[2025年10月] 厳密検証されたICWIM問題集と解答でICWIM問題集と正解付き
ベストCISI level 3 Certificate学習ガイドはICWIM試験合格させます
質問 # 53
If the holder of a long futures contract sells it ahead of expiry, they are considered to have:
- A. Delivered the underlying
- B. Closed out their position
- C. Exercised their position
- D. Taken delivery of the underlying
正解：B
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 # 54
In economics, costs are defined as:
- A. Financial
- B. Normal profit
- C. Minimum efficient scale (MES)
- D. Opportunity
正解：D
解説：
* 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.
質問 # 55
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 assessing the prospects for each main asset class
- C. Through the use of asset allocation by consensus
- D. By hedging currency and market risk
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 # 56
Which of the following instruments is currently outside of those covered by insider dealing rules?
- A. Bonds
- B. Warrants
- C. Depositary Receipts
- D. Commodities
正解：D
解説：
Commodities (e.g., gold, oil, agricultural products) are not covered by insider dealing regulations, as they are physical assets rather than securities.
* Why Are Commodities Exempt?
* Insider trading laws apply to securities markets, not physical goods.
* Price movements in commodities are driven by supply and demand, not company disclosures.
* Regulation of Commodities:
* While insider trading rules don't apply, market manipulation laws still govern commodities (e.
g., FCA MAR rules).
# Reference: FCA Market Abuse Regulation (MAR), CISI Wealth & Investment Management.
質問 # 57
What financial principle requires an adviser to gather extensive information from a client before making a recommendation?
- A. Transparency of trading
- B. Know your customer
- C. Risk reduction
- D. Disclosure
正解：B
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 # 58
Which type of trading system employs market makers?
- A. Order-driven
- B. On-exchange
- C. Over-the-counter
- D. Quote-driven
正解：D
解説：
A quote-driven market relies on market makers who continuously provide bid and ask prices for securities.
* Key Characteristics of Quote-Driven Markets:
* Market makers buy and sell securities from their own inventory, ensuring liquidity.
* Prices are set by market makers rather than by matching buy and sell orders.
* Common in less liquid markets (e.g., corporate bonds, some equities).
* Examples:
* The London Stock Exchange's SEAQ system operates as a quote-driven market.
* Why Not Other Options?
* A (Order-driven) # Uses an electronic order book, not market makers.
* C (On-exchange) # Both quote-driven and order-driven systems exist on exchanges.
* D (Over-the-counter) # OTC markets may have market makers, but they are not exclusively quote-driven.
# Reference: London Stock Exchange Trading Systems, CISI Wealth & Investment Management.
質問 # 59
An investor with £900,000 of investable assets would normally be categorized as:
- A. Ultra-high-net-worth
- B. High-net-worth
- C. Mass affluent
- D. Very-high-net-worth
正解：B
解説：
Investor classifications are based on financial assets, typically excluding property.
* Why is Option B Correct?
* High-net-worth individuals (HNWIs) are those with £500,000 to £1 million in investable assets.
* Mass affluent investors usually have £100,000 to £500,000.
* Why Not Other Options?
* A (Mass affluent) # Below £500,000.
* C (Very-high-net-worth) # Typically £1 million to £5 million.
* D (Ultra-high-net-worth) # £30 million+ in assets.
# Reference: FCA High-Net-Worth Client Classification, CISI Wealth & Investment Management.
質問 # 60
Why might a custom benchmark be required when measuring portfolio performance?
- A. It is easier than using a pre-defined benchmark
- B. So that the portfolio can be measured in absolute terms
- C. The portfolio spans several different asset classes
- D. To establish the size of the tracking error
正解：C
解説：
A custom benchmark is necessary when a portfolio contains multiple asset classes, as no single index can fully represent its performance.
* Why is Option D Correct?
* A diversified portfolio (e.g., equities, bonds, commodities) needs a composite benchmark that reflects its asset allocation.
* Example: A portfolio with 60% equities and 40% bonds might use a benchmark of 60% MSCI World Index and 40% Barclays Global Bond Index.
