[2025年04月]更新のCISI ICWIM公式認定ガイドPDF
試験ICWIM International Certificate in Wealth & Investment Management
質問 # 21
Which type of investment is associated with providing finance to growing companies with the objective of exiting via a profitable stock market listing?
- A. Convertible bonds
- B. Preference shares
- C. Structured products
- D. Private equity
正解：D
解説：
* Private Equity and Growing Companies:
* Private equity involves investing in privately-held companies with the goal of increasing their value and exiting through a stock market listing (IPO) or sale.
* This investment type targets growth-stage businesses requiring significant capital.
* Elimination of Other Options:
* A: Convertible bonds are debt instruments, not equity investments.
* B: Preference shares provide fixed dividends and are not growth-oriented investments.
* D: Structured products are financial instruments tied to underlying assets and not specific to growth financing.
References:
* ICWIM Module 3: Coverage of private equity investments and their objectives.
質問 # 22
If the holder of a long futures contract sells it ahead of expiry, they are considered to have:
- A. Taken delivery of the underlying
- B. Exercised their position
- C. Delivered the underlying
- D. Closed out their position
正解：D
解説：
* Long Futures Contract Defined
* A long futures contract represents a commitment to buy an underlying asset at a set price on a future date.
* Closing Out the Position
* If the holder sells the contract before expiry, they are said toclose out the position, effectively negating their obligation to take delivery of the underlying asset.
* Why the Answer is B
* Selling ahead of expiry removes the obligation, hence closing the position.
* Why Other Options are Incorrect
* A. Exercised: Applies to options, not futures.
* C. Taken delivery: Happens only if the contract is held to maturity.
* D. Delivered: Applies to the short position, not the long holder.
* ICWIM Study Guide, Chapter on Derivatives: Explains closing out futures contracts.
* Futures Market Principles: Discusses position management in futures trading.
References
質問 # 23
When creating a portfolio for a risk-averse client, why would you select stocks with a beta of less than one?
- A. So that the portfolio is easier to understand
- B. To produce a high-volatility portfolio
- C. In order to produce a low-volatility portfolio
- D. So that the portfolio moves in line with the market
正解：C
解説：
Stocks with abeta of less than oneare less volatile than the overall market. Including such stocks in a portfolio helps reduce its overall volatility, aligning with the risk-averse nature of the client.
* Easier to understand (A): Simplicity is not a factor in beta selection.
* Moves in line with the market (B): A beta of less than one means the portfolio moves less than the market.
* High-volatility portfolio (D): This would involve stocks with a beta greater than one, contrary to the client's risk profile.
References:
* International Certificate in Wealth & Investment Management: Beta as a measure of systematic risk and its implications for portfolio construction.
* CAPM (Capital Asset Pricing Model) principles on beta and risk.
質問 # 24
Why might a custom benchmark be required when measuring portfolio performance?
- A. To establish the size of the tracking error
- B. The portfolio spans several different asset classes
- C. It is easier than using a pre-defined benchmark
- D. So that the portfolio can be measured in absolute terms
正解：B
解説：
* What is a Benchmark?
* A benchmark is a standard against which the performance of a portfolio is measured.
* Common benchmarks include stock indices like the S&P 500 or FTSE 100.
* Why a Custom Benchmark is Required
* When a portfolio spansseveral different asset classes, such as equities, fixed income, and alternative investments, a single pre-defined benchmark may not be sufficient.
* A custom benchmark aligns with the specific composition and strategy of the portfolio, ensuring that performance is evaluated accurately.
* Key Reason for Custom Benchmark
* It reflects thediversity and allocationof the portfolio across asset classes.
* Example: If a portfolio is 50% equity, 30% fixed income, and 20% real estate, the benchmark must reflect this mix, combining indices like MSCI World, Bloomberg Barclays Bond Index, and a real estate index.
* ICWIM Study Material, Chapter on Performance Measurement: Highlights the necessity for custom benchmarks in multi-asset portfolios.
* CFA Institute Standards: Custom benchmarks are required for complex portfolios spanning various classes.
ReferencesThus, the answer isD. The portfolio spans several different asset classes.
質問 # 25
Which of the following elements would be included in a recommendation report to a client?
- A. Previous arrangements
- B. Restrictions
- C. Cost of living
- D. Rate of inflation
正解：A
解説：
A recommendation report for a client should contain comprehensive details of their existing financial arrangements. This ensures that advice aligns with the client's goals and existing commitments. The inclusion of previous arrangements helps provide a full financial picture and ensures the recommendations are appropriate.
質問 # 26
How does 'relief at source' normally operate in relation to overseas dividend income?
