IGCSE Business 0450 becomes 0264: what changes?
Cambridge IGCSE Business Studies 0450 is replaced by Cambridge IGCSE Business 0264 from the March 2027 series (India only) and the June 2027 series for everyone else. The two papers keep the same names, timings and marks, but AO2 Application rises from 20% to 30% of the qualification, and every Paper 1 question now has four parts, ending in an 8-mark applied evaluation. Cambridge has also renamed the subject "Business", added new topics on technology and sustainable production, and put a list of formulas and ratios into the syllabus.
If your Year 11 (Grade 10) students sit IGCSE Business in 2027, they take 0264, so their mocks this year should follow the 0264 format. Everything below is taken from the 2026 and 2027–2029 syllabuses, the 0264 specimen papers and a June 2024 0450 paper, as of October 2026.
When does 0264 replace 0450?
The 0450 syllabus covers exams in 2026 only, and 0264 covers exams in 2027, 2028 and 2029. Both are available in the June and November series, plus March for schools in India. The 9–1 and O Level versions change code at the same time.
| Qualification | Old syllabus (exams in 2026) | New syllabus (exams 2027–2029) | First exam on new syllabus |
|---|---|---|---|
| Cambridge IGCSE | Business Studies 0450 | Business 0264 | March 2027 (India); June 2027 for other schools |
| Cambridge IGCSE (9–1) | Business Studies 0986 | Business 0774 | June 2027 |
| Cambridge O Level | Business Studies 7115 | Business 7081 | June 2027 |
Cambridge says the new title aligns IGCSE with its AS & A Level Business syllabus (9609). The 9–1 syllabus is only available in administrative zone 3 and for centres in Oman and the UAE. O Level 7081 is available in zones 3, 4 and 5 in 2027 and in zone 4 from 2028. For the other IGCSE subjects changing at the same time, see our overview of every Cambridge IGCSE syllabus change for 2027 to 2029.
Has the exam structure changed?
No. Paper 1 and Paper 2 are the same length, carry the same marks and have the same weighting. Both papers still have four compulsory questions, and the command word list (calculate, consider, define, explain, identify, justify, outline, state) is the same in both syllabuses.
| Paper | 0450 (2026) | 0264 (2027–2029) |
|---|---|---|
| Paper 1 Short Answer and Data Response | 1 h 30, 80 marks, 50%, four compulsory questions | 1 h 30, 80 marks, 50%, four compulsory questions |
| Paper 2 Case Study | 1 h 30, 80 marks, 50%, four compulsory questions on an insert | 1 h 30, 80 marks, 50%, four compulsory questions on an insert |
| Grades | A* to G | A* to G |
What has changed is how the marks are split inside each question and what each part rewards.
How have the assessment objective weightings changed?
AO2 Application rises from 20% to 30% of the qualification, and the other three AOs each fall. Cambridge says the reworded AOs test the same knowledge and skills as before. The shift is in how much credit goes to using the business in the question.
| Assessment objective | 0450 whole IGCSE | 0264 whole IGCSE | 0450 Paper 1 | 0264 Paper 1 | 0450 Paper 2 | 0264 Paper 2 |
|---|---|---|---|---|---|---|
| AO1 Knowledge and understanding | 40% | 35% | 50% | 40% | 30% | 30% |
| AO2 Application | 20% | 30% | 20% | 30% | 20% | 30% |
| AO3 Analysis | 25% | 22% | 20% | 20% | 30% | 25% |
| AO4 Evaluation | 15% | 13% | 10% | 10% | 20% | 15% |
On an 80-mark paper, ten percentage points is roughly 8 marks. So on Paper 1, about 8 marks move from knowledge to application. On Paper 2, about 8 marks move to application from analysis and evaluation. These are Cambridge's approximate weightings, not a fixed mark allocation.
What changes in Paper 1?