* Why Not Other Options?
* A (Easier than a pre-defined benchmark) # Custom benchmarks require more effort, not less.
* B (Absolute performance measure) # Benchmarks compare performance relative to the market, not in absolute terms.
* C (Tracking error measurement) # A benchmark helps measure tracking error, but the need for a custom benchmark arises due to asset diversity.
# Reference: CFA Institute (Benchmarking), CISI Wealth & Investment Management.
質問 # 61
Measures of Central Tendency include a method whereby a set of numbers are multiplied and then the nth root of the resulting product is taken. This is known as the:
- A. Mode
- B. Geometric mean
- C. Median
- D. Arithmetic mean
正解：B
解説：
The geometric mean is calculated using the formula:
A math equation with numbers and symbols AI-generated content may be incorrect.
Used in Finance: The geometric mean is crucial in measuring compound returns over time.
* More Accurate for Investments: It accounts for volatility in investment returns.
# Reference: CFA Institute, CISI Wealth & Investment Management (Quantitative Methods).
質問 # 62
Which of the following is a money laundering offence?
- A. Avoiding
- B. Concealing
- C. Producing
- D. Developing
正解：B
解説：
Money laundering is the process of disguising the origins of illegally obtained money to make it appear legitimate. Concealing assets derived from criminal activities is a criminal offence under anti-money laundering (AML) laws.
* Definition: "Concealing" means hiding or disguising the true nature, location, source, ownership, or control of funds derived from criminal activity.
* Legal Framework: The Financial Action Task Force (FATF) and UK Proceeds of Crime Act 2002 (POCA) classify "concealing" as an offence.
* Three Stages of Money Laundering:
* Placement: Introducing illicit funds into the financial system.
* Layering: Concealing the source via multiple transactions.
* Integration: Reintroducing "cleaned" funds into the economy.
# Reference: CISI Wealth & Investment Management (AML), FATF Guidelines, UK POCA 2002.
質問 # 63
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. No, futures on commodities are not defined as securities under insider trading regulations
- B. Only if they make a profit
- C. Yes, regardless of profit or loss
- D. No, provided the futures contract is held to expiry
正解：A
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 # 64
In financial markets, SWIFT is used for:
- A. Securities settlement
- B. Online security
- C. Risk management
- D. Money payments
正解：D
解説：
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging system used for secure international money transfers.
* Why is Option C Correct?
* SWIFT provides a standardized messaging system for banks to send secure international payment instructions.
* It is used for cross-border wire transfers, forex transactions, and trade finance.
* Why Not Other Options?
* A (Risk management) # SWIFT is not a risk assessment tool.
* B (Securities settlement) # Securities transactions are settled via clearing houses (e.g., DTCC, Euroclear), not SWIFT.
* D (Online security) # SWIFT transmits encrypted messages but is not an online security service.
# Reference: SWIFT Organization, CISI Wealth & Investment Management.
質問 # 65
A company recently increased its earnings per share (EPS) figure by 10%. This means that the company's:
- A. P/E ratio has increased
- B. Ability to pay dividends has improved
- C. Market share has risen
- D. Share base has widened
正解：B
解説：
Earnings per share (EPS) measures profitability per share. A higher EPS means a company has more earnings available for dividends or reinvestment.
* Why is Option B Correct?
* An increase in EPS improves the company's ability to pay dividends, as there are more profits available per share.
* Why Not Other Options?
* A (Share base widened) # EPS is based on net income, not share count.
* C (Market share risen) # Higher EPS does not mean higher revenue or market share.
* D (P/E ratio increased) # The P/E ratio depends on share price movements, not just EPS.
# Reference: CFA Institute (Earnings Analysis), CISI Wealth & Investment Management.
質問 # 66
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 private investor
- B. A professional
- C. A retail client
- D. An eligible counterparty
正解：C
解説：
# Reference: FCA Client Categorisation Rules.
質問 # 67
It is impossible to diversify against:
- A. Liquidity risk
- B. Currency risk
- C. Market risk
- D. Credit 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 # 68
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