無料で使えるICWIM試験ブレーン問題集認定ガイド問題と解答
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質問 # 12
The concept of the Sharpe ratio is to measure the:
- A. Effect the annual charge has on fund performance
- B. Return above a risk-free rate
- C. Amount of performance attributable to a benchmark
- D. Ability of the fund manager in different scenarios
正解：B
解説：
* Sharpe Ratio Defined
* The Sharpe ratio measuresrisk-adjusted return, specifically the excess return over the risk-free rate per unit of volatility.
* Formula: Sharpe Ratio=Portfolio Return - Risk-
Free RateStandard Deviation of Portfolio Returns\text{Sharpe Ratio} = \frac{\text{Portfolio Return - Risk-Free Rate}}{\text{Standard Deviation of Portfolio Returns}} Sharpe Ratio=Standard Deviation of Portfolio ReturnsPortfolio Return - Risk-Free Rate
* Why the Answer is B
* The ratio quantifies the return generated for each unit of risk taken, relative to the risk-free rate.
* Why Other Options are Incorrect
* A. Benchmark performance: The Sharpe ratio does not measure performance relative to a benchmark.
* C. Annual charge effect: Unrelated to fund expenses.
* D. Manager ability: Focuses on risk-adjusted returns, not managerial skill.
* ICWIM Study Guide, Chapter on Risk-Adjusted Metrics: Explains the Sharpe ratio.
* Portfolio Management Literature: Highlights its use in assessing performance.
ReferencesThus, the correct answer isB. Return above a risk-free rate.
質問 # 13
Which of the following is a characteristic of a perfectly competitive industry?
- A. There is an infinite number of consumers who all face the same market price
- B. Firms face barriers to entry or exit from the industry
- C. There are a range of market prices at which all output produced by any one firm can be sold
- D. Numerous heterogeneous products are produced by all firms in the industry
正解：A
解説：
* Perfectly Competitive Industry Characteristics:
* Perfect competition assumes identical (homogeneous) products, no barriers to entry or exit, and numerous buyers and sellers where all face a uniform market price.
* Firms are price takers, unable to influence prices individually.
* Elimination of Other Options:
* A: Homogeneous, not heterogeneous, products are a key characteristic.
* B: Perfect competition assumes free entry and exit.
* C: Prices are uniform, not variable.
References:
* ICWIM Module 3: Microeconomics and market structures
質問 # 14
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 retail financial sector
- B. Private banking
- C. Family offices
- D. The wholesale financial sector
正解：D
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 # 15
What causes the price of a closed-ended investment company to trade at a premium or discount to net asset value (NAV)?
- A. The tax status of the fund
- B. The level of charges within the fund
- C. Current level of interest rates
- D. Supply and demand
正解：D
解説：
* Price of Closed-Ended Investment Companies:
* These companies issue a fixed number of shares. Prices can trade at a premium or discount to NAV based on market demand and supply for their shares.
* Strong demand increases prices above NAV (premium), while weak demand decreases prices below NAV (discount).
* Elimination of Other Options:
* A: Charges affect long-term returns but not immediate pricing.
* B: Tax status is generally consistent and not a determinant of premiums or discounts.
* D: Interest rates indirectly affect demand but are not a direct cause.
References:
* ICWIM Module 3: Discussion on pricing mechanisms of closed-ended funds and NAV premiums
/discounts.
質問 # 16
Which of the following is used to establish an investor's total return from a bond?
- A. Running yield
- B. Yield to maturity
- C. Price-to-book ratio
- D. Annual coupon
正解：B
解説：
* Yield to Maturity (YTM)
* YTM is the total return an investor can expect from a bond if held to maturity, consideringannual coupon paymentsand any difference between the purchase price and the bond's face value.
* Why the Answer is D
* YTM incorporates all cash flows, providing a comprehensive measure of total return.
* Why Other Options are Incorrect
* A. Running Yield: Considers only current income relative to price, not total return.
* B. Annual Coupon: Ignores price changes and reinvestment potential.
* C. Price-to-Book Ratio: Unrelated to bonds, applies to equities.
* ICWIM Study Guide, Chapter on Fixed Income: Details YTM and its role in total return calculations.
* Bond Investment Literature: Highlights the comprehensive nature of YTM.