Each Paper 1 question now has four parts instead of five, and the last part is worth 8 marks instead of 6. The question still totals 20 marks, but the mark breakdown is different.
| Paper 1, each question | 0450 (June 2024 Paper 11) | 0264 (2027 specimen Paper 1) |
|---|---|---|
| Parts | (a) to (e) | (a) to (d) |
| Marks per part | 2, 2, 4, 6, 6 | 2, 4, 6, 8 |
| Final part | 6-mark "Justify your answer" question | 8-mark "Justify your answer" question |
| Final part marking | 2 knowledge, 2 development, 2 evaluation | 2 knowledge, 2 application, 2 analysis, 2 evaluation |
The final part is where the AO shift is most visible. In the June 2024 Paper 11 mark scheme, all four (e) questions were general questions, with the note "there are no marks for application". In the 0264 specimen, every (d) question is about the business in the stem, for example whether a gold-mining company should introduce new technology, and up to 2 of the 8 marks are for application.
The (c) parts look familiar. They are 6-mark "Explain" questions marked as 1 knowledge, 1 application and 1 development for each of two points, which is how the 6-mark (d) parts were marked in June 2024.
What changes in Paper 2?
Paper 2 keeps its 8-mark (a) and 12-mark (b) parts, but all part (a) questions are now applied, and the levels descriptors are reworded. Cambridge's own summary is that "the marking criteria remains largely the same".
- Part (a) is always in context. In June 2024 Paper 21, Question 3(a) asked for four general reasons why spending patterns change, and the mark scheme said there were no application marks. In the 0264 specimen, every part (a) is set on the case study business. Three are "Explain" questions whose explanation marks must include application to the case, and Question 3(a) uses the business's own cost data.
- Part (b) levels use the same bands. Level 3 is still 9–12 marks, Level 2 is 5–8 and Level 1 is 1–4.
- The level descriptors are reworded. The 0450 scheme opened Levels 3 and 2 with "sound application of knowledge and understanding". The 0264 specimen uses "excellent", "good" and "limited" knowledge and understanding "in context" for Levels 3, 2 and 1.
- The top-of-band guidance is unchanged in spirit. The top of Level 3 still needs detailed discussion of the options, in context, and a well-justified recommendation that explains why the alternatives were rejected.
Calculations still appear in part (a). In the specimen, Question 3(a) splits 8 marks into average cost (2), variable cost per unit (2) and four uses of cost data (4).
What content is new and what has gone?
Cambridge has added two new operations topics, included digital communication in Topic 2, and added a formulas and ratios list. It also says some content has been removed and some topics reduced.
New in 0264:
- 4.2 Technology and production of goods and services, including automation, CAM, 3D printing and contactless payments in the service sector
- 4.3 Sustainable production of goods and services, such as renewable energy, less waste, recycling and environmentally friendly packaging
- Digital methods of communication in 2.3, including virtual meetings, email, text messages and social media
- Flexible working, such as home working and flexible hours, and dynamic pricing as a pricing method
- A formulas and ratios list covering market share, labour productivity, costs, break-even, margin of safety, profit, working capital, profitability ratios and liquidity ratios. The current ratio and acid test ratio can be given either as a ratio to 1 or as a number.
Cambridge does not list the removed content, but comparing the two syllabuses, items in the 2026 0450 content that do not appear in 0264 include:
- price elasticity of demand
- needs, wants, scarcity and specialisation
- public corporations and the objectives of public sector enterprises
- the difference between profit and cash
- promotional pricing and micro-finance
- constructing a break-even chart (0264 says "complete or amend" only)
- constructing a cash flow forecast (0264 says this will not be assessed)
"Income statement" is now "statement of profit or loss", in line with the updated terminology.
The syllabus has also been revised once since it was first published. Version 2 updated the total cost and margin of safety formulas, and in July 2025 Cambridge updated the specimen Paper 2 mark scheme for Question 2(b). Make sure you are using version 2 of both.
Can I still use 0450 past papers for 0264 mocks?
Yes, most of a 0450 paper can be reused, but you need to adapt Paper 1 and check every question against the new content. Past papers are still the biggest bank of good Business questions available, and the case studies and data work transfer well.
| 0450 past paper section | Fits 0264? | What to do |
|---|---|---|
| Paper 1 (a) to (d) | Mostly | Rebuild each question as 2, 4, 6 and 8 marks. The old 6-mark (d) works as a new (c) |
| Paper 1 (e), 6 marks | Not as it stands | Rewrite as an 8-mark question about the business in the stem, and add application marks |
| Paper 2 (a), 8 marks | Yes, if already in context | Rewrite any general (a) question so it refers to the case study business |
| Paper 2 (b), 12 marks | Yes | Mark with the 0264 specimen level descriptors; the bands are the same |
| Any question on removed content | No | Drop it, for example a question on price elasticity or constructing a break-even chart |
Use the 2027 specimen papers for at least one full mock. The specimen Paper 1, Paper 2, insert and mark schemes are on the 0264 syllabus page and the School Support Hub, and they are the only full papers in the 0264 format until the first live papers are released.
