CISI ICWIM Exam : International Certificate in Wealth & Investment Management

  • Exam Code: ICWIM
  • Exam Name: International Certificate in Wealth & Investment Management
  • Updated: Aug 13, 2026
  • Q & A: 256 Questions and Answers

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CISI ICWIM Exam Syllabus Topics:

SectionWeightObjectives
Regulation and Ethics15%- Regulatory framework
  • 1. Compliance requirements
  • 2. Financial regulation principles
  • 3. Investor protection
- Ethical conduct
  • 1. Conflict of interest
  • 2. Professional responsibilities
  • 3. CISI Code of Ethics
Client Advisory25%- Portfolio construction
  • 1. Asset allocation strategies
  • 2. Portfolio review and rebalancing
  • 3. Performance measurement
- Client needs analysis
  • 1. Risk profiling and suitability
  • 2. Time horizons
  • 3. Investment objectives
Financial Products20%- Collective investments
  • 1. Funds and structured products
  • 2. ETFs and index trackers
  • 3. Fund selection criteria
- Equities and shares
  • 1. Valuation methods
  • 2. Dividends and total return
  • 3. Types of equity
- Bonds and fixed income
  • 1. Credit risk
  • 2. Yield and price relationships
  • 3. Bond types and characteristics
Risk and Return20%- Portfolio theory
  • 1. Risk-return profiling
  • 2. Asset allocation principles
  • 3. Modern portfolio theory
- Risk concepts
  • 1. Risk diversification
  • 2. Risk measurement
  • 3. Types of investment risk
Market Environment20%- Economic environment
  • 1. Macroeconomic factors affecting investments
  • 2. Business cycles
  • 3. Interest rates and inflation
- Role and function of financial markets
  • 1. Market participants and intermediaries
  • 2. Types of financial markets and their roles
  • 3. Market indices and benchmarks

CISI International Certificate in Wealth & Investment Management Sample Questions:

1. Which one of the following is true of fundamental analysis? It seeks to establish:

A) The momentum of share prices
B) Long-term volume trends of a security
C) The intrinsic value of a security
D) Long-term price trends of a security


2. What is the purpose of measuring a company's dividend yield?

A) It provides an indication of the expected return on a share and then can then be compared to other shares
B) It provides an indication of future dividend growth for a successful company
C) It is useful for investors not wanting to exceed the annual dividend tax allowance
D) It provides a clear indication of how much profit is being used by the company for expansion and growth


3. An investor with a relatively small amount to invest has chosen to use a collective investment scheme CIS.
This is because:

A) The investor has no requirement for liquidity
B) The investor requires tax free returns
C) A CIS is a cheap way of achieving diversification
D) Investment managers will not deal with investors with small amounts of money


4. 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) High coupon short-dated gilts
C) Low coupon long-dated gilts
D) Convertible preference shares


5. Having prepared recommendations via a report, why would an adviser suggest a face-to-face meeting with their client?

A) To establish the client's tax position
B) So that the client can review the adviser's qualifications
C) In order to collect fees prior to implementation of the recommendations
D) To afford the opportunity to clear up any misunderstandings


Solutions:

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

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