CISI ICWIM試験問題（更新されたのは2025年）100%リアル問題解答
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質問 # 10
A defined benefit pension scheme gives an employee the advantage of:
- A. Knowing what income will be received in retirement
- B. Being index-linked to inflation
- C. Not having to make any contributions
- D. Consistently better investment performance
正解：A
解説：
* Defined Benefit Pension Scheme:
* This scheme provides a fixed, pre-determined income in retirement based on factors like years of service and final salary.
* The employer assumes the investment and longevity risks, ensuring predictability for the employee.
* Elimination of Other Options:
* A: Contributions may be required from the employee, depending on the plan.
* B: Index-linking to inflation is a feature of some schemes but not universal.
* D: Investment performance is not guaranteed but managed by the employer.
References:
* ICWIM Module 5: Discussion on pension types and benefits.
質問 # 11
If two sets of data have a correlation coefficient of 1.0, they possess:
- A. Weak correlation
- B. Perfect negative correlation
- C. Perfect positive correlation
- D. No correlation
正解：C
解説：
* Correlation Coefficient of 1.0:
* A correlation coefficient measures the strength and direction of the relationship between two datasets.
* A value of1.0indicates a perfect positive correlation, meaning the two sets of data move in the same direction proportionally.
* Elimination of Other Options:
* A: A value of 0 indicates no correlation.
* B: Weak correlation would be closer to 0.
* C: Perfect negative correlation has a value of -1.
References:
* ICWIM Module 3: Concepts of statistical measures, including correlation.
質問 # 12
The ongoing charges figure for a mutual fund should be included in its:
- A. Key investor information document
- B. Prospectus
- C. Terms of business
- D. Key features document
正解：A
解説：
The ongoing charges figure (OCF) of a mutual fund is included in its Key Investor Information Document (KIID). The KIID provides standardized and essential information about a fund's costs, risks, and performance, ensuring transparency for investors.
質問 # 13
A professional trader was given some price-sensitive, unpublished information in relation to a major grain supplier.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. Yes, regardless of profit or loss
- B. No, provided the futures contract is held to expiry
- C. Only if they make a profit
- D. No, futures on commodities are not defined as securities under insider trading regulations
正解：D
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 # 14
An advisor is reviewing a client's portfolio which has a time horizon of 15 years and is made up primarily of bonds and cash but with some exposure to equities and other higher-risk investments. It is reasonable to believe that the client's risk appetite is:
- A. Low Risk
- B. Mid-High Risk
- C. Mid Risk
- D. Low-Mid Risk
正解：D
解説：
* Risk Appetite and Portfolio Composition
* A portfolio primarily of bonds and cash indicates a conservative approach, but the inclusion of equities and higher-risk investments suggests some tolerance for risk.
* A 15-year time horizon allows for a balanced approach, mitigating risks associated with equities over time.
* Why the Answer is B
* The mix of low-risk (bonds, cash) and some high-risk exposure (equities) aligns withLow-Mid Risk.
* Why Other Options are Incorrect
* A. Low Risk: Overlooks the equity and higher-risk components.
* C. Mid Risk / D. Mid-High Risk: Overestimate the risk level due to the dominance of bonds and cash.
* ICWIM Study Guide, Chapter on Risk Profiling: Explains portfolio risk classification.
References
質問 # 15
Which of the following is categorised as a soft commodity?
- A. Natural gas
- B. Copper
- C. Oil
- D. Lumber
正解：D
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 # 16
Tax relief that can be claimed to prevent overseas profits being taxed twice is known as:
- A. Double Taxation Agreement
- B. Double Taxation Relief
- C. Overseas Taxation Relief
- D. Dividend Taxation Relief
正解：B
解説：
Double Taxation Relief (DTR) is a mechanism to prevent individuals or companies from paying tax on the same income in two different jurisdictions. This is critical for taxpayers with international earnings or investments. The relief is typically provided under double taxation agreements (DTAs) between countries.
質問 # 17
Which of the following investments is most suitable for a customer who desires income rather than capital gain and who is risk-averse?
