ICO 2022 Exam Pattern

More about ICO Exam Pattern 2022

Science Olympiad Foundation conducts Olympiad exams for various specialized subjects across the grades to the students who aspire to prepare themselves for the challenges of the contemporary world. The International Commerce Olympiad is one such competitive examination conducted by the SOF to enhance the learning spirit of higher secondary school students. The only eligibility criteria for the students to appear in the ICO exam is that they should be pursuing either their 11th or 12th standard. However, there are no other criteria of restriction to take up this examination.

ICO Exam Pattern 2022

When it comes to the ICO exam, there are no other constraints for students who wish to take part. Students do not need to have a minimum academic score, and the best thing about the ICO exams is that they are open to students from any stream, including science, commerce, arts, and other fields. Students who want to take the ICO exam should acquaint themselves with the exam pattern and study accordingly. Here are some things to think about when it comes to the ICO exams:

  • The question paper contains only objective or multiple-choice questions.

  • The test has a restricted time duration, with a maximum time limit of 1 hour or 60 minutes for the student to complete his or her exam.

  • Since the students' performance is assessed on an international level, English will be the medium and language of instruction in the question paper as well as in all exam-related materials distributed to schools and students.

  • The ICO paper pattern is divided into four parts, each of which assesses the students' knowledge of commerce.

  • The four sections are: 

i. Economics

ii. Business Studies

iii. Accountancy

iv. Achievers Section.

  • It's also worth noting that the question papers for classes 11 and 12 are different.

  • The majority of the questions are based on concepts from the CBSE/ICSE/State Syllabus.

  • The examination is only held during school hours. There are no additional hours taken up for the test before or after the school's regular operating hours.

ICO Paper Pattern

  • Not to forget that the ICO exam is only offered at one level, so there is no such thing as an ICO level 2 exam pattern. The ICO paper pattern is divided into four parts.

  • The total questions in the ICO question paper are 50 which carries a total mark of 60.

  • The first segment contains 15 economics-related questions.

  • The second segment of the test consists of 15 questions about business studies.

  • There are 15 questions in the Accounting section. The cumulative score for all three parts is 45 out of a total of 100.

  • The Achievers section, which consists of five questions, is the final section. In this segment, each correct answer will earn you three points.

ICO Exam Pattern Syllabus for Class 11

  • Section 1: Economics

Introduction to MicroEconomics and Statistics for Economics.

  • Section 2: Business Studies

Nature and Purpose of Business, Forms of Business Organization, Small Business, Internal Trade, International Business, Source of Business Finance, Social Responsibility of Business Ethics etc.

  • Section 3: Accountancy

Theoretical framework, Accounting process, Computers in Accounting etc.

  • Section 4: Achiever’s Section

Higher Order Thinking Skills questions from the above-mentioned topics.

ICO Exam Pattern Syllabus for Class 12

  • Section 1: Economics

Introductory Macroeconomics and Indian Economic Development.

  • Section 2: Business Studies

Nature and significance of Management, Principles of Management, Business Environment, Planning, Organizing, Staffing, Directing, Controlling, Financial Management, Marketing Management, Consumer protection etc.

  • Section 3: Accountancy

Computerized Accounting, Cash flow statement, Accounting for companies, Cash flow statement, Financial statements of non-profit organizations.

  • Section 4: Achiever’s Section

Higher Order Thinking Skills questions from the above-mentioned topics.

ICO most commonly called the International Commerce Olympiad or the International Trade Olympiad is an Olympiad in which the students not only from Commerce background but also from a variety of backgrounds take part in search of their talents. Both students and their guiders can find out what are the strength and weaknesses of each of the students.

The ICO 2022 exam will be conducted on 22nd and 23rd January 2022 and the other date on which the exam is conducted is on 5th and 6th February 2022. This ICO exam is conducted only at a single level which makes it a much competitive exam at an international level. With aspirants from worldwide, it makes it one of the most spent competitions as well!

FAQs on ICO 2022 Exam Pattern

1. What are the ICO Awards for Teachers and Schools?

Ans: In addition to recognising students who compete in the International Commerce Olympiad, the organisers also include numerous awards to schools and teachers at various levels. The following are a few notable awards granted to school principals and teachers:

  1. At the region, zonal, and international levels, the Best Principal Award (cash prize + citation + trophy) is given.

  2. At the city, zonal, and international levels, the Best Teacher Award consists of a cash prize, a citation, and a trophy.

