UK candidate context
CISI International Certificate in Wealth & Investment Management is an international qualification used by UK finance professionals; connect the global syllabus to UK roles while keeping the official CISI learning objectives as the exam boundary. Check current UK booking options in MyCISI and use pounds only for ExamsPrep UK course purchases; official CISI examination fees are separate.
- Questions
- 100
- Time
- 120 minutes
- Pass mark
- 70%
- Average pace
- 1.2 min/question
- Study range
- 60–80 focused hours
- Primary challenge
- wealth-management application and calculations
How to use this mini test
- Set a timer based on the average pace shown above.
- Choose one answer before opening the explanation.
- For every error, write the rule or calculation step you missed.
- Retest the same concept with a different question after 24 hours.
Five free ICWIM practice questions
What does 'shadow banking' describe?
- Illegal offshore banking
- Non-bank institutions providing bank-like intermediation
- A bank's audit team
- Central-bank reserve operations
Show answer and explanation
Answer: B. Non-bank institutions providing bank-like intermediation
Shadow banking refers to credit intermediation and similar bank-like activity outside the conventional regulated banking perimeter.
A company earns PBIT of $1.5m on sales of $5m. What is its operating profit margin?
- 15%
- 20%
- 30%
- 33%
Show answer and explanation
Answer: C. 30%
Profit margin = PBIT ÷ sales × 100 = 1.5 ÷ 5 × 100 = 30%.
A sector trades on a prospective P/E of 8 and a company is expected to earn $0.30 per share. What price does that imply?
- $0.30
- $2.40
- $3.75
- $8.00
Show answer and explanation
Answer: B. $2.40
Implied price = P/E × expected EPS = 8 × $0.30 = $2.40.
A portfolio finishes at $18.75m; asset allocation explains $18.25m. What is the stock-selection contribution?
- −$0.50m
- +$0.25m
- +$0.50m
- +$1.00m
Show answer and explanation
Answer: C. +$0.50m
Selection contribution is the residual: $18.75m − $18.25m = +$0.50m.
Which statement correctly distinguishes open-ended and closed-ended funds?
- Only closed-ended funds are authorised
- Open-ended funds create/cancel units; closed-ended funds issue a fixed pool of traded shares
- Open-ended funds always trade at a premium
- There is no structural difference
Show answer and explanation
Answer: B. Open-ended funds create/cancel units; closed-ended funds issue a fixed pool of traded shares
Open-ended vehicles expand or contract units around NAV; closed-ended companies have a fixed share pool whose market price can diverge from NAV.
What your score means
| Score | Interpretation | Next move |
|---|---|---|
| 5/5 | Strong on this small sample | Take a timed mixed mock |
| 3–4/5 | Useful base with identifiable gaps | Drill the missed topics |
| 0–2/5 | Concept recall is not secure yet | Return to the relevant workbook objectives |
Five questions cannot predict a 100-question result. They are a diagnostic, not a pass guarantee.
Continue with the real demo engine
The free course demo uses the same maintained course data and exam interface as the full platform. You can practise under timed conditions, submit the paper and review explanations without creating a duplicate question bank on this article.
Open the free ICWIM mockSources and editorial method
Exam structure and chapter labels were checked against the Official CISI ICWIM syllabus. Candidates should also review the CISI Candidate Update before sitting the exam because workbook amendments and testing windows can change.
Our editorial team begins with the current syllabus and official candidate information, then separates verified exam facts from ExamsPrep UK study guidance. We use original examples rather than recalled or copied examination questions. Before an article is published, its key facts, internal links, visible FAQs and structured data are checked together so search summaries do not contradict the page. We also check that every recommended action is specific enough for a candidate to use in a real study session. When an official source changes, we update the affected fact without rewriting unrelated advice or changing a stable URL unnecessarily. Readers can use the source links above to verify the current position for their own booking and syllabus version.
Last fact-check: 4 August 2026. UK exam fees, test-centre or remote-delivery availability and booking policies can change; the live MyCISI flow is the final source of truth.
Frequently asked questions
Are these ICWIM questions free?
Yes. The five questions and explanations on this page are free, and the linked course demo provides a larger timed sample in the shared ExamsPrep UK engine.
Are these official CISI questions?
No. They are original syllabus-aligned practice questions. CISI does not endorse or provide these questions, and they should be used alongside the current official material.
How many questions are in the real ICWIM exam?
The real exam has 100 multiple-choice questions in 120 minutes, with a 70% pass mark.
How many practice questions should I complete?
There is no magic count. Continue until unseen full-mock scores are consistently 80% or higher and no chapter remains below 70%.