- A. A credit is applied against a separate tax liability
- B. A tax rebate is paid in cash
- C. A staggering of the tax levy is granted
- D. A reduced rate of withholding tax is levied
正解：D
解説：
Relief at source for overseas dividend income typically operates by reducing the withholding tax applied to dividends at the source. This is achieved through double taxation agreements (DTAs) between countries, which set out reduced tax rates for such income.
Example:If the standard withholding tax rate in a country is 30%, a DTA may reduce this to 15% for eligible investors.
質問 # 27
When analysing rates of return, why is a short-dated government bond considered to be the risk-free rate?
- A. Governments are considered unlikely to default
- B. Government bonds are free from all types of risk
- C. Investors can buy short-dated government bonds without risk
- D. There is no tracking error when measuring the performance of government bonds
正解：A
解説：
* Risk-Free Rate
* The rate of return on an investment with virtually no risk of financial loss.
* Short-dated government bonds are considered risk-free because governments, especially in developed economies, are deemed highly unlikely to default.
* Why the Answer is A
* Short-dated bonds minimize risks associated with duration (interest rate risk).
* Governments can typically print money or increase taxes to meet debt obligations, reducing default risk.
* Why Other Options are Incorrect
* B. Without risk: Investors still face inflation risk and currency risk.
* C. Free from all risks: No investment is completely risk-free; risk is minimized, not eliminated.
* D. No tracking error: Irrelevant to the definition of a risk-free rate.
* ICWIM Study Guide, Chapter on Risk Management: Defines the risk-free rate and its attributes.
* Economic Theory: Short-dated government bonds as benchmarks for risk-free rates.
ReferencesThus, the correct answer isA. Governments are considered unlikely to default.
質問 # 28
"An approach which applies a theoretical price to a company's shares by discounting the company's expected future cash flow into infinity." This statement is describing the:
- A. Market value added
- B. Net asset value
- C. Dividend valuation model
- D. Economic value added
正解：C
解説：
* Dividend Valuation Model (DVM)
* The DVM values a company's shares by calculating thepresent value of future expected dividends, assuming dividends grow perpetually at a constant rate.
* Why the Answer is C
* The model explicitly relies ondiscounting future cash flows (dividends)to determine the theoretical share price.
* Why Other Options are Incorrect
* A. Net asset value: Focuses on book value, not cash flows.
* B. Market value added: Measures value creation over invested capital, unrelated to theoretical share pricing.
* D. Economic value added: Measures performance based on excess returns, not share valuation.
* ICWIM Study Guide, Chapter on Equity Valuation: Explains the DVM and its mechanics.
* Valuation Literature: Highlights DVM's use in share pricing.
References
質問 # 29
A firm acting as agent makes money by:
- A. Profiting from the spread
- B. Charging their client a commission
- C. Trading against its own order book
- D. Providing advice
正解：B
解説：
When a firm acts as an agent, it does not trade securities for its own account but facilitates transactions between buyers and sellers. The firm earns revenue by charging a commission to its clients for executing these transactions.
* Profiting from the spread (A): This is typical for firms acting as principal, not as agent.
* Providing advice (B): Advice is part of advisory services, not agency transactions.
* Trading against its own order book (D): This describes proprietary trading, not agency.
References:
* International Certificate in Wealth & Investment Management: Roles of market participants and distinctions between agent and principal roles.
* Definitions of commission structures in agency services.
質問 # 30
An investor would regard a company's interest cover ratio as significant as it provides:
- A. An indication of what interest rate the company is paying
- B. A breakdown of how much debt a company has in relation to equity
- C. A summary of how much liquid cash an organisation has for funding dividend payments
- D. An indication of the extent to which the company can service its debts
正解：D
解説：
* Interest Cover Ratio Defined
* This ratio measures a company's ability to meet its interest obligations with its operating earnings.
* Formula: Interest Cover Ratio=Earnings Before Interest and Taxes (EBIT)Interest Expense\text
{Interest Cover Ratio} = \frac{\text{Earnings Before Interest and Taxes (EBIT)}}{\text{Interest Expense}}Interest Cover Ratio=Interest ExpenseEarnings Before Interest and Taxes (EBIT)
* Why the Answer is A
* A high interest cover ratio indicates strong debt-servicing capacity, which is crucial for investors assessing financial stability.
* Why Other Options are Incorrect
* B. Interest rate: The ratio does not indicate the interest rate being paid.
* C. Debt-to-equity: Refers to leverage, not interest coverage.
* D. Liquid cash for dividends: Unrelated to interest coverage.
* ICWIM Study Guide, Chapter on Financial Ratios: Covers interest cover as a debt-servicing measure.
* Corporate Finance Principles: Discusses its importance for creditworthiness.
