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CISI International Certificate in Wealth & Investment Management Sample Questions (Q247-Q252):
NEW QUESTION # 247
The arbitrage pricing theory adopts a complex multi-factor approach by:
Answer: D
Explanation:
Arbitrage pricing theory explains expected returns using multiple systematic risk factors rather than relying on a single market factor. In this framework, each factor has an associated risk premium, and each security has a sensitivity to each factor. Those sensitivities are commonly described as factor betas. The expected return is constructed by adding the risk free rate to the sum of each factor beta multiplied by that factor's risk premium.
This is what makes the model multi-factor: risk is decomposed into several drivers, such as economic growth, inflation, interest rate changes, or other broad influences, with separate exposures to each. The capital asset pricing model uses one beta against a market portfolio, so it is simpler but also more restrictive. Arbitrage pricing theory does not require the strong single-factor structure and does not depend on psychological elements of investing. It also does not assume factors are correlated to each other as a defining feature. The key distinguishing point that CISI tests is that arbitrage pricing theory applies separate betas to multiple risk premiums.
NEW QUESTION # 248
A stock has a beta value of 0.85. What does this indicate?
Answer: A
Explanation:
Beta measures the sensitivity of a stock's returns to movements in the market as a whole, based on historical co-movement with a chosen market index. A beta of 1 indicates the stock has tended to move in line with the market. A beta greater than 1 indicates higher sensitivity and therefore higher systematic risk, meaning the stock has tended to rise more than the market in up markets and fall more in down markets. A beta below 1 indicates lower sensitivity to market movements. With a beta of 0.85, the stock has historically moved about
85% as much as the market, so it is less volatile than the market in systematic risk terms. This does not mean it will outperform or underperform the benchmark, and it does not describe relative performance in percentage terms. Beta is not a performance measure, it is a risk measure. CISI exam traps often include statements that confuse beta with return or with tracking error. The correct interpretation is lower market-related volatility than the market overall.
NEW QUESTION # 249
An investor would regard a company's Interest Cover ratio as significant because it provides:
Answer: D
Explanation:
Interest Cover Ratio measures how easily a company can meet interest payments on its debt.
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Why is Option A Correct?
A higher ratio means a company comfortably covers interest costs.
A low ratio signals higher financial risk and potential default risk.
Why Not Other Options?
B (Interest rate paid) # The ratio assesses coverage, not cost of debt.
C (Debt vs equity breakdown) # This is measured by the debt-to-equity ratio.
D (Cash for dividends) # Interest cover assesses debt serviceability, not dividend affordability.
# Reference: CFA Institute (Financial Ratios), CISI Wealth & Investment Management.
NEW QUESTION # 250
Assuming an upward-sloping yield curve that does not change, how can a fund manager profit from buying a longer-dated bond?
Answer: D
Explanation:
In an upward-sloping yield curve, long-term bonds typically have higher yields than short-term bonds. As the bond nears maturity:
Price Appreciation: The bond price rises as the yield declines due to the pull-to-par effect.
Capital Gains Opportunity: A fund manager can sell the bond before maturity for a profit if interest rates remain unchanged.
Yield and Price Relationship: Bond prices move inversely to yields. When yields fall, prices rise, allowing for a profit upon sale.
# Reference: CISI Wealth & Investment Management (Fixed-Income Securities), CFA Institute (Bond Pricing
& Yield Curves).
NEW QUESTION # 251
What is the main source of funding for private equity firms?
Answer: D
Explanation:
Private equity firms raise capital primarily from institutional investors such as pension funds, insurance companies, and sovereign wealth funds.
* Why is Option A Correct?
* Institutional investors provide large capital commitments for private equity funds.
* Private equity firms pool these funds to acquire and restructure companies.
* Why Not Other Options?
* B (Management buyouts) # A buyout strategy, not a funding source.
* C (Initial public offerings, IPOs) # Private equity firms exit investments through IPOs, but this is not a funding source.
* D (Placings) # Common in public equity markets, not private equity.
# Reference: CFA Institute (Private Equity Structures), CISI Wealth & Investment Management.
NEW QUESTION # 252
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