CIFC STUDY MATERIALS: CANADIAN INVESTMENT FUNDS COURSE EXAM & CIFC CERTIFICATION TRAINING

CIFC Study Materials: Canadian Investment Funds Course Exam & CIFC Certification Training

CIFC Study Materials: Canadian Investment Funds Course Exam & CIFC Certification Training

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IFSE Institute CIFC Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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 2
  • 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.
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
  • 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 5
  • Mutual Funds Administration: This section of the exam measures the skills of operations specialists and covers the processes that support the day-to-day functioning of mutual funds. It includes trading, recordkeeping, pricing, and compliance reporting.
Topic 6
  • 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 7
  • 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 8
  • Making Recommendations & Case Study: This section of the exam measures the skills of client advisors and covers the practical application of investment knowledge through real-world client scenarios. It involves synthesizing client information to make suitable investment recommendations.
Topic 9
  • 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.

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
Karen's know your client (KYC) profile corresponds to someone who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She watches the daily movements of the Toronto Stock Exchange (TSX) and wants a mutual fund that will closely match what she sees.
What kind of mutual fund would be BEST for her?

  • A. Canadian dividend fund
  • B. Canadian small capitalization equity fund
  • C. Canadian bond fund
  • D. Canadian equity index fund

Answer: D


NEW QUESTION # 43
Sandra presently participates in her employer-sponsored defined contribution pension plan (DCPP). As contributions continue to be made into her plan, what can she expect?

  • A. Retirement benefits will be based on a prescribed formula that can be referenced from the plan's terms and conditions.
  • B. To ensure she has savings at retirement, the employer will choose stable investments to grow her retirement savings.
  • C. The employer will solely make contributions to her DCPP based on a prescribed formula noted within her plan.
  • D. Her available registered retirement savings plan (RRSP) contribution room will be reduced by what is being contributed to her plan.

Answer: D


NEW QUESTION # 44
10 years ago, Felipe opened a registered retirement savings plan (RRSP) account and purchased a mutual fund.
The mutual fund purchased included a 7-year deferred sales charge (DSC). At the time of making his investment, him and his Dealing Representative agreed that he had a 25-year growth objective. Since Felipe knew that he was not planning to use his investment until he retired, he was not concerned about the DSC. Although the rate of return did vary from year-to-year, he never noticed his mutual fund having a drop in value. This gave Felipe more confidence in the investment. As a result, he has never made any changes to his investment.
What category of Know Your Client (KYC) information has been given?

  • A. Financial circumstances
  • B. Investment experience
  • C. Personal circumstances
  • D. Risk profile

Answer: B

Explanation:
Explanation
The category of Know Your Client (KYC) information that has been given is investment experience.
Investment experience refers to the level of knowledge and familiarity that a client has with various types of investments, such as mutual funds, stocks, bonds, etc. It also includes the client's past performance, frequency of trading, and length of holding period. In this case, Felipe has given information about his investment experience by stating that he purchased a mutual fund with a deferred sales charge, that he had a 25-year growth objective, that he never noticed his mutual fund having a drop in value, and that he never made any changes to his investment.
References = Know Your Client (KYC): What It Means, Compliance Requirements, Know Your Client (KYC) - Overview, Importance and Benefits, Process, IFSE CIFC Module 2: The Investment Industry, page
2-14.


NEW QUESTION # 45
Which of the following characteristics about mortgage mutual funds is CORRECT?

  • A. risk-free where the mortgages are National Housing Act (NHA) insured
  • B. if interest rates fall, the mutual fund's net asset value per unit (NAVPU) will decline
  • C. suitable only for high risk investors
  • D. typically monthly distributions of interest

Answer: D


NEW QUESTION # 46
Sheldon is a 25 year old graphic designer. He has just started working and saves regularly. Apart from his regular salary he also earns extra money from freelancing after office hours and during weekends. His earnings from his freelance work are sufficient for meeting his living expenses. He saves the entire amount of his salary. He has heard about lifecycle funds but has come to you for additional information.
Which of the following statement about lifecycle funds is TRUE?

  • A. All lifecycle funds start with equal allocations to cash, fixed income and equities before being re-balanced.
  • B. As Sheldon gets older, the life cycle asset allocation changes from more risky to less risky.
  • C. The asset allocation of a lifecycle fund is set based on the age demographic of its unitholders and remains the same for the time frame of the lifecycle fund.
  • D. Investor income is the only basis for changing the asset allocation of a lifecycle mutual fund.

Answer: B

Explanation:
Explanation
A lifecycle fund is a type of asset-allocation fund that automatically adjusts its portfolio composition according to the investor's age and risk tolerance. As the investor gets closer to their retirement date or target date, the fund shifts from more risky assets, such as stocks, to less risky assets, such as bonds and cash. This is done to reduce the volatility and preserve the capital of the fund as the investor approaches their withdrawal phase. Therefore, statement A is true about lifecycle funds. Statement B is false because different lifecycle funds may have different initial allocations depending on their target dates and risk profiles. Statement C is false because the asset allocation of a lifecycle fund changes over time according to a predetermined glide path that gradually reduces risk. Statement D is false because investor income is not the only basis for changing the asset allocation of a lifecycle fund; other factors, such as age, risk tolerance, investment objectives, and time horizon, are also considered. References: Life-Cycle Fund: How They Work, Examples, Lifecycle Funds | The Thrift Savings Plan (TSP), What Is a Lifecycle Fund? | The Motley Fool


NEW QUESTION # 47
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