Free Practice Questions for Taiwan Investment Trust & Consulting Specialist Examination

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Key Facts: Taiwan Investment Trust & Consulting Specialist Examination Exam

150

Official exam questions for standard 3-subject sitting (50 per paper)

SFI

210 / 300

Minimum aggregate passing score (min 50 per paper)

SFI

NTD 730 / 1,130

Full three-paper examination fee (Paper / CBT)

SFI

210 min

Total testing time across three papers

SFI

The standard examination has three equally scored 50-question professional papers in 210 testing minutes. Passing requires 210/300 with each paper at least 50; common-subject, training, registration, experience, and role-specific requirements remain separate.

Sample Taiwan Investment Trust & Consulting Specialist Examination Practice Questions

Try these sample questions to review concepts for the Taiwan Investment Trust & Consulting Specialist Examination exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 45+ question experience with AI tutoring.

1Under the Standards Governing the Establishment of Securities Investment Trust Enterprises, what is the minimum paid-in capital for a SITE (證券投資信託事業)?

A.NT$300 million

B.NT$200 million

C.NT$100 million

D.NT$20 million

Explanation: Article 7 of the SITE establishment standards specifies a company limited by shares with paid-in capital of at least NT$300 million. This is a capital requirement, distinct from operating bonds and client assets under management.

2What minimum paid-in capital does Article 5 of the SICE establishment standards specify for an ordinary securities investment consulting enterprise that is not applying for discretionary management business?

A.NT$50 million

B.NT$20 million

C.NT$300 million

D.NT$10 million

Explanation: The ordinary SICE establishment minimum is NT$20 million. Additional lines of regulated business have separate conditions, so this figure should not be used as a complete statement of discretionary-management eligibility.

3A SITE or its fund custodian becomes insolvent. How does Article 21 of the Securities Investment Trust and Consulting Act treat the fund's assets relative to the institution's own creditors?

A.The assets enter the SITE's general insolvency estate because it manages them

B.The custodian's ordinary creditors take priority over unitholders

C.Fund assets remain independent from both institutions' own property and are protected from their own creditors' claims

D.Separation protects the assets from the SITE's creditors but not the custodian's creditors

Explanation: Article 21 requires fund property to remain independent of the SITE's and custodian's own property. It also requires separate custody accounting for each fund, protecting the property from claims based on those institutions' own debts.

4An ordinary public equity fund has NAV NT$100 million and no applicable concentration exemption. It holds NT$8 million of listed Company A's shares and proposes buying NT$4 million of A's corporate bonds. Under the general single-issuer rule in Fund Regulations Article 10, which conclusion is correct?

A.Permitted because shares and bonds have separate 10% NAV limits

B.Permitted because the bond purchase alone is below 10%

C.Prohibited only if the fund owns more than 10% of A's voting shares

D.The combined NT$12 million would exceed the general 10% NAV single-issuer limit

Explanation: Article 10 combines the specified shares and corporate or financial bonds of a single listed or OTC-listed company for the general 10% NAV limit. The proposed NT$12 million is 12% of NAV, so it exceeds that limit on the stated facts.

5Funds under one SITE's common management already hold 9 million shares of a listed company with 100 million issued shares. Assuming the general Article 10 aggregate share-ownership ceiling applies without exemption and all other limits are met, how many additional shares can those funds collectively acquire?

A.1 million

B.10 million

C.11 million

D.No additional shares because the ceiling is 5%

Explanation: The general aggregate ceiling is 10% of the investee company's issued shares, or 10 million shares here. Subtracting the existing 9 million leaves 1 million; the denominator is issued shares, not a fund's NAV.

6Under Article 11 of the Securities Investment Trust and Consulting Act, what is the maximum number of subscribers in the category of qualified natural persons, juristic persons, or funds specified in paragraph 1, subparagraph 2 for a private fund placement?

A.35

B.99

C.50

D.200

Explanation: Article 11 caps that specified subscriber category at 99. The separate listed institutional category is not included in this particular numerical cap, and qualification conditions still apply.

7Under Article 11 of the Securities Investment Trust and Consulting Act, when must a SITE report a private placement after payment for its beneficial certificates has been completed?

A.Within 30 days of the first marketing contact

B.Within 10 days of the first subscription

C.Within 5 days from completion of payment

D.Only with the next annual financial report

Explanation: Article 11 requires reporting to the competent authority within five days from completion of payment. That trigger should not be confused with the first marketing or subscription date.

8A redemption meets a domestic fund's disclosed short-term-trading definition and a short-term-trading redemption fee is charged under the applicable rules. Where is that fee credited?

