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Last Updated: Oct 03, 2026

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CISI ICWIM Practice Q&A's

ICWIM PDF
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CISI ICWIM Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Investment Management15%- Portfolio construction theories
- Investment strategies
- Risk and return concepts
- Performance measurement and evaluation
Topic 2: Industry Regulation10%- Client categorization and protection
- Regulatory authorities and rules
- Compliance and governance
- Financial crime prevention
Topic 3: The Financial Services Sector16%- Ethical standards and professional conduct
- Regulatory objectives and frameworks
- Structure and participants
- Market functions and products
Topic 4: Lifetime Financial Provision18%- Trusts and foundations
- Estate and succession planning
- Retirement planning
- Protection and insurance planning
Topic 5: Economics and Investment Analysis10%- Economic indicators and cycles
- Macroeconomics and markets
- Investment mathematics and statistics
- Valuation methods
Topic 6: Fiduciary Relationships16%- Client needs assessment
- Duties and responsibilities
- Conflicts of interest
- Risk profiling and suitability
Topic 7: Asset Classes10%- Fixed income securities
- Real estate and alternative assets
- Derivatives
- Cash and money market instruments
- Equities
Topic 8: Investment Advice21%- Taxation principles
- Advisory process
- Communication and documentation
- Portfolio recommendations and review

CISI International Certificate in Wealth & Investment Management Sample Questions:

Question #1

Performance attribution analysis attempts to explain why a portfolio had a certain return. It does so by breaking down the performance and attributing the results based on the decisions made by the fund manager on which of the following?

  • A. Asset allocation alone
  • B. The combination of asset allocation, sector choice and security selection
  • C. Asset allocation and sector choice only
  • D. The combination of asset allocation, sector choice, security selection and risk analysis
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #2

What is the first action an adviser takes to ensure that their advice is suitable for a client?

  • A. Gather sufficient information from the client
  • B. Draw attention to the cancellation period
  • C. Ensure recommendations are confirmed by a third party
  • D. Offer the client a range of options
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Correct Answer: A  🗳️

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Question #3

Personal accident policies will pay out:

  • A. Once the insurance company has received the medical documentation
  • B. On the day of the accident
  • C. Once the insured has been seen by a doctor
  • D. Following a waiting period
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #4

Why would an investment manager conduct forward-looking security attribution?

  • A. In order to establish by how much they need to outperform the benchmark
  • B. In order to calculate future profits
  • C. To establish where future risks lie
  • D. To quantify next year's annual charge
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Correct Answer: C  🗳️

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Question #5

Following a fact find, a financial adviser recommended that their client should use a model portfolio on a fettered fund of funds basis. A key drawback to this approach is that:

  • A. The ability to respond to corporate actions will be removed
  • B. The client will be prevented from making top ups
  • C. The volatility range will be significantly expanded
  • D. The range of available funds will be limited
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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