- A. Convertible preference shares
- B. Low coupon long-dated gilts
- C. Deferred shares
- D. High coupon short-dated gilts
正解：D
解説：
* 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.
質問 # 18
For a key person protection policy, a company will:
- A. Seek to be covered for an undefined sum of money
- B. Need to establish an insurable interest
- C. Be insured against staff moving to a competitor
- D. Be required to pay ever-increasing premiums
正解：B
解説：
* What is Key Person Protection?
* A policy designed to compensate a company for financial losses incurred if a key employee dies or becomes disabled.
* A prerequisite is that the company must prove aninsurable interestin the key person.
* Why D is Correct
* Insurable interest ensures that the company has a legitimate financial dependency on the key person, a requirement for taking out such a policy.
* Other Options Analyzed
* A. Ever-increasing premiums: Not a feature specific to key person policies.
* B. Moving to a competitor: Irrelevant; this is not an insurable risk.
* C. Undefined sum: Key person policies require a specific sum based on financial calculations.
* ICWIM Textbook, Chapter on Business Insurance: Emphasizes insurable interest in key person policies.
* Insurance Industry Standards: Insurable interest is a fundamental requirement.
References
質問 # 19
What term describes the process that enables savings institutions to transform into banks?
- A. Swap
- B. Refinancing
- C. Peer-to-peer
- D. Demutualisation
正解：D
解説：
Demutualisation refers to the process by which a mutual savings institution, such as a building society, converts into a publicly traded company or bank. This transformation allows the institution to raise capital through equity issuance and expand its services beyond mutual members.
Example:
* The Abbey National Building Society in the UK demutualised in the 1980s to become a bank.
質問 # 20
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. To avoid paying capital gains tax
- C. To benefit from changes in volatility
- D. In order to reduce ongoing charges
正解：A
解説：
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.
質問 # 21
ROCE can be used to establish which of the following?
- A. Returns generated from capital invested in the business
- B. Net profit in relation to the cost of sales
- C. The net profitability of the business
- D. Impact of borrowing costs on company performance
正解：A
解説：
* ROCE (Return on Capital Employed)
* Measures the efficiency and profitability of a company relative to the capital invested in the business.
* Formula: ROCE=Earnings Before Interest and Tax (EBIT)Capital Employed\text{ROCE} = \frac
{\text{Earnings Before Interest and Tax (EBIT)}}{\text{Capital Employed}} ROCE=Capital EmployedEarnings Before Interest and Tax (EBIT)
* Why the Answer is C
* ROCE specifically focuses on the returns generated from the capital base, providing insight into how effectively the business is using its resources.
* Why Other Options are Incorrect
* A. Net profitability: Refers to net profit margins, not ROCE.
* B. Borrowing costs: ROCE ignores borrowing costs as it considers EBIT.
* D. Net profit in relation to cost of sales: Refers to gross profit margin, not ROCE.
* ICWIM Study Guide, Chapter on Financial Ratios: Covers ROCE and its applications.
* Corporate Finance Texts: Defines ROCE as a key performance metric.
ReferencesThus, the correct answer isC. Returns generated from capital invested in the business.
質問 # 22
Personal accident policies will pay out:
- A. Once the insured has been seen by a doctor
- B. Following a waiting period
- C. On the day of the accident
- D. Once the insurance company has received the medical documentation
正解：B
解説：
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
質問 # 23
"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. Net asset value
- B. Dividend valuation model
- C. Economic value added
- D. Market value added
正解：B
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 # 24
Stablecoins are less prone to price fluctuations because:
- A. Their value is pegged to underlying assets
- B. They are highly illiquid
- C. Their price is in US Dollars
- D. They do not use blockchain technology
正解：A
解説：
* Stablecoin Characteristics:
* Stablecoins reduce price volatility by pegging their value to stable underlying assets like fiat currencies (e.g., USD) or commodities (e.g., gold).
* This backing creates confidence in their value stability.
* Elimination of Other Options:
* A: Stablecoins use blockchain technology.
* B: Pegging can occur in other currencies, not just USD.
* D: Stablecoins are designed for liquidity, contrary to being illiquid.