A.To the selling employee as a retention bonus

B.To the SITE's ordinary management-fee revenue

C.To the regulator as an administrative fine

D.To the fund's assets for the benefit of remaining investors

Explanation: SITCA's fund-sales rules direct these short-term-trading redemption fees into fund assets. The charge compensates the fund for the effects of short-term dealing rather than rewarding the salesperson or manager.

9What representative must an offshore fund institution appoint for its fund offering and sales in Taiwan under the Offshore Fund Regulations?

A.A single master agent (總代理人)

B.Only sub-distributors, without a master agent

C.The overseas custodian, without appointing a Taiwan representative

D.A separate master agent for each Taiwan sales outlet

Explanation: The Offshore Fund Regulations require a single master agent to represent the offshore fund institution in offering and sales in Taiwan. Approved sub-distributors may participate in distribution, but do not replace that representative structure.

10A salesperson markets an ordinary equity fund that has no capital or return guarantee. Which statement is misleading and prohibited?

A.The fund's value may fluctuate with equity markets

B.You are guaranteed an 8% annual return and cannot lose principal

C.Past performance does not guarantee future results

D.The prospectus describes investment risks and charges

Explanation: Promising a guarantee that the product does not have misrepresents its investment risk. The Act prohibits deceptive conduct, and fund advertising must not turn uncertain performance into a promised outcome.

About the Taiwan Investment Trust & Consulting Specialist Examination Exam

Independent practice by OpenExamPrep for 投信投顧業務員資格測驗, administered in Traditional Chinese by SFI on behalf of SITCA (中華民國證券投資信託暨顧問商業同業公會). This English-language MCQ study adaptation covers selected fund regulations, securities rules, market operations, valuation, and financial analysis. It is not an official translation or simulation of the Chinese examination environment.

Exam sponsor: Securities and Futures Institute (財團法人中華民國證券暨期貨市場發展基金會 / SFI). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Full route: 投信投顧相關法規（含自律規範）, 50 MCQs/60 minutes; 證券交易相關法規與實務, 50 MCQs/60 minutes; 證券投資與財務分析, 50 MCQs/90 minutes. The two-paper route covers securities regulations and investment/financial analysis. Eligible Senior Securities Specialists take the fund-regulations paper only. Financial Markets and Ethics is separate; the professional papers have no listed oral, practical, assignment, or separate case-study requirement.

Time Limit

Three papers: 210 testing minutes (60/60/90 by subject as listed). Two papers: 150 minutes. One paper: 60 minutes. Breaks are additional.

Passing Score

Three papers: at least 210/300 with each at least 50/100. Two papers: at least 140/200 with each at least 50/100. One-paper and separate regulatory-only paper: at least 70/100.

Exam / Certification Fees

Three- or two-paper route: NTD 730 paper-based or NTD 1,130 CBT. One-paper route: NTD 530 paper-based or NTD 930 CBT.

Exam sponsor website

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

Official sources

SFI official paper and CBT examination handbooks · Source checked 2026-10-22Full and exemption routes, eligibility, 50 questions per paper, subject timings of 60/60/90 minutes, passing standards, and fees. Standard three/two-paper fees are NTD 730/1,130; one-paper fees are NTD 530/930.
SFI current registration categories · Source checked 2026-10-22Distinguishes three-paper, two-paper, Senior Securities Specialist one-paper, and separate regulatory-only 乙科 categories. 2026 three-paper sittings also confirmed through the linked official booking pages.
Securities Investment Trust and Consulting Act (證券投資信託及顧問法) · Source checked 2026-10-22Primary statute governing mutual funds, investment trust enterprises (SITE), investment consulting enterprises (SICE), and discretionary accounts.
Regulations Governing Securities Investment Trust Funds (證券投資信託基金管理辦法) · Source checked 2026-10-22Article 10 concentration and ownership limits and fund governance. Establishment capital checked separately against FSC SITE Article 7 and SICE Article 5 standards. Offshore master-agent rules: https://law.fsc.gov.tw/EngLawContent.aspx?id=2631&lan=E.
Securities Investment Trust and Consulting Association (SITCA) · Source checked 2026-10-22Fund sales rules, including crediting short-term-trading redemption charges to fund assets.
TWSE trading, settlement, ETF and lending mechanisms · Source checked 2026-10-22Order priority, trading hours, daily limits, and odd lots; settlement at https://www.twse.com.tw/en/clearing/clearing/operations.html; ETF creation at https://www.twse.com.tw/en/products/securities/etf/overview/introduction.html; centralized SBL at https://www.twse.com.tw/en/products/sbl/qa.html.
Securities and Exchange Act and tender-offer regulations · Source checked 2026-10-22Prospectus responsibility, private placements, short-swing profits, insider trading, and audit committees. Tender-offer threshold checked at https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400063.
CFA Institute: valuation, financial analysis and portfolio risk · Source checked 2026-10-22Dividend-discount valuation and justified P/E; related primary readings checked for duration, portfolio variance, CAPM, performance measures, DuPont, liquidity ratios, and FCFF. FCFF items explicitly state the cash-flow treatment of interest.

