ICO 2021 Exam Pattern


ICO Advanced Exam Questions

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.

More about ICO Exam Pattern 2021

More About ICO Exam Pattern 2021

As previously mentioned, there are no other constraints for students who wish to take the ICO exam. 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: a) Economics, b) Business Studies, c) Accountancy, d) 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, as previously mentioned.

  • The total number of questions in the entire question paper is 50, with a maximum score of 60 available to students.

  • 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.

FAQ (Frequently Asked Questions)

Question 1) What are the ICO Awards for Teachers and Schools?

Answer) 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.

Question 2) How are the ICO Tests Conducted in Schools?

Answer) 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.

Question 3) How do I Study for the Olympiad Exams?

Answer) 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.

Question 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.

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