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ABA Certified Trust and Fiduciary Advisor Practice Test

CTFA test Format | Course Contents | Course Outline | test Syllabus | test Objectives

The knowledge areas below are the basis for the Certified Trust and Financial Advisor (CTFA) examination. These
knowledge areas were derived from a job analysis study and were validated by the CTFA Advisory Board. Postcertification programs that address these knowledge areas are eligible for CTFA continuing education credits through the American Bankers Association.

I. Fiduciary & Trust Activities (25%)
A. Nature and Characteristics of Account Relationship
1. Trusts
2. Estates
3. Guardianships/ Conservatorships
4. Custodians
5. Financial and Health Care Powers of Attorney
6. Agencies
B. Formal Requisites of Establishing Account
1. Written Agreements or Documents
2. Trust Situs
3. Acceptance of Fiduciary Appointment
4. Disclaiming of Interest
C. Fiduciary Responsibilities
1. Powers
2. Duties
3. Uniform Acts/Codes
4. Safekeeping of Assets
5. Environmental Issues
D. Investment Responsibilities
1. Investment Powers
2. Investment Types & Restrictions
3. Sale/Retention by Bank of Its Own Holding Company Securities
4. Prudent Investor
E. Receipts- Payments and Distributions
1. Duty in Making Payments or Distributions
2. Uniform Principal & Income Act
F. Accounting and Compensation
1. Duty to Keep Records
2. Duty to Furnish Information
to Beneficiaries
3. Duty to Render Court Accountings
4. Fiduciary Compensation
G. Alteration or Termination of the Trust
1. Power to Change Terms
2. Power to Revoke or Terminate
H. Regulatory/Compliance
1. Due Diligence
2. Know Your Customer
3. Privacy Issues
4. Bank Secrecy Act
5. OCC Regulation 9
6. Securities Laws
II. Financial Planning (25%)
A. Personal Finance
1. Time Value of Money Principles
2. Statement of Assets and Liabilities
3. Cash Flow Management
4. Debt Management
5. Investment Planning
6. Education Planning
7. Health Care & Disability Planning
B. Retirement
1. Capital Sufficiency
2. Investment Strategies
3. Wealth Accumulation & Distribution
4. Social Security & Other Programs
5. IRAs
6. Qualified and non-Qualified Plans
7. Income Needs & Sources
C. Insurance
1. Life Insurance
2. Long Term Care Insurance
3. Disability
4. Annuities
5. Health Insurance
6. Property/Casualty Insurance
7. Insurance Company- Product- and Intermediary Selection Criteria
D. Transfer Assistance
1. Wealth Transfer During Lifetime
2. The Flow of Property at Death
3. Business Succession Planning
4. Planning Documents
5. Planning Considerations
6. Charitable Giving Strategies
7. Special Needs Planning
E. Financial Modeling
1. Risk Assessment
2. Asset Allocation
III. Tax Law & Planning (25%)
A. Income Tax
1. Individuals
2. Fiduciaries
3. Charitable Trusts- Private Foundations- and Split Interest Trusts
4. Business
B. Transfer Tax
1. Gift Tax
2. Estate Tax
3. Generation-Skipping Transfers (GST)
IV. Investment Management (20%)
A. Economics and Markets
1. Gross Domestic Product
2. Interest Rates
3. Inflation & Employment
4. Government Fiscal Policy
5. Monetary Policy
6. International Influences
7. Market Operations
8. Currency
B. Portfolio Management Theories and Concepts
1. Modern Portfolio Theory
2. Equity Investment Management Approaches
3. Fixed Income Investment Management Approaches
4. Hedging Strategies
5. Risk Management
6. Total Return
C. Types of Investments/Selection & Analysis
1. Equities
2. Fixed Income
3. Convertible Securities
4. Mutual Funds
5. Common Trust Funds
6. Closely-Held Businesses
7. Real Estate & Farms
8. International
9. Nontraditional
10. Master Limited Partnerships
11. Stock Options
12. ETFs
13. Oil- Gas & Minerals
14. Commodities & Precious Metals
D. Client Objectives & Constraints
1. Investment Objectives
2. Risk Tolerance
3. Time Horizons
4. Tax Considerations
5. Current vs Future Objectives 6. Investment Restrictions & Preferences
7. Asset Allocation
E. Performance Measurement
1. Time-Weighted vs. Dollar-Weighted
2. Risk Adjusted
3. Benchmarks & Indicies
V. Ethics (5%)
A. Advisory
1. Unauthorized Practice of Law
2. Conflict of Interest
3. Confidentiality
4. Undue Influence
5. Related Parties
6. Client Competence/Capacity
B. Fiduciary
1. Duty of Loyalty
2. Breach of Trust
3. Trust Officer as Beneficiary
4. Personal Liability
5. Self Dealing
6. Gifts to/from Clients & Vendors
C. Business Development
1. Business Solicitation
2. Compensation Arrangements
D. Investment
1. Insider Information
2. Equal Treatment of Accounts
3. Directed Brokerage
4. Disclosures
5. Prudent Investor Standard
E. Other
1. Relationship with Other Professionals
2. Fraud Prevention