References
質問 # 17
Back-end loading is often associated with:
- A. Equities
- B. Collective investments
- C. Real estate
- D. Bonds
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 # 18
Which type of corporate action can only occur if a resolution is passed to forgo pre-emption rights?
- A. Stock split
- B. Placing
- C. Warrant exercise
- D. Share buyback
正解：B
解説：
A placing is a method of issuing new shares to specific investors rather than offering them to existing shareholders. For a placing to proceed, existing shareholders' pre-emption rights (the right to buy new shares before others) must be waived, which requires a resolution to be passed.
質問 # 19
It is impossible to diversify against:
- A. Credit risk
- B. Currency risk
- C. Market risk
- D. Liquidity risk
正解：C
解説：
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.
質問 # 20
Why is the process of prioritising the protection needs of your client important?
- A. To establish the net worth of your client
- B. It provides an opportunity to establish a benchmark
- C. To protect your firm from risk
- D. It allows you and the client to agree on an affordable plan
正解：D
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 # 21
Under an accumulation and maintenance trust, when does the trustees' discretion over payments normally cease (if at all)?
- A. At the end of a prescribed period
- B. On the death of the settlor
- C. On the death of the life tenant
- D. It continues indefinitely
正解：A
解説：
* What is an Accumulation and Maintenance Trust?
* This is a trust designed primarily for minors or young beneficiaries.
* Trustees have discretion over income and capital distributionsuntil a specified event or age, after which the discretion typically ceases.
* When Does Discretion Cease?
* Generally, trustees' discretion ends at theend of a prescribed periodor when the beneficiary reaches a predetermined age, often 18 or 25.
* This ensures the trust complies with legal requirements, such as therule against perpetuitiesin some jurisdictions.
* ICWIM Study Guide, Chapter on Trusts: Details the rules around accumulation and maintenance trusts.
* Trust Law Principles: Highlights limitations of trustee discretion.
References
質問 # 22
What is a key feature of offshore trusts that can make them attractive to wealthy UK clients?
- A. The offshore trust is usually a less complex product to understand
- B. The beneficiaries never have to pay inheritance tax
- C. The offshore trust is only liable for local taxes
- D. They are not publicly registered
正解：C
解説：
Offshore trusts are often set up in jurisdictions with favorable tax regimes, making them appealing to wealthy UK clients. The key feature is that the trust is generally only liable for taxes in the jurisdiction where it is established.
Advantages include:
* Potential tax deferral or reduction.
* Privacy due to less stringent reporting requirements.
However, beneficiaries must still comply with UK tax laws, especially on distributions or gains brought into the UK.
質問 # 23
How would an active fund manager seek to avoid underperforming their peer group when deciding on asset allocation?
- A. Through the use of quantitative models
- B. By hedging currency and market risk
- C. Through the use of asset allocation by consensus
- D. By assessing the prospects for each main asset class
正解：C
解説：
* Active Fund Management
* Active fund managers aim to outperform or avoid underperforming their peers by dynamically managing asset allocation.
* Asset allocation by consensusensures alignment with the strategies and expectations of the broader investment community, minimizing the risk of significant divergence from the peer group.
* Why the Answer is A
* Using consensus-driven allocation avoids extreme deviations in performance relative to peers, which is key for managers seeking to maintain competitive performance.
* Why Other Options are Incorrect
* B. Assessing prospects: This involves market analysis but does not specifically address peer performance.
* C. Hedging risks: Focuses on risk management, not peer alignment.
* D. Quantitative models: Useful for analysis but not tailored to peer group considerations.
* ICWIM Study Guide, Chapter on Portfolio Management: Discusses consensus-driven asset allocation.
* Active Fund Management Literature: Highlights peer-relative performance strategies.
ReferencesThus, the correct answer isA. Through the use of asset allocation by consensus.
質問 # 24
Why would a composite benchmark be needed to measure portfolio performance?
- A. Because the portfolio forms part of the investment universe
- B. Because the portfolio spans several asset classes
- C. It makes it easier for the fund manager
- D. To lower the tracking error
正解：B
解説：
* 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.
質問 # 25
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-Mid Risk
- B. Mid Risk
- C. Mid-High Risk
- D. Low Risk
正解：A
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 # 26
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. An investor can reinvest the interest payment at the same net redemption yield
- C. 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
- D. The default risk can be taken into account
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 # 27
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