100+ Free Dipl. Treuhandexperte TREX HFP Practice Questions

Prepare for the Diplomierte/r Treuhandexpertin / Treuhandexperte mit eidgenössischem Diplom (TREX) exam with instant access — no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately

100+ Questions

100% Free

Loading practice questions...

Same family resources

Explore More Swiss Federal Higher Diplomas in Finance and Taxation (Höhere Fachprüfung)

Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.

2026 Statistics

Key Facts: Dipl. Treuhandexperte TREX HFP Exam

NQF 8

Swiss Qualification Level

SBFI National Qualifications Framework

Grade 4.0

Minimum Passing Grade

Trägerorganisation Treuhandexperten (Scale 1-6)

CHF 2,500

Federal Exam Fee

Prüfungsordnung Treuhandexperten

50%

Federal Tuition Subsidy

SBFI Bundesbeiträge (Up to CHF 10,500)

645 min

Total Examination Time (Written & Oral)

Prüfungsordnung Treuhandexperten

100

Practice Questions

OpenExamPrep

The Swiss Federal Advanced Diploma for Fiduciary Experts (Dipl. Treuhandexperte TREX HFP) is an NQF Level 8 credential for senior SME fiduciary advisors. Overseen by EXPERTsuisse and TREUHAND|SUISSE under SBFI supervision, it tests fiduciary advisory and succession, taxation and restructuring, financial reporting and corporate finance, audit under SER 2022, and corporate, inheritance, and AML law.

Sample Dipl. Treuhandexperte TREX HFP Practice Questions

Try these sample questions to test your Dipl. Treuhandexperte TREX HFP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In Swiss SME business valuation for fiduciary succession planning, the 'Swiss Practitioners' Method' (Schweizer Praktikermethode) weights Capitalized Earnings Value (Ertragswert / EW) and Net Asset / Substance Value (Substanzwert / SW) in a 2:1 ratio. What is the fundamental rationale for incorporating Substance Value alongside Capitalized Earnings?

A.Substance Value reflects the replacement capital required to replicate the operating asset base and provides a tangible valuation floor/anchor against volatile or unrepresentative profit fluctuations in private owner-managed enterprises

B.Substance Value is required because Swiss tax law prohibits using discounted cash flows under all circumstances

C.Substance Value guarantees that the company will never go bankrupt

D.Substance Value reflects only the market price of company vehicles

Explanation: In familiar Swiss wealth-tax and SME valuation practice, the practitioners' method combines substance value with capitalized earnings value. Substance value provides an asset-based reference alongside earnings; the method is administrative valuation guidance rather than a universally binding statutory transaction-price formula.

2A Swiss fiduciary expert values an unlisted manufacturing SME. Sustainable EBIT is CHF 800,000, effective tax rate is 15.0%, Capitalization Rate is 9.0%, and Operating Net Substance Value (betrieblicher Substanzwert) is CHF 4,200,000. Non-operating surplus real estate is valued at CHF 1,500,000. What is the total Enterprise Value under the Swiss Practitioners' Method?

A.CHF 7,937,037

B.CHF 6,437,037 (omitting non-operating real estate)

C.CHF 9,055,556

D.CHF 5,700,000

Explanation: Step 1: Sustainable Net Profit after Tax = CHF 800,000 × (1 - 0.15) = CHF 680,000. Step 2: Capitalized Earnings Value (Ertragswert) = CHF 680,000 / 0.09 = CHF 7,555,556. Step 3: Operating Enterprise Value = (2 × CHF 7,555,556 + CHF 4,200,000) / 3 = CHF 6,437,037. Step 4: Add non-operating real estate (nicht betriebsnotwendiges Vermögen) = CHF 6,437,037 + CHF 1,500,000 = CHF 7,937,037 (CHF 7.93M).

3In Swiss M&A negotiations, what is the 'Locked Box' pricing mechanism vs. 'Completion Accounts' (Closing Accounts) in a Share Purchase Agreement (SPA)?

