Free Practice Questions for Wakil Manajer Investasi (WMI)

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Key Facts: Wakil Manajer Investasi (WMI) Exam

SKKNI competency units in the WMI Jenjang 5 package

TICMI WMI training outline (SKKNI No. 20 Tahun 2024)

Rp2,500,000

LSPPMI WMI certification fee, excluding VAT

LSPPMI Biaya Sertifikasi

3 years

OJK WMI licence validity before extension

POJK No. 31/POJK.04/2018

10%

Maximum share of a mutual fund's NAV in securities of one issuer, with exemptions such as government securities

OJK mutual fund rules as stated in 2026 prospectuses

WMI is Indonesia's investment manager representative licence (Jenjang Kualifikasi 5). Certification is a competency assessment by a BNSP-licensed LSP against 10 SKKNI units, with a Kompeten / Belum Kompeten decision; no item count, time limit or numeric pass mark is published. LSPPMI lists the fee at Rp2,500,000 excluding VAT, and the OJK licence is valid for three years. These 100 free questions are an independent English-language MCQ study adaptation, not an official translation or simulation of the assessment.

Sample Wakil Manajer Investasi (WMI) Practice Questions

Try these sample questions to review concepts for the Wakil Manajer Investasi (WMI) exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which type of risk can a portfolio manager largely eliminate by holding a well-diversified portfolio?

A.Company-specific (unsystematic) risk

B.Market (systematic) risk

C.Interest rate risk that affects all bonds

D.Inflation risk that affects the whole economy

Explanation: Company-specific risk comes from events that affect individual issuers, so it tends to cancel out across many holdings. Systematic risk, such as broad market, interest rate or inflation shocks, affects most securities together and cannot be diversified away.

2A portfolio holds equal weights in assets X and Y. Asset X has a standard deviation of 20%, asset Y 10%, and the correlation between them is 0.2. What is the portfolio's standard deviation?

A.15.00%

B.13.96%

C.11.18%

D.12.04%

Explanation: Variance = (0.5² × 0.20²) + (0.5² × 0.10²) + (2 × 0.5 × 0.5 × 0.20 × 0.10 × 0.2) = 0.0100 + 0.0025 + 0.0020 = 0.0145, so the standard deviation is √0.0145 = 12.04%. Because the correlation is below 1, risk is lower than the 15% weighted average.

3The covariance between a stock's returns and the IHSG's returns is 0.048, and the variance of the IHSG's returns is 0.032. What is the stock's beta?

A.1.50

B.0.67

C.0.27

D.0.05

Explanation: Beta = covariance with the market ÷ market variance = 0.048 ÷ 0.032 = 1.50. The stock tends to move 1.5 times as much as the market in response to market-wide changes.

4How does the security market line (SML) differ from the capital market line (CML)?

A.The SML uses standard deviation and applies only to efficient portfolios, while the CML uses beta for all assets

B.The SML applies only to bonds and the CML only to shares

C.The SML relates expected return to beta for any asset or portfolio, while the CML relates expected return to standard deviation for efficient portfolios

D.They are two names for the same line

Explanation: The SML is the CAPM relationship between expected return and systematic risk (beta), and it applies to individual assets and all portfolios. The CML plots expected return against total risk (standard deviation) and applies only to efficient portfolios that combine the risk-free asset with the market portfolio.

5A company has just paid a dividend of Rp100 per share. Dividends are expected to grow 20% a year for the next two years and then 6% a year forever. The required return is 14%. What is the share's intrinsic value using a two-stage dividend discount model?

A.Rp1,504

B.Rp1,684

C.Rp1,573

D.Rp1,908

Explanation: D1 = Rp120 and D2 = Rp144. D3 = Rp144 × 1.06 = Rp152.64, so the value at the end of year 2 is Rp152.64 ÷ (0.14 − 0.06) = Rp1,908. Present value = Rp120 ÷ 1.14 + (Rp144 + Rp1,908) ÷ 1.14² = Rp105.26 + Rp1,578.95 ≈ Rp1,684.

6A bond is quoted at a yield of 7.00% a year on a semi-annual basis, meaning 3.50% per half-year. What is its effective annual yield?

