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International Commerce Olympiad 2022

ICO Olympiad 2022- Exam Dates, Registration Process, Eligibility Criteria, Awards, And More

Last updated date: 02nd Feb 2023
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ICO stands for International Commerce Olympiad is a single-level competition jointly organised by the Science Olympiad Foundation and The Institute of Company Secretaries. The exam is conducted to find new talents in Commerce subject. The exam is open for all the students of classes 11 and 12. Students who qualify for the exam with good ranks get an award from the foundation. Every student who participates in an ICO test receives a Student Performance Report (SPR) that helps them examine their exam performance.


This article helps you to know all the important details that you must know about ICO Olympiad 2022 exam. So, read the article till the end to get all the necessary details to help you excel in the ICO 2022 exam.

ICO 2022 Exam Date

The exam conducting authorities will conduct ICO 2022 exam on two different dates. A school may select one of the following dates to conduct the SOF ICO at its convenience.

Date 1 – December 22, 2022

Date 2 – January 24, 2023


ICO 2022 Eligibility Criteria

Students of classes 11 and 12 are eligible to appear for the SOF ICO. 2022 examination.  

Students from Science, Commerce & Humanities may appear for the SOF ICO.

There are no other eligibility criteria except those discussed above.


How to Apply For ICO 2022 Exam?

Students can register for the upcoming ICO exam sr through their respective schools. A minimum of 5 students must be registered from each participating school of SOF ICO.

 

The exam conducting authorities do not impose fees on the institution to become a registered examination centre.

 

A prospectus containing the registration forms is dispatched to all the participating schools. Schools not registered with SOF may also request a prospectus by sending an e-mail to info@sofworld.org or by calling 0124-4951200. 

 

Schools are advised to return the registration forms to SOF duly filled in and completed in all respects by the due date.

 

ICO Registration Fees

Schools of India, Bangladesh, Bhutan & Nepal need to pay an  ICO registration fee of Rs 125 (including GST) per student towards the examination cost to the Science Olympiad Foundation. For other countries, the cost is US$9


Schools are allowed to impose additional Rs 25 per student towards the honorarium of the incharge, remuneration to teachers to teach and guide, and for other expenses. For other countries, the cost is US$1.


Students suffering from any major physical disability or an Indian student whose parent was martyred during defence operations are not required to pay any fees during the registration process.


ICO 2022 Exam Pattern

Students preparing for ICO 2022 exam can check the exam pattern below and prepare accordingly.

  • Question Type – Objective (Multiple choice questions)

  • Exam Duration– One hour (60 minutes)

  • Exam Mode – English

 

ICO exam question paper consists of the following four sections:

Section 1: Economics

Section 2: Business Studies

Section 3: Accountancy

Section 4: Achievers Section

SOF designs separate question papers for each class and follows CBSE, ICSE/ISC and State Board syllabi while preparing the test papers.

 

ICO 2022 Marking Scheme

The table below shows the number of questions asked in each section and the marks distribution.

Sections

No. of Questions

Marks

Economics

15

15

Business Studies

15

15

Accountancy

15

15

Achievers Section

5

15

Total

50

60


ICO 2022 Class 11 Syllabus 

The table below discusses the topics Class 11 students need to prepare for the upcoming ICO exam.

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


(Achiever’s Section)

Higher Order Thinking Questions - Syllabus as per Section-1, Section-2 and Section-3




ICO 2022 Class 12 Syllabus 

The table below discusses the topics Class 12 students need to prepare for the upcoming ICO exam.

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


(Achiever’s Section)

Higher Order Thinking Questions - Syllabus as per Section-1, Section-2 and Section-3




ICO 2022 Results 

The results of the ICO 2022 exam are usually released within 8 weeks of the last date of examination. The SOF send results to the concerned schools of the participants. The results are also made available on SOF's official website.


ICO 2022 Awards

The winners of the ICO exam will get the following awards for their performance:

At the International Level 

  • Students who secure rank 1 will get a total of two awards of INR 1 lakh each, including a gold medal and certificate of outstanding performance. 

  • Students who secure rank 2 will get a total of two awards of INR 75,000 each, including a silver medal and certificate of outstanding performance to students who secure rank 2. . 

  • Students who secure rank 3 will get a total of two awards of INR 50,000 each,  including a bronze medal, and a certificate of outstanding performance.

  • Students who secure rank 4 will get a  total of two awards of INR 25,000 each,  including a medal of distinction and a certificate of outstanding performance.

  • Students who secure rank 5 will get a total of two awards of INR 10,000 each,  including a medal of distinction and a certificate of outstanding performance 

At Zonal Level

  • Students who secure rank 1 will get a total of two awards of INR 5000 each, including  a gold medal and certificate of outstanding performance to first rank holders. 

  • Students who secure rank 2 will get two awards of INR 2500 each, including a silver medal and certificate of outstanding performance to second-rank holders. 

  • Students who secure rank 3 will get a total of two awards of INR 1000 each,  including a bronze medal and a certificate of outstanding performance to third-rank holders. 

  • Students who secure rank 1 will get a gift worth 500 each,  including a medal of distinction and a certificate of outstanding performance to fourth-rank holders.

  • Students who secure ranks 4 to 10 will get two awards of INR 10,000 each,  including a medal of distinction and a certificate of outstanding performance to fourth to tenth rank holders.

  • Students who secure ranks 11 to 25 will get a Medal of Distinction, including a Certificate of Distinction and Certificate of Zonal Excellence.

