ICWIM study plan

Classify the main asset classes (cash, fixed income, equities, property, alternatives) by return source, risk level and liquidity.

Describe the structure of primary and secondary markets, including exchanges, multilateral trading facilities and over-the-counter dealing.

Explain order types, execution, clearing and settlement mechanics for a typical retail trade.

Summarise how indices and benchmarks are constructed and used to measure market performance.

Distinguish money market instruments from capital market instruments by issuer, tenor and purpose.

Explain the inverse price-yield relationship for bonds and describe duration as a measure of price sensitivity.

Outline the structure of the foreign exchange and derivatives markets, including forwards, futures, options and swaps, and state the hedging use of each.

Identify the principal financial regulators and standard-setting bodies and state the objectives of each.

Explain the four objectives of financial regulation: market integrity, client protection, financial stability and competition.

Outline the authorisation, individual approval and ongoing supervision process for firms and staff.

Describe the core conduct requirements covering best execution, client money handling, complaints handling and financial promotions.

Distinguish open-ended funds, closed-ended investment companies and exchange-traded funds by structure, dealing and pricing.

Compare unit trusts, open-ended investment companies, investment trusts and exchange-traded funds on pricing, gearing and liquidity.

Explain the purpose of the fund prospectus and investor key information document, and the roles of the depositary and the authorised corporate director.

Calculate net asset value per share and explain the difference between bid and offer pricing and any dilution levy.

Explain diversification and show how correlation between holdings affects total portfolio risk.

Explain diversification, correlation and the efficient frontier, and separate systematic from non-systematic risk.

Distinguish strategic from tactical asset allocation and describe common rebalancing triggers.

Compare risk and performance measures including standard deviation, beta, Sharpe ratio and maximum drawdown.

Explain how an investment policy statement links a client's objectives and constraints to an asset allocation.

Calculate and interpret price-to-earnings, dividend yield, price-to-book and enterprise value multiples for comparative valuation.

Apply a discounted cash flow model and a dividend discount model to a simple company example and state when each is appropriate.

Explain core ethical standards: integrity, confidentiality, managing conflicts of interest and fair dealing with clients.

Identify market abuse behaviours such as insider dealing and market manipulation, and state the correct response when encountered.

Conduct a structured fact find covering risk tolerance, capacity for loss, time horizon, objectives and constraints.

Match two contrasting client profiles to suitable solutions and document the suitability rationale.

Explain at a principles level how the main tax wrappers and allowances affect an investor's returns.

Describe how tax treatment influences asset location decisions within a client portfolio.

Complete two full-length timed mock examinations under exam conditions and review every incorrect answer.

Re-teach the ten weakest topics identified in the running error log.

Recite from memory the key formulas, regulatory bodies and conduct rules covered across all eight domains.