Patna: The Institute of Charted Accountants of India (ICAI) will hold a Commerce Wizard competition on January 21 to promote commerce as a subject among meritorious students.

ICAI Patna chapter chairman MK Mashi shared the details of the competition on Friday and said students from Class X to graduation level can take part in the test which would be held at two levels.

The level one test would be organised on January 21 online and candidates can appear at this level from their homes. One-hundred multiple choice questions would be asked and wrong answers will attract negative marks. The test would be of 75-minute duration in which questions will be asked as per the educational qualification of the students i.e. different sets of questions would be there for Class X, Class XI & XII and graduation students.

Based on the performance of the first level test, students would be selected for the level two test that would be conducted online at the designated centres which would be decided according to the outcome of the first level test. At this level too, questions would be asked as per the educational qualification of the students and test duration would of 90 minutes in which 100 multiple choice questions would be asked and there would be negative marking for wrong answers.

The top three scorers of the Commerce Wizard competition would be awarded in a special ceremony to be organised in February either in Delhi or Mumbai. While the top ranker would get a cash prize of Rs 75,000, the second and third rank holders would get awards of Rs 50,000 and Rs 25,000, respectively.

"Those willing to participate in the competition can get themselves registered by visiting our website icw.icai.org for obtaining details about the event," said Mashi and added that students registering themselves till January 14 would have to pay a registration fee of Rs 100 whereas those registering after this date and till January 19 would have to pay a registration fee of Rs 150.

The Patna chapter of ICAI has decided to approach schools and colleges too for ensuring handsome participation of students from Bihar as well. "Last year, only 73 students from Bihar had registered for the competition. It was really disappointing and hence we have decided to inform schools and colleges about the event," Mashi said.

The Commerce Wizard competition was started in 2016 and in the inaugural edition of the competition, 30,000 students from across the country had registered for it out of which 20,000 had appeared in the online test.