References
質問 # 31
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. The wholesale financial sector
- B. The retail financial sector
- C. Private banking
- D. Family offices
正解：A
解説：
* 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
質問 # 32
A rise in living standards will tend to:
- A. Increase government participation in the commodities markets
- B. Reduce the demand for commodities
- C. Create an increased demand for commodities
- D. Have no effect on commodities
正解：C
解説：
* Understanding the Question Context:The question examines the relationship between rising living standards and commodity demand. Commodities refer to basic goods used in commerce that are interchangeable with others of the same type, such as agricultural products (wheat, coffee), energy products (oil, gas), and metals (gold, copper).
* Impact of Rising Living Standards:
* Economic Theory: As living standards improve, disposable incomes generally increase, allowing individuals to purchase more goods and services.
* Consumption Patterns: Higher living standards drive demand for:
* Energy commodities: Increased vehicle ownership and industrial activity raise the demand for oil, gas, and electricity.
* Agricultural commodities: Rising incomes lead to greater consumption of diverse and higher-quality food, including meat and grains (used for feed).
* Industrial and precious metals: Construction, technology, and luxury markets grow with increased disposable income, driving demand for metals like steel, copper, and gold.
* Explanation of the Correct Option (D):
* Increased Demand: A direct relationship exists between rising living standards and commodity demand, as seen in both developed and developing economies.
* Historical Context: Economic growth in emerging markets (e.g., China, India) has shown a clear correlation between rising GDP per capita and increased commodity consumption.
* Rejection of Incorrect Options:
* A (Reduce the demand for commodities): This contradicts economic principles; higher living standards typically boost demand for goods and services, including commodities.
* B (Have no effect on commodities): Evidence shows a significant impact on commodities, making this incorrect.
* C (Increase government participation in the commodities markets): While governments may engage in commodity markets for regulatory or strategic purposes, this is not a direct consequence of rising living standards.
References from the International Certificate in Wealth & Investment Management:
* Module 1: Macroeconomic Environment: Emphasizes the correlation between economic growth and demand for natural resources and commodities.
* Module 3: Investment Assets and Markets: Discusses the role of commodities as essential assets whose demand rises with economic development and improved living standards.
* Module 6: Trends in Emerging Markets: Demonstrates the increase in commodity demand with economic progression in developing economies.
質問 # 33
Back-end loading is often associated with:
- A. Bonds
- B. Collective investments
- C. Real estate
- D. Equities
正解：B
解説：
* What is Back-End Loading?
* A fee structure where costs are charged when an investor sells out of an investment, typically in mutual funds or other collective investments.
* Why the Answer is B
* Collective investments, such as mutual funds, frequently use back-end loads as a way to encourage long-term investment.
* Why Other Options are Incorrect
* A. Bonds: Fees are not typically structured as back-end loads.
* C. Equities: Equities do not have fee structures similar to back-end loads.
* D. Real estate: Transaction costs in real estate are upfront, not back-end.
* ICWIM Study Guide, Chapter on Collective Investments: Discusses fee structures, including back-end loading.
* Investment Fund Literature: Explains back-end loads as a feature of mutual funds.
References
質問 # 34
Once an offshore foundation is established, who will normally be responsible for making ongoing decisions regarding the operational use of the foundation's assets?
- A. The council
- B. The trustees
- C. The beneficiaries
- D. The board of directors
正解：A
解説：
* Offshore Foundations
* These legal entities are typically used for wealth preservation, estate planning, or philanthropic purposes.
* Foundations are managed by acouncil, which is responsible for operational decisions and ensuring the foundation's goals are met.
* Why the Answer is C
* The council acts similarly to a board of directors but focuses specifically on the foundation's assets and objectives.
* Why Other Options are Incorrect
* A. Board of directors: Applies to companies, not foundations.
* B. Trustees: Apply to trusts, not foundations.
* D. Beneficiaries: Beneficiaries do not have decision-making authority.
* ICWIM Study Guide, Chapter on Trusts and Foundations: Discusses the governance of offshore foundations.
* Legal Principles of Foundations: Confirms the role of the council.
ReferencesThus, the correct answer isC. The council.
質問 # 35
Offshore foundations are often used as a suitable alternative to which similar type of arrangement?
- A. Credit unions
- B. SICAVs
- C. Trusts
- D. Limited liability partnerships
正解：C
解説：
Offshore foundations are often considered alternatives totrusts, as both are used for wealth structuring, asset protection, and estate planning. However, unlike trusts, foundations are independent legal entities and can provide greater control to the founder.
* Limited liability partnerships (A): LLPs are business entities, not typically used for wealth management.
* Credit unions (B): These are financial cooperatives, unrelated to wealth structuring.
* SICAVs (D): SICAVs are investment funds, not wealth-structuring vehicles.
References:
* International Certificate in Wealth & Investment Management: Comparison of trusts and offshore foundations in wealth management.
* Legal structures and their applications in estate and tax planning.