A.In a Locked Box mechanism, the purchase price is fixed based on historical audited balance sheets at a past reference date, with value leakage (Value Leakage) strictly prohibited thereafter; In Completion Accounts, the preliminary price is adjusted post-closing based on actual net working capital and net debt at the closing date

B.Locked Box requires physical locks on corporate safe boxes

C.Completion Accounts are used only when a company is bankrupt

D.Locked Box prices can be renegotiated every week until retirement

Explanation: In M&A SPA practice: 1) Locked Box sets a fixed equity purchase price derived from an agreed historical balance sheet date ('locked box date'). The seller covenants that no value leakage (dividends, management fees) occurs before closing; 2) Completion Accounts dynamically adjust the final purchase price post-closing based on closing cash, net debt, and working capital peg variances.

4A Swiss fiduciary expert structures an SME succession through a Management Buy-Out (MBO). The enterprise is valued at CHF 10,000,000. Senior managers can raise CHF 1,500,000 in equity. A commercial bank provides a senior loan of CHF 5,000,000. How can the remaining financing gap of CHF 3,500,000 be structured commonly in Swiss fiduciary practice?

A.Via a subordinated Vendor Loan (Verkäuferdarlehen) granted by the exiting founder and/or Mezzanine financing (Nachrangdarlehen / Partiarisches Darlehen) with profit participation

B.By printing unofficial currency notes

C.By forcing all employees to forfeit their monthly salaries for 5 years

D.By requesting a non-repayable gift from the cantonal debt collection office

Explanation: In Swiss MBO transactions, financing gaps between bank debt capacity (50-60% senior debt) and buyer equity (10-20%) are bridged by Vendor Loans (Verkäuferdarlehen) provided by the seller, often structured as subordinated debt (Nachrangdarlehen) with a multi-year repayment schedule and interest coupon, sometimes combined with mezzanine capital.

5Under Swiss Corporate Restructuring Law (Art. 61 DBG and Swiss Merger Act FusG), what is the 'Tax-Neutral Carve-Out / Hive-Down' (Ausgliederung) of a commercial property division?

A.Transfer of a real estate division that qualifies as an active operating business (Betriebsteil, e.g. active real estate management with dedicated personnel and external market tenants) to a separate subsidiary at tax book values, preserving Swiss tax liability (Art. 61 Para. 1 lit. b DBG)

B.Transferring private residential villas tax-free into a shell company

C.A complete waiver of all cantonal property taxes forever

D.Selling real estate to foreign entities with zero documentation

Explanation: Under Art. 61 Para. 1 lit. b DBG and ESTV KS 5, carving out real estate into a subsidiary is tax-neutral only if the real estate portfolio constitutes an active commercial business unit (Betrieb / Teilbetrieb: significant asset volume, dedicated administrative staff, independent third-party market rentals). Transfer of purely static passive real estate fails the test and triggers tax realization.

6Under Arts. 725–725b OR, which sequence correctly pairs the main financial-distress conditions with the board's duties?

A.Imminent insolvency: monitor solvency and act with dispatch; capital loss: take remedial measures and obtain a limited audit if no auditor is elected unless sufficient subordination applies; overindebtedness: prepare and audit interim accounts and notify the court unless a statutory exception applies

B.Stage 1: Tax audit; Stage 2: Bank loan rejection; Stage 3: Immediate police closure

C.Stage 1: Loss of 5% revenue; Stage 2: Loss of 10% revenue; Stage 3: Loss of 20% revenue

D.Distress stages are determined exclusively by the Swiss National Bank

Explanation: Art. 725 OR addresses threatened insolvency and requires prompt solvency measures. Art. 725a addresses capital loss and adds a limited-audit requirement where no auditor is elected, subject to the subordination exception; Art. 725b requires interim accounts and generally court notification for confirmed overindebtedness, subject to its statutory exceptions.

7Under Art. 725a revOR, how is a 'Capital Loss' (Kapitalverlust / Halber Kapitalverlust) mathematically determined?