  3. Principals and teachers of the participating schools received mementoes and gifts.

2. How are the ICO Tests Conducted in Schools?

Ans: The ICO tests are conducted by the SOF in the respective schools from which the participants have enrolled. It will be a written test conducted within the normal working hours of the school. OMR sheets will be provided for the students to answer the objective type questions. The main advantage of this test is that there is no negative marking. So, the students can take a step ahead and attempt to answer all the questions without any fear of losing marks.

3. How do I Study for the Olympiad Exams?

Ans: Here are a few important tips given by the experts for the students who are in their way of preparation for Olympiad exams.

  • It is very important to know what is to be learnt. So, better go through the syllabus.

  • Have a proper study plan for yourself and put it into practice religiously.

  • Try understanding the concepts at a greater depth. This will help you score the best marks.

  • Solve the question papers of the previous year for the same exam and stay tuned with your mental strength.

4. Why Should the Students Take up Olympiad Exams?


  • Olympiad exams induce a spirit of healthy competition among the students right from a young age. This in turn makes them ready for the various facets of competition in future.

  • A rank in the Olympiad will boost up the confidence of students and trigger them to know more about the subject and score better in the upcoming years.

  • The conceptual and tricky questions in the Olympiad exams check the depth of subject knowledge of the students.

  • Students are motivated to improve their logical thinking and analytical reasoning skills while answering the questions in the Achievers section.

5. What is an ICO Answer Key and where can I find it?

Ans: It is after the successful completion of the ICO exam, the officials who are the coordinators of the ICO exam release the Answer Key to the ICO exam. The ICO answer key is a compilation of all the answers involved in the ICO exam question paper. This answer key released by ICO officials helps the students to identify the places where they have caused the mistake and how the marks are cut off. This also helps them to identify the right answer to the question they marked the wrong answer. The answer key furthermore helps the students to work hard on the places where they need improvement. The answer key is usually released on the official website of SOF, however, for the ease of students to find it you can check here at Vedantu as we will be updating the link as and when the answer key is released.

6. What are the criteria for Ranking in ICO 2022?

Ans: There are certain ranking criteria based on which the candidates are ranked and some of these ranking criteria can be mentioned as follows:

  • If there are two or more students who have scored the same ranks then the higher rank will be determined based on the marks obtained in the higher priority section

  •  If there is a tie in marks between two students then the grades obtained by the student in the previous class will be used in order to determine the rank

  • If the rank of the students still remains the same after checking out both the above-mentioned criteria then both eth students will be ranked the same.

  • If there is any speck of doubt left regarding the grading and ranking of the students then the final decision will be taken by the Academic Council which will not be overruled by any other decision.

7. What are the reference books that can be used for ICO 2022?

Ans: There are a number of reference books that students can use for ICO 2022 exams that will help them score higher marks and these study materials include the following:

  • ICO level 1 2016: Set A

  • ICO level 1 2016: Set B

  • ICO level 1 2017: Set A

  • ICO level 1 2017: Set B

  • Answer keys to all of these question papers

  • Class 11 ICO 2 years

  • Class 12 ICO 2 years

Both the 11th and 12th standard students can refer to the question papers and books mentioned above based on their standards. However, the standard syllabi remain the same which means that the CBSE, ICSE/ ISC, and State board syllabus will be followed. All you need to do is follow the syllabi given in the books and understand the concepts better via Vedantu to get all your doubts cleared.

8. How do ICO sample papers help students prepare for the main ICO 2022 exam?

Ans: ICO sample papers give the students an idea about the questions that were asked in the previous years and how they are connected to each other. As the papers are all based on the same syllabus, it makes it easier for the students to compare the answers that are mentioned. This also means that they get to practice as many papers as possible. This again helps them clear out any concepts that remain unclear. Hence solving ICO sample papers along with giving the ICO mock test by Vedantu helps them get a solid foundation while also increasing their overall confidence.  

9. When are the ICO results released and what is the data involved in the result card?

Ans: ICO results are released after about 8 weeks after the ICO exam is finished. The ICO answer key is also released after the ICO exams are done which gives the students to analyze their performance. The results once released are put up on the official website of the SOF. The students also get to know the results via school administrative offices as they are informed quite early regarding the release. Students can also keep a track of the results that will be released via the Vedantu app. The result that is released will have a Student’s Performance Report attached which is also called the SPR which allows the kids and their parents to analyze their performance on a regional, zonal, national, and international level. 

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