質問 # 36
Which factor forms the basis of an appropriateness test?
- A. Experience
- B. Qualifications
- C. Age
- D. Wealth
正解：A
解説：
The appropriateness test, as outlined in financial regulations like MiFID II, evaluates whether a client has the necessaryknowledge and experienceto understand the risks of a financial product or service. This is particularly applicable when a client is investing in complex or non-advised products.
* Age (A): While relevant to certain suitability tests, age is not a determinant of appropriateness.
* Qualifications (C): Although qualifications may indicate some level of understanding, they are not a core requirement for the test.
* Wealth (D): Wealth does not equate to investment knowledge or experience.
References:
* International Certificate in Wealth & Investment Management: Section on MiFID II regulations and appropriateness tests.
* Regulatory guidelines for evaluating client risk understanding.
質問 # 37
A company recently increased its earnings per share figure by 10%. This means that the company's:
- A. Market share has risen
- B. P/E ratio has increased
- C. Share base has widened
- D. Ability to pay dividends has improved
正解：D
解説：
An increase in earnings per share (EPS) indicates improved profitability on a per-share basis. This enhances the company's ability to distribute dividends to shareholders, assuming a consistent payout ratio.
* Widened share base (A): This would typically dilute EPS, not increase it.
* Market share (C): Market share is unrelated to EPS; it is about the company's competitive position.
* P/E ratio (D): While EPS affects valuation, a rise in EPS does not guarantee a P/E increase.
References:
* International Certificate in Wealth & Investment Management: Financial ratios and their implications.
* EPS as a metric of profitability and dividend-paying capacity.
質問 # 38
Which term is used to describe a dividend payment made by a company with insufficient earnings to do so?
- A. A scrip dividend payment
- B. A proxy dividend payment
- C. An uncovered dividend payment
- D. An ex-dividend payment
正解：C
解説：
* What is an Uncovered Dividend?
* An uncovered dividend payment occurs when a company pays a dividenddespite having insufficient earningsto support the payout.
* The dividend is effectively "uncovered" by profits, meaning the company might be using reserves, taking on debt, or liquidating assets to fund the dividend.
* Why Companies Pay Uncovered Dividends
* To maintain investor confidence and avoid negative signals to the market.
* Investors may interpret a dividend cut as a sign of financial trouble, so companies sometimes prioritize dividends even at a financial strain.
* Other Options Explained
* A. Ex-dividend payment: Refers to the status of a stock when a dividend has already been declared, and new buyers are not entitled to the dividend.
* B. Proxy dividend payment: No such widely recognized term in this context.
* C. Scrip dividend payment: A dividend paid in the form of additional shares rather than cash.
* Example
* A company reports $500,000 in profits but declares a $1,000,000 dividend, funding the shortfall through borrowing. This is an uncovered dividend.
* ICWIM Textbook, Chapter on Corporate Actions: Discusses uncovered dividends and their implications.
* Corporate Finance Standards: Defines uncovered dividends and contrasts them with scrip and ex- dividends.
References
質問 # 39
What is the most likely effect on the demand curve of an increase in consumer preference for a good?
- A. A downward movement
- B. A leftward shift
- C. An upward movement
- D. A rightward shift
正解：D
解説：
* Effect of Increased Consumer Preference:
* When consumer preference for a good increases, demand rises at all price levels, leading to a rightward shift in the demand curve.
* The rightward shift reflects higher quantity demanded at each price point.
* Elimination of Other Options:
* A & B: Movements along the curve (upward or downward) occur due to price changes, not preference shifts.
* D: A leftward shift indicates reduced demand, contrary to the scenario presented.
References:
* ICWIM Module 3: Microeconomics: Demand and supply curve analysis.
質問 # 40
A professional trader was given some price-sensitive, unpublished information in relation to a major grain supplier. As a direct result, they buy futures contracts on grain. Have they committed the offence of insider trading?
- A. Only if they make a profit
- B. No, futures on commodities are not defined as securities under insider trading regulations
- C. Yes, regardless of profit or loss
- D. No, provided the futures contract is held to expiry
正解：B
解説：
Performance attribution analysis evaluates the performance of a portfolio by breaking it into components attributed to specific investment decisions. These include:
* Asset Allocation: The decision on the proportion of the portfolio allocated to different asset classes (e.
g., stocks, bonds).
* Sector Choice: Selecting specific sectors (e.g., technology, healthcare) within asset classes.
* Security Selection: Choosing individual securities within the selected sectors.
Risk analysis, while critical for investment management, is not typically part of standard performance attribution frameworks.
References:
* International Certificate in Wealth & Investment Management: Portfolio performance evaluation section.
* Standard attribution models: Brinson, Hood, and Beebower model widely used in performance attribution.
質問 # 41
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