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CISI International Certificate in Wealth & Investment Management Sample Questions (Q26-Q31):

NEW QUESTION # 26
A firm decides that it would be inappropriate to make derivative recommendations to a particular client. It is likely that the client has been categorised as:

A. A professional
B. An eligible counterparty
C. A private investor
D. A retail client

Answer: D

Explanation:
# Reference: FCA Client Categorisation Rules.

NEW QUESTION # 27
Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down performance based on the decisions made by the fund manager in which of the following?

A. Asset allocation and sector choice only
B. Asset allocation alone
C. The combination of asset allocation, sector choice, security selection, and risk analysis
D. The combination of asset allocation, sector choice, and security selection

Answer: D

Explanation:
Performance attribution analyzes portfolio returns by breaking them down into key decision-making factors.
* Why is Option C Correct?
* Asset allocation # Impact of choosing different asset classes (e.g., stocks vs. bonds).
* Sector choice # How selecting industries (e.g., tech vs. healthcare) affects returns.
* Security selection # The impact of choosing specific stocks or bonds.
* Why Not Other Options?
* A (Asset allocation alone) # Sector and security selection also play a role.
* B (Only asset allocation & sector choice) # Security selection directly affects performance.
* D (Includes risk analysis) # Risk is important but not a primary factor in attribution.
# Reference: CFA Institute (Performance Attribution Models), CISI Wealth & Investment Management.

NEW QUESTION # 28
How does 'relief at source' normally operate in relation to overseas dividend income?

A. A reduced rate of withholding tax is levied
B. A staggering of the tax levy is granted
C. A tax rebate is paid in cash
D. A credit is applied against a separate tax liability

Answer: A

Explanation:
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.

NEW QUESTION # 29
If a hedge fund is engaging in equity arbitrage, it is likely that they are pursuing:

A. A market-neutral strategy
B. A non-directional strategy
C. An event-driven strategy
D. An absolute return strategy

Answer: A

Explanation:
* Equity Arbitrage and Hedge Funds:
* Equity arbitrage involves taking offsetting positions in related equity securities to profit from price differentials.
* A market-neutral strategy eliminates overall market risk by balancing long and short positions, focusing on relative price movements rather than market direction.
* Elimination of Other Options:
* A: Absolute return aims for consistent returns regardless of market conditions but is not specific to equity arbitrage.
* C: Event-driven strategies target corporate events (e.g., mergers), not arbitrage.
* D: Non-directional is a general description but lacks specificity compared to market-neutral.
References:
* ICWIM Module 3: Coverage of hedge fund strategies and market neutrality.

NEW QUESTION # 30
Which of the following underlies the pillars of risk tolerance?

A. Experience
B. Education
C. Psychological traits
D. Sociological traits

Answer: C

Explanation:
* Risk Tolerance Defined
* Risk tolerance is the degree of variability in investment returns that an investor is willing to withstand.
* Pillars of Risk Tolerance
* Psychological Traits: Key determinants of how much risk an individual can emotionally handle.
* Includes traits like optimism, pessimism, and loss aversion.
* Other Factors (Secondary): Experience, education, and financial goals play roles, but they do not directly "underlie" the core risk tolerance.
* Example
* Two investors with identical knowledge and experience may have different risk tolerances due to differing psychological profiles.
* ICWIM Study Guide, Chapter on Risk Profiling: Highlights psychological traits as the foundation of risk tolerance.
* Behavioral Finance Theory: Psychological biases and emotional traits shape risk appetite.
ReferencesThus, the correct answer isA. Psychological traits.

NEW QUESTION # 31
......

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