PASS GUARANTEED 2025 ICWIM: INTERNATIONAL CERTIFICATE IN WEALTH & INVESTMENT MANAGEMENT NEWEST RELIABLE TEST CRAM

Pass Guaranteed 2025 ICWIM: International Certificate in Wealth & Investment Management Newest Reliable Test Cram

Pass Guaranteed 2025 ICWIM: International Certificate in Wealth & Investment Management Newest Reliable Test Cram

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Tags: Reliable ICWIM Test Cram, Dumps ICWIM Free Download, New ICWIM Test Camp, ICWIM Question Explanations, New ICWIM Exam Experience

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q77-Q82):

NEW QUESTION # 77
A firm has an existing client who is the head of a foreign state. What type of due diligence should the firm undertake if the client's spouse applies to become a client?

  • A. Enhanced
  • B. Simplified
  • C. Standard
  • D. Additional

Answer: A

Explanation:
A client who is the spouse of the head of a foreign state is classified as aPolitically Exposed Person (PEP).
Firms are required to undertakeenhanced due diligence (EDD)for PEPs and their immediate family members due to the increased risk of corruption, money laundering, or misuse of public funds.
* Simplified (A): This applies to low-risk clients, not PEPs.
* Standard (B): Standard due diligence is insufficient for PEPs or their relatives.
* Additional (D): This term is not a formal category under anti-money laundering (AML) regulations.
References:
* International Certificate in Wealth & Investment Management: AML procedures and the treatment of PEPs.
* FATF (Financial Action Task Force) guidelines on enhanced due diligence for politically exposed persons.


NEW QUESTION # 78
It is impossible to diversify against:

  • A. Market risk
  • B. Credit risk
  • C. Currency risk
  • D. Liquidity risk

Answer: A

Explanation:
Market risk, also known as systematic risk, affects the entire market and cannot be eliminated through diversification. Examples include economic recessions, geopolitical events, or market-wide changes in interest rates.
* Currency risk (A): Can be diversified through exposure to multiple currencies.
* Credit risk (B): Can be mitigated by spreading exposure across various credit profiles.
* Liquidity risk (C): Can be addressed by diversifying into liquid assets.
References:
* International Certificate in Wealth & Investment Management: Types of risk and strategies to mitigate them.
* Modern Portfolio Theory and the distinction between systematic and unsystematic risk.


NEW QUESTION # 79
In economics, costs are defined as:

  • A. Financial
  • B. Normal profit
  • C. Minimum efficient scale (MES)
  • D. Opportunity

Answer: D

Explanation:
* Definition of Costs in Economics
* Costs in economics are defined asopportunity costs, which represent the value of the next best alternative foregone when a decision is made.
* Examples
* If a business invests in Project A, the opportunity cost is the potential return from Project B, which was not pursued.
* Why the Other Options are Incorrect
* B. Financial: Financial costs are explicit, but economics considers opportunity costs as broader.
* C. Normal Profit: Normal profit is a component of total costs but not the definition of "costs" itself.
* D. MES (Minimum Efficient Scale): Refers to the production scale at which average costs are minimized, unrelated to cost definition.
* ICWIM Study Guide, Chapter on Economic Principles: Emphasizes opportunity cost as the core definition.
* Economic Textbooks: Widely recognize opportunity cost as the key concept in cost theory.
ReferencesThus, the correct answer isA. Opportunity.


NEW QUESTION # 80
Last year's monthly returns for Portfolio A were 7%, 5%, -3%, 5%, 9%, 0%, 3%, 6%, -7%, -8%, 5%, 1%.
What was the portfolio's modal rate of return to the nearest whole percentage point?

  • A. 0
  • B. 1
  • C. 2
  • D. 3

Answer: C

Explanation:
* Understanding Modal Rate of Return:
* The mode is the most frequently occurring value in a dataset.
* Portfolio A's monthly returns:7%, 5%, -3%, 5%, 9%, 0%, 3%, 6%, -7%, -8%, 5%, 1%.
* 5%appearsthree times, more than any other value.
* Elimination of Other Options:
* No other return appears more than once.
References:
* ICWIM Module 3: Statistical measures in portfolio performance.


NEW QUESTION # 81
When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:

  • A. Advisory dealing
  • B. Financial planning
  • C. Discretionary
  • D. Execution-only

Answer: C

Explanation:
* Discretionary Management Defined:
* In discretionary management, the investment manager is authorized to make decisions and implement changes in a portfolio without client consultation.
* This requires a pre-agreed mandate outlining the client's goals and risk tolerance.
* Elimination of Other Options:
* A: Execution-only involves the client making all decisions without advice.
* B: Advisory dealing requires client approval for transactions.
* D: Financial planning is broader and focuses on comprehensive client goal-setting, not direct portfolio management.
References:
* ICWIM Module 4: Explanation of portfolio management styles.


NEW QUESTION # 82
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