A.When the latest annual financial statements show that Net Equity (Eigenkapital) is less than 50% of the sum of the Nominal Share Capital (Aktienkapital) plus the Statutory Capital and Profit Reserves not repayable to shareholders

B.When the company's cash bank balance falls below CHF 50,000

C.When operating sales drop by 50% compared to the prior year

D.When current liabilities exceed current assets by CHF 1,000

Explanation: Under Art. 725a Para. 1 revOR, a Capital Loss occurs when Net Equity < 50% × [Nominal Share Capital + Statutory Capital Reserve + Statutory Profit Reserve]. If this threshold is breached, the board must take immediate remedial restructuring actions without delay.

8In Swiss SME succession planning, what is the 'St. Gallen Succession Model' (St. Galler Nachfolgemodell) and its five linked phases?

A.1) Sensitization and Initiation (Sensibilisierung / Standortbestimmung); 2) Option Evaluation (Familienintern vs. MBO vs. MBI vs. Dritterwerb); 3) Structuring and Valuation (Unternehmensbewertung, Recht & Steuern); 4) Transaction Execution (Vertragsverhandlung, Finanzierung, Signing/Closing); 5) Integration and Post-Succession Steering (Übergabe, Coaching, Loslassen)

B.1) Incorporation; 2) Operation; 3) Profit extraction; 4) Bankruptcy; 5) Liquidation

C.1) Audit; 2) Tax filing; 3) Dividend payment; 4) Balance sheet restatement; 5) Archive

D.1) Marriage; 2) Birth of child; 3) Divorce; 4) Will writing; 5) Estate division

Explanation: The St. Gallen Succession Model provides a structured 5-phase fiduciary framework for family SME successions: Phase 1 (Initiation & personal alignment), Phase 2 (Evaluation of succession avenues / FBO vs MBO vs Trade Sale), Phase 3 (Valuation, tax optimization, and legal restructuring), Phase 4 (Contractual closing and financing), and Phase 5 (Operational handover and entrepreneurial detachment).

9Under the revised Swiss Inheritance Law (revidiertes Erbrecht effective 2023, Art. 470-471 ZGB), what are the legal possibilities for an SME entrepreneur who wishes to pass the family enterprise exclusively to one successor child without violating the forced shares (Pflichtteile) of other non-participating heirs?

A.Because the descendants' forced share was reduced to 1/2 of their statutory share, the entrepreneur enjoys an expanded Freely Disposable Quota (verfügbare Quote of 1/2); further, the entrepreneur can execute an Inheritance Contract / Renunciation Agreement (Erbvertrag / Pflichtteilsverzicht nach Art. 495 ZGB) with all heirs with or without compensation

B.The entrepreneur can simply write a handwritten will disinheriting other children with zero compensation

C.Forced shares can be completely ignored under Swiss commercial law

D.Entrepreneurs are prohibited from transferring shares to children

Explanation: Under the 2023 revised inheritance law: 1) The descendants' forced share is reduced to 50% (expanding the disposable quota to 50%); 2) To ensure total legal certainty and prevent post-death clawback claims (Herabsetzungsklage Art. 522 ZGB), the entrepreneur can conclude a notarized Inheritance Contract (Erbvertrag / Erbverzichtsvertrag Art. 495 ZGB) where non-participating heirs formally waive inheritance claims on the operating shares in exchange for cash or real estate.

10Under Swiss Matrimonial Property Law (Art. 196ff ZGB), what is an 'Action for Division / Liquidation of the Matrimonial Property Regime' (Güterrechtliche Auseinandersetzung bei Errungenschaftsbeteiligung) and how does it affect SME share ownership upon divorce?