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.

5 study questions

Securities Investment Trust & Consulting Act (證券投資信託及顧問法)

SITE/SICE establishment capital, fund-property separation, and private-placement subscriber and filing rules.

5 study questions

Fund Governance, Mandates & Offshore Funds (基金管理辦法與境外基金管理)

NAV and share-ownership concentration limits, offshore master agents, discretionary custody, and ETF in-kind creation.

5 study questions

SITCA Self-Regulatory Codes & Business Conduct (投信投顧公會自律規範與業務行為)

Short-term-trading fee allocation, misleading guarantees, NAV calculation and announcement, prospectus delivery, and capital-distribution interpretation.

15 study questions

Securities Trading Regulations & Practice (證券交易法規與市場實務)

Private placements, prospectus responsibility, underwriting, TWSE trading and settlement, margin, tender offers, insider rules, audit committees, odd lots, and SBL.

15 study questions

Securities Investment & Financial Analysis (證券投資與財務分析)

Dividend and enterprise valuation, duration, portfolio variance and beta, CAPM, Sharpe/Treynor/alpha, DuPont, liquidity ratios, and FCFF.

Preparing for the Taiwan Investment Trust & Consulting Specialist Examination Exam

What You Need to Know

Passing score: Three papers: at least 210/300 with each at least 50/100. Two papers: at least 140/200 with each at least 50/100. One-paper and separate regulatory-only paper: at least 70/100.
Assessment: Full route: 投信投顧相關法規（含自律規範）, 50 MCQs/60 minutes; 證券交易相關法規與實務, 50 MCQs/60 minutes; 證券投資與財務分析, 50 MCQs/90 minutes. The two-paper route covers securities regulations and investment/financial analysis. Eligible Senior Securities Specialists take the fund-regulations paper only. Financial Markets and Ethics is separate; the professional papers have no listed oral, practical, assignment, or separate case-study requirement.
Time limit: Three papers: 210 testing minutes (60/60/90 by subject as listed). Two papers: 150 minutes. One paper: 60 minutes. Breaks are additional.
Exam / certification fees: Three- or two-paper route: NTD 730 paper-based or NTD 1,130 CBT. One-paper route: NTD 530 paper-based or NTD 930 CBT. Official sources

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Taiwan Investment Trust & Consulting Specialist Examination: Suggested Study Strategy

1Identify the denominator before applying a concentration limit: fund NAV, issuer shares, and aggregate holdings are different measures.

2Do not treat an ordinary fund's payout rate or historical performance as a guaranteed future return; distinguish returned capital from earnings.

3Separate management, custody, distribution, and disclosure duties; know which legal framework applies to each fund or client arrangement.

4Practice present-value timing, basis-point conversion, portfolio covariance, and correct risk denominators; state the treatment of interest before deriving FCFF from CFO.

Frequently Asked Questions

What is the passing score for the Investment Trust and Consulting Specialist Examination?

The full route requires at least 210/300 with each paper at least 50/100. The eligible two-paper route requires at least 140/200 with each paper at least 50. The one-paper and separate regulatory-only paper require at least 70/100.

Who is eligible for the single-subject waiver route?

The specialist one-paper route is for qualified Senior Securities Specialists under SFI's evidence requirements, including a valid common-subject result where required. Trust-business or qualifying investment-linked-insurance credentials instead provide access to the separate regulatory-only 乙科 category. That result alone is not the full specialist qualification; it provides access to the remaining two-paper route, subject to the applicable recognition rules.

Is the official examination offered in English?

The published 投信投顧業務員 professional examination uses Traditional Chinese. SFI's English securities/futures programmes do not establish an English investment-trust sitting. This bank is an independent English-language MCQ study adaptation, not an official translation or simulation of the Chinese examination environment.

What are the common diversification limits for a Taiwan mutual fund?

The general Article 10 rules distinguish a fund's 10% NAV limit for specified securities of one listed or OTC-listed company from the 10% issued-share ownership limit. The latter also applies across funds under common SITE management. Fund-type exceptions and FSC provisions must be checked before applying a general limit.