References:
* ICWIM Module 6: Explanation of cryptocurrency types and characteristics.
質問 # 25
An investor with $900,000 of investable assets would normally be categorised as:
- A. Ultra-high-net-worth
- B. Mass affluent
- C. Very-high-net-worth
- D. High-net-worth
正解：D
解説：
* Investor Categories Based on Investable Assets
* Mass Affluent: $100,000-$1,000,000
* High-Net-Worth Individuals (HNWI): $1,000,000-$5,000,000
* Very-High-Net-Worth Individuals (VHNWI): $5,000,000-$30,000,000
* Ultra-High-Net-Worth Individuals (UHNWI): Over $30,000,000
* Why $900,000 Falls into HNWI?
* Although $900,000 is close to the HNWI threshold, the term is often used flexibly for individuals who are near the $1M mark.
* Banks and wealth managers generally consider $900,000 within this category because they have similar service needs.
* ICWIM Textbook, Chapter on Investor Profiling: Defines HNWI thresholds and explains their investment behavior.
* Wealth Management Industry Standards: High-net-worth classification begins near $1M.
ReferencesThus, the investor would normally be categorized asB. High-net-worth.
質問 # 26
If someone in a fiduciary position has personal or professional interests that compete with their duty to act in the client's best interest, this is called:
- A. Full disclosure
- B. A conflict of interest
- C. Discretionary management
- D. A regulatory breach
正解：B
解説：
* Conflict of Interest Definition:
* A fiduciary position requires prioritizing the client's best interest. When personal or professional interests compete with this duty, it constitutes a conflict of interest.
* Such conflicts can undermine the trust and integrity of the fiduciary relationship.
* Elimination of Other Options:
* A: Discretionary management is unrelated to fiduciary conflicts.
* B: A regulatory breach may occur if the conflict is not disclosed but is not inherently the conflict itself.
* C: Full disclosure is a way to manage conflicts, not the conflict itself.
References:
* ICWIM Module 5: Coverage of fiduciary responsibilities and managing conflicts of interest.
質問 # 27
Why is the process of prioritising the protection needs of your client important?
- A. To establish the net worth of your client
- B. To protect your firm from risk
- C. It allows you and the client to agree on an affordable plan
- D. It provides an opportunity to establish a benchmark
正解：C
解説：
* Importance of Prioritizing Protection Needs:
* The process ensures that the client's financial risks (e.g., loss of income, health issues) are addressed effectively within their budget.
* Affordability is crucial to ensuring the plan can be implemented and sustained long-term.
* Elimination of Other Options:
* A: Establishing net worth is important but unrelated to prioritizing protection needs.
* B: A benchmark is not the focus of protection planning.
* C: The primary goal is the client's protection, not the firm's risk.
References:
* ICWIM Module 2: Emphasis on understanding client affordability and agreeing on realistic financial plans.
質問 # 28
When redemption yields are quoted on a net-of-tax basis, this is so that:
- A. A direct comparison can be made of the net return to the investor
- B. A risk of inflation rising unexpectedly and its effect on the real value of the bond's coupon payments and redemption payment can be taken into account
- C. The default risk can be taken into account
- D. An investor can reinvest the interest payment at the same net redemption yield
正解：A
解説：
* Purpose of Net-of-Tax Yield Quotation:
* Quoting yields on a net-of-tax basis allows investors to compare the returns they will effectively receive after accounting for taxation.
* This is particularly useful in tax planning and for comparing taxable vs. non-taxable instruments.
* Elimination of Other Options:
* A: Default risk is unrelated to tax-adjusted yields.
* B: Inflation adjustments do not necessitate net-of-tax yield quotations.
* C: Reinvestment risk does not directly relate to tax basis comparisons.
References:
* ICWIM Module 5: Details on yield calculations and tax implications.
質問 # 29
What financial principle requires an adviser to gather extensive information from a client before making a recommendation?
- A. Know your customer
- B. Disclosure
- C. Risk reduction
- D. Transparency of trading
正解：A
解説：
* 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.
質問 # 30
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