Exam Review

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q108-Q113):

NEW QUESTION # 108
A fund manager would be keen to improve the alpha of a fund because:

A. It has not outperformed the benchmark
B. It will become more attractive to risk-averse clients
C. The fund will be easier to manage
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 # 109
Why would an investment manager conduct forward-looking security attribution?

A. In order to establish by how much they need to outperform the benchmark
B. To establish where future risks lie
C. To quantify next year's annual charge
D. In order to calculate future profits

Answer: B

Explanation:
Forward-looking security attribution focuses on identifying potential future risks in a portfolio by analyzing market trends, economic indicators, and security performance forecasts.
* Why is Option B Correct?
* Investment managers use quantitative models and stress testing to identify upcoming risks.
* Helps in adjusting asset allocation and implementing hedging strategies.
* Why Not Other Options?
* A (Calculate future profits) # Attribution focuses on performance breakdown, not profit forecasting.
* C (Quantify annual charge) # Fees are predetermined and not part of attribution analysis.
* D (Outperform benchmark) # Attribution measures risk sources, not outperformance targets.
# Reference: CFA Institute (Performance Attribution), CISI Wealth & Investment Management.

NEW QUESTION # 110
When investors wish to sell units in mutual funds, there is a risk of the fund being gated. Why might this happen?

A. To allow fund managers to raise enough funds to pay out to those wishing to sell their units
B. Because the investor has not held the units past the 'lock-in' period
C. To ensure any tax deferral benefits are not lost
D. To ensure that the commission as a proportion of the fund remains small

Answer: A

Explanation:
* Fund Gating:
* Gating occurs when fund managers temporarily restrict redemptions to protect the remaining investors and ensure liquidity.
* This allows the fund to sell illiquid assets to generate sufficient cash for redemptions.
* Elimination of Other Options:
* A: Tax deferral benefits are irrelevant to gating.
* B: Commission proportions are unrelated to liquidity.
* C: Lock-in periods are predetermined and not linked to gating.
References:
* ICWIM Module 3: Focus on fund structures and liquidity management.

NEW QUESTION # 111
Which of the following investments is most suitable for a customer who desires income rather than capital gain and who is risk-averse?

A. Deferred shares
B. Convertible preference shares
C. Low coupon long-dated gilts
D. High coupon short-dated gilts

Answer: D

Explanation:
A risk-averse income-seeking investor needs stable, predictable returns with low volatility.
* Why is Option B Correct?
* Short-dated gilts (government bonds) have lower interest rate risk.
* High coupon bonds provide regular income payments.
* Why Not Other Options?
* A (Low coupon long-dated gilts) # Long-dated gilts are highly sensitive to interest rate changes, making them riskier.
* C (Deferred shares) # Offer no immediate income, only potential future returns.
* D (Convertible preference shares) # Convertibles have market risk and may offer lower yields.
# Reference: UK Debt Management Office (Gilts Market), CISI Wealth & Investment Management.

NEW QUESTION # 112
An adviser 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. Mid Risk
B. Low Risk
C. Mid-High Risk
D. Low-Mid Risk

Answer: D

Explanation:
Risk appetite is determined by investment time horizon, asset allocation, and financial goals.
* Why is Option B Correct?
* A 15-year time horizon allows for some exposure to risk, but a heavy allocation to bonds and cash suggests a conservative approach.
* The presence of some equities implies a moderate willingness to take risk.
* Why Not Other Options?
* A (Low risk) # A pure cash and bond portfolio would be low risk, but equities add some risk.
* C (Mid risk) # A balanced portfolio would have higher equity exposure.
* D (Mid-high risk) # A higher-risk portfolio would be equity-heavy.
# Reference: CFA Institute (Risk Profiling), CISI Wealth & Investment Management.

NEW QUESTION # 113
......

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