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IFSE Institute CIFC Exam Syllabus Topics:

Topic
Details

Topic 1

Registrant Responsibilities: This section of the exam measures the skills of investment advisors and covers the obligations and ethical duties that come with being a registered professional. It includes understanding know-your-client procedures, disclosure rules, and the importance of acting in clients’ best interests.

Topic 2

Types of Investments: This section of the exam measures the skills of wealth managers and covers the features, risks, and benefits of various investment products. It ensures understanding of stocks, bonds, ETFs, GICs, and other instruments typically included in diversified portfolios.

Topic 3

Regulatory Environment: This section of the exam measures the skills of compliance officers and covers the key laws, rules, and regulatory bodies that oversee the mutual fund industry. It ensures professionals understand the legal framework in which firms and representatives operate.

Topic 4

Suitability: This section of the exam measures the skills of financial planners and covers how to determine whether an investment product matches a client's profile. It focuses on risk tolerance, time horizon, and financial goals when offering investment choices.

Topic 5

Taxation: This section of the exam measures the skills of tax advisors and covers how different investments and accounts are taxed. It includes capital gains, interest income, dividend taxation, and the tax treatment of registered and non-registered accounts.

Topic 6

Portfolio Management This section of the exam measures the skills of portfolio advisors and covers the principles behind building and managing a diversified investment portfolio. It focuses on asset allocation, diversification strategies, and rebalancing techniques.

Topic 7

Retirement: This section of the exam measures the skills of retirement planners and covers the investment planning strategies and account types used to prepare for retirement. It includes registered plans, income needs, and withdrawal planning.

Topic 8

Types of Mutual Funds: This section of the exam measures the skills of fund sales representatives and covers the structure, benefits, and objectives of different mutual fund categories. It includes equity, fixed income, balanced, index, and specialty funds.

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q171-Q176):

NEW QUESTION # 171
Which of the following is included when calculating a country's gross domestic product (GDP)?

A. total income of all employed individuals
B. the market value of goods and services sold to final users
C. the cost of all goods produced
D. the value of work done by volunteers

Answer: B

Explanation:
Explanation
Gross domestic product (GDP) is a measure of the total economic activity in a country. It is calculated by adding up the market value of all the final goods and services produced within a country's borders in a given period of time, usually a year or a quarter. Final goods and services are those that are sold to the end users, such as consumers, businesses, or the government, and are not used as inputs for further production. For example, a loaf of bread sold to a consumer is a final good, but the flour used to make the bread is not. The market value of goods and services is the price that buyers are willing to pay for them in the market. This reflects the value added by the producers at each stage of production and avoids double counting. For example, if a farmer sells wheat for $10 to a miller, who then sells flour for $20 to a baker, who then sells bread for $30 to a consumer, the value added at each stage is $10, $10, and $10, respectively. The total value added is $30, which is equal to the market value of the final good (bread). Therefore, GDP only includes the market value of final goods and services and excludes intermediate goods and services.
References: Canadian Investment Funds Course, Unit 4, Section 4.1; 5; 6; 7; 8

NEW QUESTION # 172
Which of the following qualifies as personal information under the Personal Information Protection and Electronic Documents Act (PIPEDA)?

A. employee's business telephone number
B. employee's business address
C. employee's credit record
D. employee's name

Answer: C

Explanation:
Explanation
According to the Personal Information Protection and Electronic Documents Act (PIPEDA), personal information is any factual or subjective information, recorded or not, about an identifiable individual. This includes information in any form, such as age, name, ID numbers, income, ethnic origin, or blood type.
However, PIPEDA also specifies some exceptions to the definition of personal information, such as business contact information. Business contact information is any information that is used for the purpose of communicating or facilitating communication with an individual in relation to their employment, business or profession. This includes the employee's name, position name or title, work address, work telephone number, work fax number or work electronic address. Therefore, an employee's business address and business telephone number are not considered personal information under PIPEDA. An employee's name could be considered personal information if it is not used for business purposes, but it is not clear from the question whether that is the case. An employee's credit record is clearly personal information under PIPEDA, as it reveals sensitive information about the individual's financial situation and history.
References: 1: PIPEDA in brief - Office of the Privacy Commissioner of Canada 2

NEW QUESTION # 173
Patrick is a portfolio manager for the HyperTally Growth Fund. It has generated an annualized rate of return of
10% this past year. However, with the anticipation of very high inflation to soon occur, there is also an expectation of higher interest rates. Patrick is concerned about the future returns of existing stocks within the fund. What may Patrick do to protect against the market value of the fund dropping?

A. Avoid the use of derivatives because they are speculative in nature.
B. Agree to buy forward contracts where he is in the "long' position.
C. Buy call options for the existing stocks stored within the fund.
D. Purchase put options for the fund's existing assets.

Answer: D

NEW QUESTION # 174
In a mutual fund dealer, who is the person responsible for establishing and maintaining compliance policies and procedures as well as monitoring and assessing compliance?

A. the ultimate designated person
B. the chief executive officer
C. the trustee
D. the chief compliance officer

Answer: D

NEW QUESTION # 175
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth $340,000 with a
$120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan.
Other than a tax-free savings account (TFSA) in Kyle's name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?

A. What is your net worth?
B. How much do you make individually each year?
C. How would you feel if you lost part of your money in the short-term?
D. What is your investment objective for these savings?

Answer: D

Explanation:
Explanation
The question that you should ask Sarah and Kyle next is what is their investment objective for these savings.
An investment objective is a statement that defines the purpose and goals of an investment. It helps investors and advisors select suitable investment products and strategies that match the investor's needs and expectations. An investment objective typically considers factors such as risk tolerance, return expectations, time horizon, liquidity needs, tax situation, and personal preferences. Therefore, option B is the correct question to ask Sarah and Kyle next. The other options are not relevant or sufficient to determine their investment objective. Option A is related to their risk tolerance, but it is not the only factor that affects their investment objective. Option C is related to their net worth, but it does not indicate their purpose and goals for their savings. Option D is related to their income, but it does not reflect their return expectations or liquidity needs for their savings. References: [Investment Objective Definition], [Investment Objectives: What They Are and How to Use Them], [Investment Objectives | GetSmarterAboutMoney.ca]

NEW QUESTION # 176
......

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Mike Hall Mike Hall

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