CISI ICWIM : International Certificate in Wealth & Investment Management

  • Exam Code: ICWIM
  • Exam Name: International Certificate in Wealth & Investment Management
  • Updated: Sep 11, 2026
  • Q & A: 256 Questions and Answers

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CISI ICWIM Exam Syllabus Topics:

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

CISI International Certificate in Wealth & Investment Management Sample Questions:

Question #1

A rise in living standards will tend to:

  • A. Create an increased demand for commodities
  • B. Have no effect on commodities
  • C. Reduce the demand for commodities
  • D. Increase government participation in the commodities markets
Answer: A

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Question #2

Which of the following investments is most suitable for a customer who desires income rather than capital gain and who is risk-averse?

  • A. Deferred shares
  • B. Low coupon long-dated gilts
  • C. High coupon short-dated gilts
  • D. Convertible preference shares
Answer: C

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Question #3

In normal market circumstances, the yield curve slopes upward. Why is this?

  • A. The longer an investor ties up capital, the higher the rate of interest they will demand to compensate themselves for the greater risk and opportunity cost on the capital they have invested
  • B. As long as the interest being paid on the government bond is near to the interest rate available on the market, there is little risk that the resale value will be significantly different from the purchase price
  • C. Longer-dated bonds are generally more sensitive to interest rate changes than short-dated bonds because holders are exposed to risk for a longer period
  • D. Although bonds are generally less risky than equities, their prices are intrinsically linked to the general level of interest rates and expectations of future changes
Answer: A

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Question #4

When analysing rates of return, why is a short-dated government bond considered to be the risk-free rate?

  • A. There is no tracking error when measuring the performance of government bonds
  • B. Government bonds are free from all types of risk
  • C. Investors can buy short-dated government bonds without risk
  • D. Governments are considered unlikely to default
Answer: D

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Question #5

Your client estimates that they will require £40,000 of income annually to live off when they retire. Personal plus state pension will provide £35,000. They wish to retire in 20 years' time. It is estimated that they can earn
3% per annum and inflation has been forecast at 2% over the next 20 years. Interest rates are currently 1.5%.
Allowing for inflation, what lump sum would they need to accrue to supplement their pension?

  • A. £495,316
  • B. £165,105
  • C. £331,631
  • D. £247,658
Answer: C

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