Free CISI ICWIM Practice Test & Real Exam Questions

Exam Code/Number: ICWIM
Exam Name/Title: International Certificate in Wealth & Investment Management
Certification Provider: CISI
Corresponding Certification: CISI level 3 Certificate

Exam Questions: 256
Updated On: Jul 04, 2026

Question #1

In the short run, labour and raw materials are:

A. Marginal costs

B. Fixed costs

C. Variable costs

D. Average costs

Discussion 0

Correct Answer: C Vote an answer

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Question #2

Enhanced due diligence is required in relation to customer identity if there is a possibility that the customer might be:

A. A chairperson of a listed company's board

B. A member of the armed forces

C. A non-executive company director

D. A politically exposed person

Discussion 0

Correct Answer: D Vote an answer

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Question #3

Capital gains tax CGT is charged:

A. At a reduced rate for pensions

B. On any asset at the time of its disposal

C. On the transfer of assets upon death

D. On gains arising from the sale of an asset

Discussion 0

Correct Answer: D Vote an answer

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Question #4

The concept of the Sharpe ratio is to measure the:

A. Effect the annual charge has on fund performance

B. Ability of the fund manager in different scenarios

C. Return above a risk-free rate

D. Amount of performance attributable to a benchmark

Discussion 0

Correct Answer: C Vote an answer

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Question #5

Under an accumulation and maintenance trust, when does the trustees' discretion over payments normally cease (if at all)?

A. On the death of the settlor

B. On the death of the life tenant

C. It continues indefinitely

D. At the end of a prescribed period

Discussion 0

Correct Answer: D Vote an answer

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Question #6

In the FX market standard spot settlement is:

A. T+10

B. T+3

C. T+5

D. T+2

Discussion 0

Correct Answer: D Vote an answer

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Question #7

Which class of mutual fund shares has a charging structure that avoids a front-end load?

A. Class C

B. Class A

C. Class B

D. Class D

Discussion 0

Correct Answer: A Vote an answer

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Question #8

A stockbroking firm receives both buy and sell orders for the same security but from different clients. How can they best avoid a conflict of interest?

A. Openly disclose all orders received to the clients

B. Withdraw their services for the transaction

C. Place orders as they are received from the clients

D. Process the sell orders before the buy orders

Discussion 0

Correct Answer: C Vote an answer

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Question #9

Which of the following instruments is currently outside of those covered by insider dealing rules?

A. Warrants

B. Commodities

C. Bonds

D. Depositary Receipts

Discussion 0

Correct Answer: B Vote an answer

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Question #10

The effect of gearing within an investment trust company is that it:

A. Reduces the trust's premium or discount

B. Lowers operating expenses

C. Magnifies profits and losses

D. Raises initial charges

Discussion 0

Correct Answer: C Vote an answer

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