VALID DUMPS ICWIM QUESTIONS, ICWIM NEW DUMPS QUESTIONS

Valid Dumps ICWIM Questions, ICWIM New Dumps Questions

Valid Dumps ICWIM Questions, ICWIM New Dumps Questions

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Tags: Valid Dumps ICWIM Questions, ICWIM New Dumps Questions, Test ICWIM Sample Questions, Valid ICWIM Test Forum, New ICWIM Exam Online

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CISI ICWIM Exam Preparation Material

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q145-Q150):

NEW QUESTION # 145
What fiduciary responsibility does a financial adviser have for their clients?

  • A. Provide their services at a competitive fee
  • B. Act in the best interests of their clients
  • C. Decrease the overall risk of their portfolio
  • D. Offer conservative advice with low risk

Answer: B

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.
References:
* ICWIM Module 4: Coverage of fiduciary duties in financial advising.


NEW QUESTION # 146
The concept of the Sharpe ratio is to measure the:

  • A. Return above a risk-free rate
  • B. Amount of performance attributable to a benchmark
  • C. Effect the annual charge has on fund performance
  • D. Ability of the fund manager in different scenarios

Answer: A

Explanation:
* Sharpe Ratio Defined
* The Sharpe ratio measuresrisk-adjusted return, specifically the excess return over the risk-free rate per unit of volatility.
* Formula: Sharpe Ratio=Portfolio Return - Risk-
Free RateStandard Deviation of Portfolio Returnstext{Sharpe Ratio} = frac{text{Portfolio Return - Risk-Free Rate}}{text{Standard Deviation of Portfolio Returns}} Sharpe Ratio=Standard Deviation of Portfolio ReturnsPortfolio Return - Risk-Free Rate
* Why the Answer is B
* The ratio quantifies the return generated for each unit of risk taken, relative to the risk-free rate.
* Why Other Options are Incorrect
* A. Benchmark performance: The Sharpe ratio does not measure performance relative to a benchmark.
* C. Annual charge effect: Unrelated to fund expenses.
* D. Manager ability: Focuses on risk-adjusted returns, not managerial skill.
* ICWIM Study Guide, Chapter on Risk-Adjusted Metrics: Explains the Sharpe ratio.
* Portfolio Management Literature: Highlights its use in assessing performance.
ReferencesThus, the correct answer isB. Return above a risk-free rate.


NEW QUESTION # 147
Historically, rapid technological change and globalisation have:

  • A. Increased bond issuance
  • B. Increased inflationary pressure
  • C. Decreased equity issuance
  • D. Decreased urbanisation

Answer: A

Explanation:
* Impact of Technological Change and Globalisation:
* Both trends encourage economic expansion and diversification.
* Bond issuance rises as companies and governments seek capital to invest in infrastructure, technology, and globalization-driven initiatives.
* Elimination of Other Options:
* A: Urbanization has increased due to globalization, making this incorrect.
* B: Equity issuance has not significantly decreased; bonds have grown alongside equities.
* C: Technological change often reduces inflationary pressure through efficiency.
References:
* ICWIM Module 1: Globalization and Financial Markets: Examines the role of debt markets in global finance.


NEW QUESTION # 148
The coupon on a bond has been expressed in real terms, rather than as a nominal amount. This is because:

  • A. It is an unsecured instrument
  • B. Its redemption date is longer than 10 years
  • C. It is an inflation-linked bond
  • D. It is a bearer bond

Answer: C

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.
References:
* ICWIM Module 3: Explanation of bond types, including inflation-linked securities.


NEW QUESTION # 149
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. High coupon short-dated gilts
  • D. Low coupon long-dated gilts

Answer: C

Explanation:
* Why High Coupon Short-Dated Gilts?
* Gilts are UK government bonds and are considered low-risk investments.
* High couponprovides a steady income stream, ideal for income-seeking investors.
* Short-datedgilts reduce interest rate risk, suitable for risk-averse clients.
* Why the Other Options are Incorrect
* A. Low coupon long-dated gilts: Offer lower income and are more sensitive to interest rate changes, increasing risk.
* C. Deferred shares: Generally high-risk and designed for capital growth, not immediate income.
* D. Convertible preference shares: More volatile and often tied to company performance, unsuitable for risk-averse clients.
* ICWIM Study Guide, Chapter on Fixed-Income Securities: Highlights the suitability of gilts for income-seeking, risk-averse investors.
* UK Bond Market Analysis: Confirms the low-risk nature of short-dated gilts.
ReferencesThus, the correct answer isB. High coupon short-dated gilts.


NEW QUESTION # 150
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