A.Shares in an SME acquired during marriage using marital savings constitute Acquired Property (Errungenschaft); upon divorce, the net surplus value of the shares must be divided 50/50 in cash (monetary participation claim / Beteiligungsanspruch), which can create massive cash drain for the operating entrepreneur if not shielded by a prenuptial agreement (Ehevertrag)

B.The ex-spouse automatically receives 50% of the voting shares and becomes co-CEO

C.The company is immediately dissolved by the family court

D.Matrimonial property law does not apply to corporate shares

Explanation: Under Art. 215 ZGB (Errungenschaftsbeteiligung): Shares founded or acquired during marriage using marital income constitute Errungenschaft. Upon divorce, the other spouse is entitled to 50% of the net monetary value of that acquisition (monetary debt claim, not physical share transfer). Without an Ehevertrag assigning business assets to separate property (Eigengut / Art. 199 ZGB), this creates severe liquidity strain.

About the Dipl. Treuhandexperte TREX HFP Exam

The Diplomierte/r Treuhandexpertin / Treuhandexperte mit eidgenössischem Diplom (Swiss Federal Advanced Diploma of Higher VET for Fiduciary Experts / TREX) is an advanced credential for managing partners of fiduciary companies and senior SME business advisors. Governed by the Prüfungsordnung and Wegleitung issued by EXPERTsuisse and TREUHAND|SUISSE under SBFI supervision and positioned at Level 7 of the Swiss National Qualifications Framework, it covers strategic fiduciary and corporate consulting, advanced taxation, financial accounting and corporate finance, audit and assurance under SER 2022, and business law. The diploma can satisfy an educational criterion relevant to FAOA/RAB licensing, but licensing remains a separate regulatory process with practice and other requirements. Note on format and language: the official federal examination is conducted in German, French, and Italian and consists of extensive written case work and an oral examination rather than multiple-choice questions. This question bank is an English-language multiple-choice study adaptation created by OpenExamPrep—not an official translation and not a simulation of the exam format—that preserves authentic Swiss fiduciary, tax, and legal terminology.

Assessment

Three cross-module parts under the 2012 examination order: Fallstudie (480 min written, triple weight), Revision (120 min written, single weight), and Treuhand und Wirtschaftsberatung (45 min oral, single weight).

Time Limit

645 minutes of total examination time (600 min written plus 45 min oral)

Passing Score

Overall grade of at least 4.0 (scale 1.0 to 6.0), where 4.0 is the pass mark under the Prüfungsordnung

Exam Fee

CHF 2,500 for the 2026 examination plus CHF 100 for diploma issuance/file inspection (Trägerorganisation für die höhere Fachprüfung für Treuhandexperten (EXPERTsuisse and TREUHAND|SUISSE), under SBFI supervision)

Dipl. Treuhandexperte TREX HFP Exam Content Outline

30%

Fiduciary Consulting, M&A & SME Succession Planning

Strategic SME corporate consulting, business succession (Unternehmensnachfolge), M&A transaction advisory, business valuation (DCF, EBIT multiples, Praktikermethode), shareholder agreements, restructuring, corporate rescue, and liquidations.

25%

Advanced Corporate & Individual Tax Advisory

Comprehensive direct taxes (DBG/StHG), corporate profit/capital tax optimization, participation relief, tax-neutral reorganizations (Art. 61 DBG / FusG), real estate capital gains tax, Swiss VAT (MWSTG), Withholding Tax (VStG), and estate tax planning.

20%

Financial Reporting & Corporate Finance (Swiss GAAP FER)

Swiss Code of Obligations accounting law (OR Art. 957-963b), Swiss GAAP FER for SMEs and group consolidation (FER 30), financial statement analysis, working capital optimization, capital structure, and liquidity planning.

15%

Statutory Audit, Assurance (SER) & Special Audits

Swiss Standard on Limited Statutory Examination (SER 2022), audit methodology, risk assessment, analytical procedures, audit reporting, special statutory audits (capital increase, capital reduction, formation, liquidation), and FAOA / RAB audit compliance.

10%

Company Law, Matrimonial/Inheritance Law & Compliance

Swiss company law (Aktienrecht, GmbH), matrimonial property law (Güterrecht), inheritance law (Erbrecht, testaments, execution of wills), employment contracts, occupational pensions (BVG), and Anti-Money Laundering (GwG) compliance for fiduciaries.