A.7.12%

B.7.00%

C.3.50%

D.6.88%

Explanation: Effective annual yield = (1 + 3.50%)² − 1 = 1.071225 − 1 ≈ 7.12%. Compounding the half-yearly yield makes the effective annual yield slightly higher than the quoted 7.00%.

7Under the liquidity preference theory of the term structure, what does a flat yield curve suggest about expected future short-term interest rates?

A.They are expected to rise sharply

B.They are expected to stay exactly the same

C.The theory cannot interpret a flat curve

D.They are expected to fall slightly, because long-term yields include a liquidity premium

Explanation: Liquidity preference theory says long-term yields include a premium for bearing more interest rate risk. If the curve is flat despite that premium, expected future short-term rates must be slightly lower than current rates.

8A corporate bond holding has a spread duration of 4.5. If the issuer is downgraded and its credit spread widens by 80 basis points, what is the approximate change in the bond's price?

A.+3.6%

B.−3.6%

C.−0.8%

D.−4.5%

Explanation: Approximate price change = −spread duration × change in spread = −4.5 × 0.80% = −3.6%. Wider credit spreads lower the prices of existing bonds.

9An investment manager expects the economy to move from recession into early recovery. Which sector allocation shift is most consistent with typical sector rotation?

A.Moving out of cyclical sectors into utilities and consumer staples

B.Holding only cash until the recovery is confirmed

C.Increasing cyclical sectors, such as consumer discretionary and industrials, which tend to benefit early in a recovery

D.Selling all equities in favour of long-term government bonds

Explanation: Cyclical sectors are sensitive to economic activity, so their earnings and share prices often recover strongly as the economy leaves recession. Defensive sectors tend to lag at that stage.

10A share trades at a P/E of 24 times, and its earnings are expected to grow 16% a year over the next few years. What is its PEG ratio, and how is it usually read?

A.0.67; the share looks cheap relative to its growth

B.3.84; the company is likely to default

C.1.00; the share is fairly valued

D.1.50; the share trades at a premium relative to its expected growth

Explanation: PEG = P/E ÷ expected growth rate in percentage points = 24 ÷ 16 = 1.50. A PEG above 1 is usually read as a premium valuation relative to growth, and below 1 as relatively cheap.

About the Wakil Manajer Investasi (WMI) Exam

Wakil Manajer Investasi (WMI) is the individual OJK licence for people who manage portfolios on behalf of an investment manager. Its Jenjang Kualifikasi 5 SKKNI package covers investment analysis, sharia portfolio management, strategy, working papers, performance monitoring, transactions and settlement, advisory services and information systems. Candidates earn the competency certificate from a BNSP-licensed capital market LSP and then apply to OJK under POJK No. 31/POJK.04/2018. This free bank is an independent English-language MCQ study adaptation, not an official translation or simulation of the assessment.

Exam sponsor: BNSP-licensed capital market LSPs (for example LSPPMI and LSP IKEPAMI); individual licence issued by OJK. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Competency assessment against the 10 SKKNI units in the Jenjang Kualifikasi 5 Pengelolaan Investasi package: analysing investment opportunities and risks; analysing them under sharia principles; developing investment management strategy; preparing portfolio working papers; monitoring portfolio performance; transacting portfolio assets; managing portfolios under sharia principles; settling securities transactions in investment management; providing investment advisory services to clients; and managing information systems.

Time Limit

Not published

Passing Score

Kompeten / Belum Kompeten decision; no numeric pass mark published

Exam / Certification Fees

LSPPMI: Rp2,500,000 excluding VAT; fees vary by certification body

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

LSPPMI — Skema Sertifikasi Jenjang Kualifikasi 5 Bidang Pasar Modal Subbidang Pengelolaan Investasi · Source checked 2026-09-13
LSPPMI — Biaya Sertifikasi · Source checked 2026-09-13
OJK — POJK No. 31/POJK.04/2018 on licensing of investment manager representatives · Source checked 2026-09-13
TICMI — WMI Jenjang Kualifikasi 5 training outline (competency units and entry requirements) · Source checked 2026-09-13

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

20 of 100 questions

Investment Opportunity and Risk Analysis

Diversification, portfolio risk, beta, DDM valuation, yields and term structure, credit risk, sector rotation, multiples, market efficiency, VaR, stress tests, currency and liquidity risk.

