CISI ICWIM Prüfungsinformationen & ICWIM Prüfungs

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CISI ICWIM Prüfungs, ICWIM Fragenpool

ITZert ist eine Website, die Bequemlichkeiten für die CISI ICWIM Zertifizierungsprüfung bietet. Nach den Forschungen über die Fragen und Antworten in den letzten Jahren kann ITZert die Themen zur CISI ICWIM Zertifizierungsprüfung effektiv erfassen. Die CISI ICWIM Prüfungsübungen haben eine große Ähnlichkeit mit realen Prüfungen.

CISI International Certificate in Wealth & Investment Management ICWIM Prüfungsfragen mit Lösungen (Q89-Q94):

89. Frage
How does the inclusion of risk in the Capital Asset Pricing Model formula potentially limit its usefulness?

• A. It distorts the inherent value of the stock
• B. It relies on the accuracy of the stock's beta
• C. It makes it harder to choose a suitable benchmark
• D. It artificially inflates the required return

Antwort: B

Begründung:
In CAPM, risk is represented through beta, which measures the sensitivity of a security's returns to movements in the market portfolio. The model then estimates the required return as the risk-free rate plus a market risk premium scaled by beta. The practical limitation is that beta is an estimate based on historical data and can be unstable over time, particularly when a company's business model, capital structure, or market conditions change. Different estimation windows, data frequency, and choice of market index can produce materially different beta values, leading to materially different required returns. This sensitivity reduces the reliability of CAPM outputs for valuation and required return decisions, especially for less liquid stocks, newer companies, or firms that have undergone structural change. CAPM is also built on simplifying assumptions such as investors holding diversified portfolios, a single-period horizon, frictionless markets, and the idea that only systematic risk should be rewarded. In exams, the cleanest "usefulness" critique tied directly to the inclusion of risk in the formula is that the model's risk input depends heavily on beta accuracy.

90. Frage
Why would a composite benchmark be needed to measure portfolio performance?

• A. Because the portfolio spans several asset classes
• B. To lower the tracking error
• C. Because the portfolio forms part of the investment universe
• D. It makes it easier for the fund manager

Antwort: A

Begründung:
* Need for a Composite Benchmark:
* Portfolios that span multiple asset classes (e.g., equities, bonds, commodities) require a composite benchmark to provide a fair performance comparison.
* Single benchmarks (e.g., S&P 500) would not accurately represent multi-asset portfolios.
* Elimination of Other Options:
* A: Composite benchmarks complicate fund management rather than simplify it.
* C: While portfolios are part of the investment universe, this does not necessitate a composite benchmark.
* D: Reducing tracking error is a goal but not the main reason for composite benchmarks.
References:
* ICWIM Module 3: Details on portfolio management and benchmark selection for performance measurement.

91. Frage
An inherent disadvantage with a defined contribution pension scheme is that:

• A. Employees always have to contribute more than employers
• B. Gains within the scheme are subject to capital gains tax
• C. Employers never contribute to the scheme
• D. The level of retirement income is not known before retirement

Antwort: D

Begründung:
A Defined Contribution (DC) pension scheme is a retirement savings plan where contributions are invested, and the final pension depends on investment performance.
* Why is Option A Correct?
* The final retirement income is uncertain because it depends on investment returns, contribution levels, and annuity rates at retirement.
* Unlike Defined Benefit (DB) schemes, where retirees receive a fixed pension, DC schemes do not guarantee a set payout.
* How Defined Contribution (DC) Schemes Work:
* Contributions are made by employees (and often by employers).
* Funds are invested in stocks, bonds, or mixed assets.
* Upon retirement, the individual may withdraw lump sums, purchase an annuity, or opt for pension drawdown.
* Why Not Other Options?
* B (Employers never contribute) # Incorrect. Many employers do contribute, particularly in workplace pensions (e.g., auto-enrolment in the UK).
* C (Capital gains tax applies) # Incorrect. Pension funds grow tax-free (no CGT on gains).
* D (Employees always contribute more) # Incorrect. Employer contributions vary by scheme- some match employee contributions, others contribute less.
# Reference: UK Pensions Act 2008 (Auto-Enrolment), FCA Pension Regulations, CISI Wealth & Investment Management.

92. Frage
What is a key feature of Islamic bonds (Sukuk)?

• A. The holder of the bond has full ownership of the underlying assets
• B. The bond can only be linked to intangible assets in Islamic countries
• C. The bond can only be linked to tangible assets in Islamic countries
• D. The holder of the bond has partial ownership of the underlying assets

Antwort: D

Begründung:
Sukuk (Islamic bonds) comply with Sharia law, which prohibits interest (riba). Instead, Sukuk holders receive returns based on asset ownership and profit-sharing agreements.
* Why is Option A Correct?
* Sukuk are asset-backed, meaning investors own a proportion of the underlying tangible assets.
* Returns are generated through leasing, profit-sharing, or joint ventures, rather than fixed interest payments.
* Why Not Other Options?
* B (Only Islamic countries) # Sukuk can be issued globally.
* C (Full ownership) # Sukuk holders share ownership, not full control.
* D (Intangible assets only) # Sukuk must be linked to tangible assets.
# Reference: AAOIFI Sharia Standards, CISI Wealth & Investment Management (Islamic Finance).

93. Frage
An investor deposits €1,000 into an account that pays interest at the rate of 3% per year. If the interest is credited to the account at the end of the year and the investor leaves the money in the account for 5 years, how much money will be in the account at the end of the fifth year?

• A. €1,276.28
• B. €1,150.00
• C. €1,157.63
• D. €1,159.27

Antwort: D

Begründung:
Because the interest is credited at the end of each year and left in the account, the investor earns compound interest. The correct approach is to apply the compound interest formula: future value equals principal multiplied by one plus the annual rate raised to the number of years. Here, the principal is €1,000, the annual interest rate is 3% or 0.03, and the term is 5 years. The calculation is €1,000 × 1.03

Außerdem sind jetzt einige Teile dieser ITZert ICWIM Prüfungsfragen kostenlos erhältlich: https://drive.google.com/open?id=1JAB4nRV9zh3tTGx91MYjouRxAfI1sLCh