How to Pass the Dipl. Treuhandexperte TREX HFP Exam

What You Need to Know

Passing score: Overall grade of at least 4.0 (scale 1.0 to 6.0), where 4.0 is the pass mark under the Prüfungsordnung
Assessment: Three cross-module parts under the 2012 examination order: Fallstudie (480 min written, triple weight), Revision (120 min written, single weight), and Treuhand und Wirtschaftsberatung (45 min oral, single weight).
Time limit: 645 minutes of total examination time (600 min written plus 45 min oral)
Exam fee: CHF 2,500 for the 2026 examination plus CHF 100 for diploma issuance/file inspection

Keys to Passing

Work through all 100 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

Dipl. Treuhandexperte TREX HFP Study Tips from Top Performers

1Master SME Valuation & Succession Structuring: Learn how to adjust statutory accounts for owner compensation and hidden reserves, calculate Enterprise Value using DCF and Swiss Practitioners' Method (Praktikermethode), and structure management buyouts (MBO/MBI) and family successions.

2Execute Complex Tax-Neutral Restructurings: Master the requirements under Art. 61 DBG and the Merger Act (FusG) for corporate spin-offs (Spaltung with a 5-year operating blocking period), transformations (Umwandlung), and asset transfers (Vermögensübertragung).

3Apply Swiss GAAP FER 30 Group Consolidation: Understand full consolidation procedures, acquisition accounting (Purchase Price Allocation), goodwill treatment, elimination of intercompany receivables/payables, and elimination of unrealized intercompany margins in inventory.

4Conduct Limited Statutory Audits (SER 2022): Know how to design analytical reviews, evaluate internal control weaknesses, formulate report qualifications (Einschränkungen) for inventory omissions or going-concern risks, and handle statutory capital loss notifications under Art. 725a/b OR.

5Integrate Swiss Matrimonial and Inheritance Law (ZGB): Understand the statutory matrimonial property regimes (Errungenschaftsbeteiligung, Gütertrennung), calculation of the estate (Nachlass), statutory forced heirship shares (Pflichtteile following the 2023 inheritance reform), and execution of wills (Willensvollstreckung).

Frequently Asked Questions

What is the Dipl. Treuhandexperte mit eidg. Diplom (TREX)?

The Diplomierte/r Treuhandexpertin / Treuhandexperte (TREX) is a Swiss federal advanced professional qualification in fiduciary consulting, classified at Level 7 of the Swiss National Qualifications Framework. It prepares professionals to lead fiduciary firms and advise entrepreneurs on complex corporate transactions; regulated audit work additionally requires the applicable FAOA/RAB licence.

Does the TREX diploma qualify holders as a Swiss Audit Expert (Revisionsexperte)?

The diploma can satisfy the formal educational criterion for an FAOA/RAB Audit Expert application. It does not itself grant a licence: the applicant must separately satisfy the statutory practice, integrity, and other registration requirements before conducting regulated audit engagements.

What are the admission requirements for the TREX Federal Examination?

Candidates need a recognized tertiary qualification, at least three years of qualified fiduciary practice, the six required module completions or accepted equivalents, and an integrity-compatible criminal-record status. The official order governs which qualifications and practice count.

How is the Federal Examination structured and evaluated?

The examination has a 480-minute written case study (triple weight), a 120-minute written revision paper, and a 45-minute oral fiduciary and business-advisory examination. The weighted overall pass mark is 4.0.

Are preparatory courses subsidized by the Swiss Federal Government?

Yes. Under the SBFI federal subsidy program for higher vocational education (Bundesbeiträge für eidgenössische Prüfungen), the Swiss Confederation reimburses 50% of eligible tuition expenses (up to CHF 10,500 for Höhere Fachprüfungen / HFP) directly to candidates after completing the official examination.

Why are practice questions provided in English on OpenExamPrep?

Cross-border wealth management, international SME succession, private equity transactions, and M&A advisory in Switzerland operate frequently in English. This practice bank adapts Swiss statutory provisions (OR, DBG, StHG, FusG, SER) into comprehensive English-language practice questions to facilitate rigorous study.