TEST CERTIFICATION ICWIM COST | NEW ICWIM TEST ANSWERS

Test Certification ICWIM Cost | New ICWIM Test Answers

Test Certification ICWIM Cost | New ICWIM Test Answers

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Tags: Test Certification ICWIM Cost, New ICWIM Test Answers, ICWIM Reliable Exam Vce, ICWIM Reliable Test Answers, Latest ICWIM Test Report

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New ICWIM Test Answers | ICWIM Reliable Exam Vce

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

NEW QUESTION # 37
What is a key feature of offshore trusts that can make them attractive to wealthy UK clients?

  • A. The offshore trust is usually a less complex product to understand
  • B. The beneficiaries never have to pay inheritance tax
  • C. The offshore trust is only liable for local taxes
  • D. They are not publicly registered

Answer: C

Explanation:
Offshore trusts are often set up in jurisdictions with favorable tax regimes, making them appealing to wealthy UK clients. The key feature is that the trust is generally only liable for taxes in the jurisdiction where it is established.
Advantages include:
* Potential tax deferral or reduction.
* Privacy due to less stringent reporting requirements.
However, beneficiaries must still comply with UK tax laws, especially on distributions or gains brought into the UK.


NEW QUESTION # 38
What financial principle requires an adviser to gather extensive information from a client before making a recommendation?

  • A. Transparency of trading
  • B. Know your customer
  • C. Disclosure
  • D. Risk reduction

Answer: B

Explanation:
* Know Your Customer (KYC) Principle:
* Advisers must gather extensive client information (e.g., financial goals, risk tolerance, income) to provide tailored recommendations.
* KYC ensures compliance with regulatory frameworks and aligns investment strategies with client needs.
* Elimination of Other Options:
* A: Disclosure focuses on transparency of fees and risks, not information gathering.
* B: Transparency of trading pertains to market operations, not advisory practices.
* C: Risk reduction is a goal, not a principle requiring client data.
References:
* ICWIM Module 4: Ethical and Regulatory Practices: Focus on the KYC framework.


NEW QUESTION # 39
The management of investment portfolios of collective investment schemes, pension funds, insurance funds, hedge funds, and private equity would normally be considered to fall into the scope of:

  • A. Private banking
  • B. The wholesale financial sector
  • C. The retail financial sector
  • D. Family offices

Answer: B

Explanation:
* Wholesale Financial Sector Defined
* Involves large-scale financial transactions and services for institutions like pension funds, hedge funds, and insurance funds.
* Why the Answer is B
* Managing portfolios of collective investment schemes and large funds is a hallmark of the wholesale sector, focused on institutional rather than retail clients.
* Why Other Options are Incorrect
* A. Retail financial sector: Caters to individual clients, not institutional portfolios.
* C. Family offices: Focus on managing wealth for high-net-worth families.
* D. Private banking: Primarily deals with individual high-net-worth clients.
* ICWIM Study Guide, Chapter on Financial Market Segments: Differentiates wholesale and retail sectors.
* Investment Management Literature: Describes wholesale services.
References


NEW QUESTION # 40
Why might a portfolio manager use an equity fund rather than direct equity investment within a portfolio?

  • A. To gain exposure to a specialist sector
  • B. In order to reduce ongoing charges
  • C. To avoid paying capital gains tax
  • D. To benefit from changes in volatility

Answer: A

Explanation:
Equity funds allow portfolio managers to efficiently access a specific market or sector that may otherwise require significant resources and expertise to invest in directly. For instance, a fund specializing in renewable energy provides exposure to that sector without the need for individual stock selection.
* Avoiding capital gains tax (A): This is not applicable because funds do not inherently avoid tax obligations.
* Reducing ongoing charges (C): Funds typically have higher fees than directly holding equities.
* Changes in volatility (D): While funds manage diversification, they do not specifically capitalize on volatility.
References:
* International Certificate in Wealth & Investment Management: Section on mutual funds and specialized investment funds.
* Use of funds for sectoral or thematic investment strategies.


NEW QUESTION # 41
When a hedge fund puts together an equity arbitrage position, it will seek to balance respective:

  • A. Betas
  • B. Gammas
  • C. Deltas
  • D. Alphas

Answer: A

Explanation:
Equity arbitrage strategies involve balancing betas to hedge risk while profiting from pricing inefficiencies.
* Key Concept:
* Beta measures systematic risk (market-related risk).
* Equity arbitrage strategies aim to neutralize beta while profiting from pricing anomalies.
* Example:
* A hedge fund buys an undervalued stock and shorts an overvalued stock with matching betas
, ensuring market-neutral exposure.
# Reference: CFA Institute (Hedge Fund Strategies), CISI Wealth & Investment Management.


NEW QUESTION # 42
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