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ICO Exam Pattern 2023-24

Last updated date: 23rd May 2024
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SOF ICO 2023-24 Exam Pattern

ICO or International Commerce Olympiad is a single-level exam jointly organised by the Science Olympiad Foundation (SOF) and the Institute of Company Secretaries for the students of Class 11 and Class 12.  

The questions in this exam are generally asked from the Accountancy, Business Studies, and Economics chapters of Class 11 and Class 12 syllabi issued by the CBSE, ICSE, and other state boards. In this article, we will learn about the ICO exam pattern for 2023-24, the total marks of the test, the total questions in ICO, etc.

ICO 2023-24 Exam Date

SOF will conduct ICO 2023-24 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 12, 2023

Date 2 – January 18, 2024

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ICO 2023-24 Exam Pattern: Brief Overview

Students preparing for the ICO 2023-24 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

  • The exam is conducted during school hours.


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 2023-24 Marking Scheme

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



No. of Questions


11 and 12





Business Studies








Achievers Section







ICO 2023-24 Eligibility Criteria

Students of classes 11 and 12 are eligible to appear for the SOF ICO. 2023-24 examination.  

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

There are no other eligibility criteria except those discussed above.

ICO 2023-24 Class 11 Syllabus Issued By SOF

Class 11 students are suggested to prepare the following important topics for the upcoming ICO exams. Preparing these topics effectively helps students to score good ranks in the upcoming exam.

Section 1


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


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 2023-24 Class 12 Syllabus Issued By The SOF

The table below discusses the ICO Class 12 syllabus. Students preparing for the ICO 2023-24 exam must prepare the following topics effectively to clear the exam with good grades.

Section 1


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


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

How to Apply For ICO 2023-24 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


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


ICO Results 

The results of the ICO 2023-24 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.

Tips To Prepare Effectively For ICO 2023-24 Exam

Here are a few important tips given by the experts for the students who are in their way of preparing for the ICO 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.

The was a complete discussion about the International Commerce Olympaid 2023-24 exam pattern and other details related to the exam. Hope the students clearly understood all the details discussed here. Stay tuned with Vedantu for the latest updates on the Olympaid 2023-24 exam.

FAQs on ICO Exam Pattern 2023-24

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?

Ans: Students should take up the Olympiad exam for the following reasons:

  • 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 students' confidence 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 2023-24?

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 2023-24?

Ans: There are a number of reference books that students can use for ICO 2023-24 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 2023-24 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.