MUSCAT: Students of class IX to XII in India and GCC will get a chance to prove their knowledge about the financial world at the BSE International Financial Olympiad (BIFO) to be held in Mumbai, India on April 24, 2015.

Eduheal Foundation (EHF) and BSE Institute Ltd – a wholly-owned subsidiary of the Bombay Stock Exchange (BSE) – have launched a joint initiative called BIFO to promote financial literacy among students at a young age through an international level financial quiz competition.

Over R1.5mn (RO9,327) will be given as cash awards. Covering more than 15,000 schools across India and GCC, BIFO is for students from classes IX to XII and for those interested in economics, entrepreneurship, accountancy and business studies.

The Olympiad will be conducted in three levels.

Level 1 will be organised by schools, in which students from classes IX to XII will be selected based on an intra-school quiz. Organisers are currently in talks with schools in Oman to hold the first level

In Level 2, shortlisted students from classes IX and X will appear for an online exam based on a given syllabus comprising questions from economics and financial literacy while those from classes XI and XII will appear for a similar exam based on questions related to economics, accountancy, business studies, entrepreneurship and financial literacy.

Few questions from general knowledge and mental aptitude may also be asked.

The online exam will be conducted by Eduheal Foundation at 300 centres across India and the Gulf.

The final round will be held at the BSE convention Centre in Mumbai on April 24 next year in which 108 students will take part.

The top three rankers will be awarded at a prize distribution ceremony the same day.

Ambarish Datta, managing director and CEO, BSE Institute, said, “It is a challenge to teach personal finance as a part of the regular school curriculum. There are time constraints and many subjects. However, teaching finance basics is important. BIFO is an innovative approach to create financially aware children by getting them to participate in a fun-filled competition.”