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The International Commerce Olympiad (ICO) is a competition hosted by the Science Olympiad Foundation and The Institute of Company Secretaries. The competition is designed to discover upcoming talents in Commerce among students in classes 11 and 12. Participants receive a Student Performance Report (SPR) to assess their performance, and those students who excel in the competition are recognized with awards from the foundation. This article provides you with important details about the ICO. Be sure to read through to the end for all the necessary information to help you succeed in the ICO.
Also Check: Olympiad Exam
International Commerce Olympiad: Eligibility Criteria
Students of Class 11th and 12th are eligible to appear in the International Commerce Olympiad. There is no eligibility criteria other than this.
How to apply for the International Commerce Olympiad?
Students can register for the International Commerce Olympiad through their schools. Each school joining the SOF ICO must have at least 5 students registered. Schools don’t need to pay any fees to host the exam.
A booklet with registration forms is sent to all participating schools. Schools not in SOF can ask for one by emailing info@sofworld.org or calling 0124-4951200.
Schools should fill out the registration forms and send them back to SOF by the deadline.
Also Check: IMO
International Commerce Olympiad: Registration Fees
Schools in India, Bangladesh, Bhutan & Nepal pay Rs 125 (including GST) per student for the ICO exam to the Science Olympiad Foundation. In other countries, it’s US$9 per student.
Schools can add Rs 25 per student for the person in charge, teacher pay, and other expenses. In other countries, it’s US$1.
Students with significant physical disabilities or an Indian student whose parents died in defense operations don’t need to pay any fees when registering.
Also Check: IDO
International Commerce Olympiad: Exam Pattern
Below is the exam pattern and students can prepare accordingly:
Question type: Objective (multiple choice questions)
Exam Duration: One-hour
Exam Mode: English
There are four sections in the question paper of International Commerce Olympiad:
Section 1: Economics
Section 2: Business Studies
Section 3: Accountancy
Section 4: Achievers Section
Different question papers are there for each class as designed by SOF. And it follows CBSE, ICSE/ISC and State board syllabus while preparing the test papers.
Also Check: NSSO
International Commerce Olympiad: Marking Scheme
The following table represents the number of questions in each section and the marks distribution:
| Sections | Number Of Questions | Marks |
| Economics | 15 | 15 |
| Business Studies | 15 | 15 |
| Accountancy | 15 | 15 |
| Achievers Section | 5 | 15 |
| Total | 50 | 60 |
Also Check: IGKO
International Commerce Olympiad: Syllabus
Class 11 Syllabus
| Section 1 (Economics) | Introductory Microeconomics, Statistics for Economics. |
| Section 2 (Business Studies) | Nature and Purpose of Business, Forms of Business Organisations, Public, Private and Global Enterprises, Business Services, Emerging Modes of Business, Social Responsibility of Business and Business Ethics, Sources of Business Finance, Small Business, Internal Trade, International Business. |
| Section 3 (Accountancy) | Theoretical Framework, Accounting Process,
Financial Statements of Sole Proprietorship from Complete and Incomplete Records, Computers in Accounting. |
| Section 4 (Achievers Section) | Higher Order Thinking Questions – Syllabus as per Section-1, Section-2 and Section-3 |
Class 12 Syllabus
| Section 1 (Economics) | Introductory Macroeconomics, Indian Economic Development. |
| Section 2 (Business Studies) | Nature and Significance of Management, Principles of Management, Business Environment, Planning, Organising, Staffing, Directing, Controlling, Financial Management, Financial Markets, Marketing Management, Consumer Protection. |
| Section 3 (Accountancy) | Financial Statements of Not-for-Profit Organisations, Accounting for Partnership Firms, Accounting for Companies, Analysis of Financial Statements, Cash Flow Statement, Computerised Accounting |
| Section 4 (Achievers Section) | Higher Order Thinking Questions – Syllabus as per Section-1, Section-2 and Section-3 |
International Commerce Olympiad: Results
Normally, it takes about 8 weeks for the results to come out. The SOF sends these results to the schools where the students took the test. Students can also check the results on the official SOF website.
International Commerce Olympiad: Awards
Winners of the ICO exam will receive awards based on their performance
International Level
Rank 1: ₹1 lakh, gold medal, and outstanding performance certificate.
Rank 2: ₹75,000, silver medal, and outstanding performance certificate.
Rank 3: ₹50,000, bronze medal, and outstanding performance certificate.
Rank 4: ₹25,000, medal of distinction, and outstanding performance certificate.
Rank 5: ₹10,000, medal of distinction, and outstanding performance certificate.
Zonal Level
Rank 1: ₹5,000, gold medal, and outstanding performance certificate.
Rank 2: ₹2,500, silver medal, and outstanding performance certificate.
Rank 3: ₹1,000, bronze medal, and outstanding performance certificate.
Rank 4: Gift worth ₹500, medal of distinction, and outstanding performance certificate.
Ranks 4 to 10: ₹10,000, medal of distinction, and outstanding performance certificate.
Ranks 11 to 25: Medal of Distinction, Certificate of Distinction, and Certificate of Zonal Excellence.
If multiple students achieve the same rank:
For 5 students: Cash amount split equally, each gets a medal and certificate.
For 6 or more: Gifts worth ₹1,000 each, along with medal and certificate.
Benefits of Participating in International Commerce Olympiad
Participating in the International Commerce Olympiad is beneficial for students in academic growth. Here are some of the advantages below:
Challenge
ICO consists of challenging problems. It helps students to develop critical thinking and problem-solving skills. Engaging with problems deepens the understanding of various concepts other than the class curriculum.
Recognition
Achieving success in the ICO brings recognition in the academic community. It opens doors to opportunities such as scholarships, internships, and academic competitions.
Networking and Collaboration
ICO brings together individuals with the same interests. Participants can exchange ideas, collaborate on problem-solving approaches, and build lasting connections with each other.
Career Opportunities
Excelling in commerce competitions like ICO can open the doors of pursuing careers in many fields.
International Commerce Olympiad: FAQs
Who can participate in the International Commerce Olympiad?
Students of classes 11th and 12th are eligible to participate in the International Commerce Olympiad. Students must meet certain eligibility criteria set by the organizing body.
How can students prepare for the International Commerce Olympiad?
To prepare for ICO, students can practice solving different types of problems. Studying previous years' question papers is also beneficial for students. This will help to get an idea of the exam pattern.
What are the benefits of participating in ICO?
Participating in the International Commerce Olympiad has many benefits. This can help students to improve their problem-solving skills. It also helps to gain confidence in and open up opportunities for scholarships and further studies. It's also a great way to meet other students who share the same passion.