What this means for marking mocks this year
Mark 0264 mocks with application in mind: an answer that never uses the business in the question will lose more marks than it did under 0450. That applies to Paper 1 part (d), Paper 1 part (c) and every Paper 2 question.
- Annotate application separately. The 0264 specimen Paper 1 mark scheme uses k, app, an and eval, and eval now applies to part (d) questions rather than part (e). Our guide to IGCSE mark scheme abbreviations explains the common codes.
- Check that application makes sense. The specimen guidance says a reference to the stem must make sense in relation to the point being made. A detail from the stem that is dropped in without linking to the point should not earn the mark.
- Do not double-credit the justification. The specimen Paper 1 guidance says the justification should not repeat earlier points.
- Agree the new level wording as a department. The Paper 2 bands are unchanged, but "excellent" and "good" in context are new phrases. A short standardisation meeting with a few sample scripts helps. See moderating IGCSE mock marking across a department.
- Treat grades as estimates. No 0264 series has been sat yet, so there are no 0264 grade thresholds. Both syllabuses use two 80-mark papers, but the AO balance differs, so 0450 thresholds are only a rough guide. See which grade boundaries to use for IGCSE mocks.
Will IGCSE Business become a digital exam?
Cambridge's digital exam roadmap lists IGCSE Business 0264 for launch in 2030, and Cambridge says the roadmap is subject to change. The 2027–2029 syllabus describes both components as written papers.
FAQ
When is the first IGCSE Business 0264 exam?
The first 0264 exams are in March 2027 for schools in India, which can enter the March series. For all other schools, the first 0264 exams are in June 2027.
Is the IGCSE Business exam format changing in 2027?
The papers keep the same names, length and marks: Paper 1 Short Answer and Data Response and Paper 2 Case Study are each 1 hour 30 minutes, 80 marks and 50%. What changes is the mark split inside each question and the weighting of the assessment objectives.
Can I use 0450 past papers to prepare students for 0264?
Yes, with adjustments. Rebuild Paper 1 questions as four parts worth 2, 4, 6 and 8 marks, rewrite general evaluation and part (a) questions so they use the business in the stem, and drop questions on removed content.
What happened to IGCSE (9–1) Business Studies 0986?
It becomes Cambridge IGCSE (9–1) Business 0774, first examined in June 2027. The 9–1 syllabus is only available in administrative zone 3 and for centres in Oman and the UAE.
Are there grade thresholds for 0264 yet?
No. The first 0264 exams are in 2027, so no 0264 series has been sat and no 0264 thresholds exist yet. Any grade you give a 0264 mock before then is an estimate.
Sources
- Cambridge IGCSE Business 0264 syllabus for 2027, 2028 and 2029, version 2 — Cambridge International
- Cambridge IGCSE Business 0264 syllabus update, 2027–2029 (July 2025) — Cambridge International
- Cambridge IGCSE Business Studies 0450 syllabus for 2026, version 2 — Cambridge International
- Cambridge O Level Business 7081 syllabus for 2027, 2028 and 2029, version 3 — Cambridge International
- Cambridge IGCSE Business 0264 syllabus page, including the 2027 specimen Paper 1, Paper 2, insert and mark schemes (Paper 2 mark scheme version 2) — Cambridge International, accessed October 2026
- Cambridge IGCSE Business Studies 0450 syllabus page, including the June 2024 Paper 11 and Paper 21 question papers and mark schemes — Cambridge International, accessed October 2026
- Cambridge IGCSE (9–1) Business Studies 0986 syllabus page and Cambridge O Level Business Studies 7115 syllabus page — Cambridge International, accessed October 2026
- Syllabus Changes (International), September 2026 version 1 — Cambridge International
- Digital exam availability — Cambridge International, accessed October 2026