12 of 100 questions

Sharia Investment Analysis and Portfolio Management

Daftar Efek Syariah, portfolio adjustment, purification, sharia money market instruments, indices, sharia supervision, prohibited elements and transactions, sukuk risk and sector exposure.

14 of 100 questions

Investment Management Strategy

IPS, strategic and tactical allocation, passive and core-satellite, required return, rebalancing, immunisation, curve strategies, styles, factors, liquidity and single-issuer limits.

12 of 100 questions

Portfolio Working Papers

NAV per unit, drift, trade sizing, fee accruals, duration, cash planning, fair value rules, unit reconciliation and negotiated trade conditions.

14 of 100 questions

Portfolio Performance Monitoring

Sharpe, Treynor, alpha, information and Sortino ratios, tracking error, time- and money-weighted returns, attribution, drawdown, expense ratios, benchmarks and capture ratios.

14 of 100 questions

Portfolio Transactions and Settlement

Best execution, allocation, custodian and KSEI settlement, cross trades, prohibited and affiliated transactions, repos, custodian oversight, costs, S-INVEST, pre-trade checks and daily NAV.

8 of 100 questions

Investment Advisory Services

Client profiling, discretionary contracts, conflict disclosure, return guarantees, suitability, goal planning, risk communication and records.

6 of 100 questions

Information Systems Management

Access control, continuity objectives, maker-checker controls, backups, phishing and change management.

Preparing for the Wakil Manajer Investasi (WMI) Exam

What You Need to Know

Passing score: Kompeten / Belum Kompeten decision; no numeric pass mark published
Assessment: Competency assessment against the 10 SKKNI units in the Jenjang Kualifikasi 5 Pengelolaan Investasi package: analysing investment opportunities and risks; analysing them under sharia principles; developing investment management strategy; preparing portfolio working papers; monitoring portfolio performance; transacting portfolio assets; managing portfolios under sharia principles; settling securities transactions in investment management; providing investment advisory services to clients; and managing information systems.
Time limit: Not published
Exam / certification fees: LSPPMI: Rp2,500,000 excluding VAT; fees vary by certification body Official sources

Using Our Practice Resources

Work through all 100 available questions
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Wakil Manajer Investasi (WMI): Suggested Study Strategy

1Practise the core calculations until they are quick: portfolio risk and beta, dividend discount values, VaR, NAV per unit, fee accruals and the Sharpe, Treynor, information and Sortino ratios.

2Learn the mutual fund restrictions stated in current prospectuses, including the 10% single-issuer and 20% affiliated-party limits, the ban on short sales, margin and repos, and the conditions for negotiated trades.

3Understand sharia portfolio management: selecting from the Daftar Efek Syariah, adjusting holdings after updates, purifying non-halal income and choosing sharia benchmarks.

4Review the operational side of the role, from best execution and trade allocation to custodian settlement, pre-trade compliance, client advice records and system controls.

Frequently Asked Questions

What is WMI and who needs it?

Wakil Manajer Investasi (WMI) is the individual OJK licence for people who act for an investment manager in managing portfolios. POJK No. 31/POJK.04/2018 governs the licence, and holders must also join an association of investment manager representatives recognised by OJK.

How is the WMI certification assessed?

A BNSP-licensed capital market LSP assesses candidates against the 10 SKKNI competency units in the Jenjang Kualifikasi 5 Pengelolaan Investasi scheme and decides Kompeten or Belum Kompeten. No official item count, time limit or numeric pass mark is published.

What are the entry requirements?

Under SKKNI No. 20 Tahun 2024, candidates need a Jenjang 5 WMI training certificate plus either senior high school education with 3 years in financial services or a D3 diploma. Other routes are 2 years as a manager in financial services, or an eligible Jenjang 5 capital market certificate as set out in the scheme.

How much does WMI certification cost?

LSPPMI lists Rp2,500,000 excluding VAT for the WMI scheme. Other LSPs set their own fees, and training packages are priced separately.

How long is the licence valid?

Under POJK No. 31/POJK.04/2018, a WMI licence is valid for 3 years, ending on the holder's date and month of birth, and it can be extended.

Are these official WMI exam questions?

No. This is independent practice by OpenExamPrep in English-language multiple-choice form. It is not an official translation, it does not simulate the LSP's competency assessment, and it is not affiliated with or endorsed by OJK, BNSP, any LSP, TICMI or the Indonesia Stock Exchange.