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CTFA
Certified Trust and Financial Advisor (CTFA) - 2026
https://killexams.com/pass4sure/exam-detail/CTFA
QUESTION: 440
A person purchased a share of Acme.com common stock exactly one year ago for $45.
During the past year the common stock paid an annual dividend of $2.40. The person sold the
security today for $85. What is the rate of return the firm has earned?
A. 5.3%
B. 194.2%
C. 88.9%
D. 94.2%
Answer: D
QUESTION: 441
A set of possible values that a random variable can assume and their associated probabilities
of occurrence are referred to as __________.
A. Probability distribution
B. The expected return
C. The standard deviation
D. Co-efficient of variation
Answer: A
QUESTION: 442
A statistical measure of the variability of a distribution around its mean is referred to as
__________.
A. Probability distribution
B. The expected return
C. The standard deviation
D. Co-efficient of variation
Answer: C
QUESTION: 443
The weighted average of possible returns, with the weights being the probabilities of
occurrence is referred to as __________.
A. Probability distribution
B. The expected return
C. The standard deviation
D. Co-efficient of variation
Answer: B
QUESTION: 444
Which of the following statements regarding covariance is correct?
A. Covariance always lies in the range -1 to +1
B. Covariance, because it involves a squared value, must always be a positive number (or
zero)
C. Low co-variances among returns for different securities leads to high portfolio risk
D. Co-variances can take on positive, negative, or zero values
Answer: D
QUESTION: 445
Total portfolio risk is __________.
A. Equal to systematic risk plus non-diversifiable risk
B. Equal to avoidable risk plus diversifiable risk
C. Equal to systematic risk plus unavoidable risk
D. Equal to systematic risk plus diversifiable risk
Answer: D
QUESTION: 446
It is a market condition normally associated with investor optimism, economic recovery, and
expansion; characterized by generally rising securities prices.
A. Bear market
B. Bull market
C. OTC
D. Dealers market
Answer: B
QUESTION: 447
______________ is a condition of the markets typically associated with investor pessimism
and economic slowdown; characterized by generally falling securities prices.
A. Bear market
B. Bull market
C. OTC
D. Dealers market
Answer: B
QUESTION: 448
A person who buys and sells securities on behalf of clients and gives them investment advice
and information is called:
A. Stockholder
B. Account executive
C. Financial consultant
D. All are one and the same
Answer: D
QUESTION: 449
A broker is:
A. Far more than a salesperson
B. Mostly interested in his own commission
C. May not be socially known
D. Can trade your stock without your permission
Answer: A, B
QUESTION: 450
A broker who, in addition to executing clients� transactions, offers a full array of brokerage
services is:
A. Full-service broker
B. Discount broker
C. Online broker
D. OTC broker
Answer: A
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