 

In case two or more students achieve the same rank, the cash award will be distributed in the following manner:

  • In case 5 students get the same rank,  the cash amount will be distributed equally. Also, each winner will be awarded a medal (in the applicable category) and a certificate.

  • In case 6  or more students get the same rank, in place of a cash award, each winner will be awarded gifts worth Rs.1,000/- each, including a medal (in the applicable category) and a certificate.

Hope this article provided you with all the information you need to excel in the ICO 2022 exam.  Now, you can start your ICO 2022 exam preparation with the best ICO study material offered by Vedantu, such as ICO 2022 sample papers, ICO previous year questions papers, ICO mock tests, and more on its official website.  If you find  any queries during your ICO preparation, feel free to reach out to our experts.

FAQs on International Commerce Olympiad 2022

1. What are the Tips to Prepare for the ICO Examinations?

Ans: Every student prepares for their examination in their own way but preparing wisely will save you a lot of time and effort. So here are a few tips you can follow:

  1. Practice as much as possible: It is a key to score good marks. Your 70% of the effort  should be spent in practising. You can use a question bank. 

  2. All India level Mock test: Once you are confident enough with your preparation, take a mock test to improve your efficiency at attempting questions.

  3. Clear your doubts. Never ignore a question that you cannot understand, instead do a group study or discuss it with someone you think can help you. 

  4. Look for the best sources. 

  5. Revision. It is a must. We may think that what we’ve learnt will be in our head without revising. Then we are wrong. We should always revise.

2. What is the Criteria for Ranking in ICO Examinations?

Ans: The ranks will be accorded on the basis of the following criteria.

  • Marks obtained by the student in the exam.

  • In case there is a tie, the determination of the rank will be on the basis of the marks scored by the student in class 10 or on the basis of marks scored by a student in the previous class.

  • In the case of two or more students who score the same marks under both the criteria that are mentioned above, both of them will be awarded the same rank.

3. What is the Importance of the Olympiad Exams?

Ans: Olympiad examination is the foundation of a better learning process that prepares the students not only for the competitive world but for themselves. They provide students a whole new level of self-confidence, the power to look forward, and feel better. It reveals a child’s true potential and makes them aware of their capabilities. It also checks their area of weakness and works to strengthen them. Exams conducted by the SOF transforms students into a better survivor in the modern competitive world. Students find themselves in a place where they can work on their skills to enhance them and develop logical reasoning.

4. Can a Student sit for all the Olympiad Examinations Conducted by SOF?

Ans: All the olympiad examinations are conducted by the same foundation i.e., the science olympiad foundation and are completely different from each other. Also it is a knowledge based examination and not a board based examination so everyone can sit for all the examinations conducted by the SOF.

5. What are the international level awards for the International Commerce Olympiad (ICO)?

Ans: First-place winners will get a total of INR 1,00,000 in prizes, as well as a gold medal and a certificate of great achievement. Second-place finishers received a total of two rewards for INR 75,000 each, as well as a silver medal and a certificate of exceptional achievement. Third-place finishers will get a total of two rewards for INR 50,000 each, as well as a bronze medal and a certificate of excellent achievement. Fourth-place finishers will get a total of two rewards of INR 25,000 each, as well as a medal of distinction and a certificate of excellent achievement. Fifth-place finishers will get a total of two rewards of INR 10,000 each, as well as a medal of distinction and a certificate of excellent achievement.

6. What is the Student Performance Report (SPR)?

Ans: The Science Olympiad Foundation will provide each student with an SPR as well as the ICO result for the years 2021-22. This report delves into the students' weak and strong qualities in great depth. The SPR also shows a comprehensive comparison of the student to other students. After viewing your child's SPR and maybe discussing it with the instructor, it's crucial to make a strategy for future action. For this Student Performance Report, consider what you can do to help your kid achieve in the following term, the remainder of the school year, and the years ahead.

7. What are the fees of ICO Registration? 

Ans: The following is the application fee that must be paid together with the registration form for the International Commerce Olympiad (ICO) :


Students from India, Bangladesh, Bhutan, and Nepal must pay Rs. 125 for the International Commerce Olympiad (ICO) per student. Students with a serious physical impairment do not have to pay an application fee. There is no application cost for an Indian student whose parents were killed in military action. For students from all other countries, the application price is US $ 9.

8. What is the International Commerce Olympiad (ICO)?

Ans: For students in grades 11 and 12, the level 1 competition is a 60-minute test with 50 objective-type (Multiple Choice) questions. The question paper is divided into four sections: Economics, Business Studies, Accountancy, and Achievers. The SOF ICO's Level 1 takes place over two days. ICO exam 2021-22 will be conducted on 22,23 January 2022 or 5,6 February 2022  .Each school can schedule the SOF ICO on a day that is convenient for them. The question papers for each exam day are unique. It is not feasible to adjust the SOF ICO's launch date. The exam is given in English. As a result, by engaging in English, students may improve their learning process and communication abilities. At a young age, students are exposed to competitions and challenges.

9. Give some Preparation Tips for the ICO Exams?

Ans: To get excellent grades, you must practice a lot. Practice should take up 70 percent of your time and effort. Use a sample question for support like Vedantu. Take a mock exam to increase your speed at answering questions once you're satisfied with your preparation. Clarify any doubts you may have. Study with a group or speak with someone who can help you if you don't understand a question. Identify the best sources. Revision. It is essential. You may think that if you don't revise, you'll remember all that you've learned. Then, you are mistaken. You must revise regularly.

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