CISI International Certificate in Wealth & Investment Management : ICWIM

ICWIM real exams

Exam Code: ICWIM

Exam Name: International Certificate in Wealth & Investment Management

Updated: Aug 08, 2026

Q & A: 256 Questions and Answers

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CISI ICWIM Exam Syllabus Topics:

SectionWeightObjectives
Fiduciary Relationships16%- Conflicts of interest
- Client needs assessment
- Duties and responsibilities
- Risk profiling and suitability
The Financial Services Sector16%- Ethical standards and professional conduct
- Regulatory objectives and frameworks
- Structure and participants
- Market functions and products
Investment Management15%- Portfolio construction theories
- Investment strategies
- Risk and return concepts
- Performance measurement and evaluation
Industry Regulation10%- Regulatory authorities and rules
- Client categorization and protection
- Compliance and governance
- Financial crime prevention
Economics and Investment Analysis10%- Economic indicators and cycles
- Macroeconomics and markets
- Valuation methods
- Investment mathematics and statistics
Lifetime Financial Provision18%- Retirement planning
- Estate and succession planning
- Protection and insurance planning
- Trusts and foundations
Asset Classes10%- Derivatives
- Fixed income securities
- Real estate and alternative assets
- Cash and money market instruments
- Equities
Investment Advice21%- Portfolio recommendations and review
- Communication and documentation
- Taxation principles
- Advisory process

CISI International Certificate in Wealth & Investment Management Sample Questions:

1. An investor with a liability due in eight years' time wants to purchase bonds to fund this liability. If a barbell strategy is adopted, a suitable initial portfolio would be:

A) 4 bonds with 8-year durations and 4 bonds with 10-year durations
B) 6 bonds, each with 10-year durations
C) 2 bonds with 6-year durations and 2 bonds with 10-year durations
D) 3 bonds, each with 8-year durations


2. Which of these banks are likely to have relatively few legacy issues?

A) Central bank
B) Challenger bank
C) Retail bank
D) Online bank


3. Assuming an upward-sloping yield curve that does not change, how can a fund manager profit from buying a longer-dated bond?

A) As time passes, the yield and price of the purchased bond will rise
B) The gross redemption yield will rise on the purchased bond as maturity nears
C) The yield will fall as the bond gets closer to maturity, so the bond can be sold for a profit
D) The yield will rise as the bond gets closer to maturity, so the bond can be sold for a profit


4. What is likely to be the result if an annual review of a client's financial plan indicates a significant change in their risk profile?

A) A customer due diligence check
B) A change to the charging structure
C) A top-up payment
D) A rebalancing exercise


5. A fund manager would be keen to improve the alpha of a fund because:

A) As alpha improves, so does beta
B) It has not outperformed the benchmark
C) The fund will be easier to manage
D) It will become more attractive to risk-averse clients


Solutions:

Question # 1
Answer: C
Question # 2
Answer: B
Question # 3
Answer: C
Question # 4
Answer: D
Question # 5
Answer: B

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