The Institute of Chartered Accountants of India (ICAI) will conduct a talent search examination in Commerce, ‘ICAI Commerce Wizard 2016’ for students of Classes 9 to 12 on January 8, 2017.

There are two levels of the exam in which the candidate can take the level 1 of the test online sitting at his/ her home. The participants who clear the first level will be allowed to appear for the second level which will be held at a designated centre on January 15, 2017.

The winner will get a cash prize of one million and the candidate appeared for the first and the second level test will get a participation certificate.

The level one test will be of 75 minutes and level two will be 90 minutes-long. There will be 100 objective type questions for 100 marks with negative marking of 0.25 for every wrong answer. The test will be conducted in English.

The registration fees is Rs 100 and the last date to submit is by December 31. The candidates can submit late fees of Rs 150 upto January 5, 2017.

The ICAI Commerce Wizard – 2016 is a diagnostic test that measures the concept understanding ability of a student. Unlike regular tests which try only to find out how much a child knows, this test measures how well a student has understood the concepts.