MSc Quantitative Economics entrance: Indian Statistical Institute
ISI conducts its entrance in April and has two papers:
- Paper 1: Focuses on Mathematics and Statistics
- Paper 2: Focuses on Microeconomics and Macroeconomics
Paper 1: The first step in preparing for any entrance is to go through the past year papers (you can access it from http://www.isid.ac.in/~pu/academics.html). For this section of ISI entrance, you may realize that ISI focuses on 11th and 12th class mathematics. Therefore, the first step in going about this section is to brush up on your school level concepts. I would further recommend readers to take up some Engineering entrance preparation book and solve questions from there. Do not go to IIT level questions, just focus on AIEEE kind of questions. Students may also see the past years of BSc Math entrance conducted by ISI. An excellent reference book is “TEST OF MATHEMATICS AT THE 10+2 LEVEL” Â published by Affiliated East-West Press Pvt. Limited. It is a collection of past 20yrs B.Stat Entrance questions which are very similar to the ones asked in MSQE entrance.
The key to clearing this section is having the concepts clear and focusing on solving as many types of questions as possible.
For Statistics, I would recommend SC Gupta and V.K.Kapoor’s book on Mathematical Statistics. This book has many questions on Probability and they are of the level asked in ISI entrance.
Paper 2: Microeconomics shall be studied from Intermediate Economics by Hal Varian and some concepts from Pindyck and Rubenfield. After getting hold of the concepts, make sure that you do the relevant chapters from Workbook, Varian. The questions that are asked in ISI entrance again target on the basics. So keep your concepts clear and for that practice as many practical questions as you can. Do not waste time in mugging up some formula. ISI focuses on how well you understand concepts and not on how well you can mug up.
If you have completed the Workbook and pretty confident about it then I would suggest you to do questions from MIT open courseware.
http://ocw.mit.edu/OcwWeb/Economics/index.htm
Just look at different microeconomic courses and see which ones ask concepts that you have done from Varian and Pindyck & Rubenfield. You may go through the lecture notes as well, they are good. I would suggest you to focus on solved assignments than go through the unsolved ones. And to have a stronger grip on the concepts, do solve all the DSE past years question papers.
For Macroeconomics, again, concepts are very important. Go through Dornbusch and Fischer for the same. Mankiw Macroeconomics is good as well. Last year, ISI had asked a question on macroeconomic modeling. If you have time, you may go through ‘Macroeconomic Theory and Policy’ by William Branson for the same. It will help you in DSE preparation as well.  Moreover, try the macroeconomics questions from DSE past years. The question that was asked in ISI last year was somewhat similar to the kind of macroeconomics questions asked in DSE. Another recommended, albeit a little elementary, is Schaum series Macroeconomics. I found the growth models done well in it. You may complement Growth models from Mankiw with Schaum series one. A question on growth model (essentially Solow) is quite likely.
Cut off: I believe the cut-off in maths n stats section could have been around 22-23/30. Actually, it depends on the difficulty level of the paper. If you see 2008 paper, this section was quite easy and hence the cut-off would have been higher. For Micro, Macro section, my suggestion would be to target to attempt 80% of the questions.
Note: For students who did their graduation from non-DU college shall take up DU syllabus of Microeconomics and Macroeconomics taught in 2nd year (can access at http://econdse.org/ba09.pdf)
If anyone has any query about ISI MSQE entrance , you may leave a comment on this entry. For queries in other entrances (JNU,DSE), put your comments in the respective blog entry.
Good work….and your blog says that “good work” is too short a comment and that I need to write more!!!
Hey thanks for all the info…i wanna know if Hal Varian is not available would Modern Microeconomics by Koutsoyiannis be alright? I noticed that most of the topics from 2009 Micro syllabus of MSQE entrance is available in Koutsoyiannis.
Also in the math section is trigonometry or trigonometric functions included? They have never been mentioned specifically in any of the past four years syllabus.
Also the syllabus they provide with the hall ticket, should we take it as it is, will there be questions from outside the topics mentioned?
I have not heard of Koutsoyiannis microeconomics. However, if you have comfortably been able to solve the Workbook by Varian, past years of ISI and DSE, thats good enough.
You are not required to do trignometry in maths.
It is suggested to just focus on the syllabus, it is quite exhaustive in itself.
All the best..!
alright…so what would be the best way to get past DSE papers?
alright…so what would be the best way to get past DSE papers? oh and thanks…since I can’t put ‘thanks’ as a single comment
They are available in DSE photocopy shop..:)
[...] For all those who are preparing for Entrance Exams for pursuing Masters in Economics (M.Sc. Quantitative Economics) for ISI Delhi Or Kolkata can read a nice blog on the same. Here you go: ISI M.Sc. Quant Eco [...]
The information here is great. can u help me with come coaching classes as well. i m now put in Pune. I m an ISI aspirant. There is no help available here.
Hi Surabhi. If you have gone through all the material suggested in this blog, I do not think you require any coaching. What exactly are you looking for in coaching? And in which year you would be giving ISI entrance?
I s intermediate Microeconomics by Varian sufficient for ISI, DSE entrance exam preparation.
Does the WorkBook by Varian contain microeconomics problems with solutions.Is this book readily available in all the metro cities across India.
Intermediate Microeconomics by Varian is sufficient for clearing the concepts. For understanding market structure section, I found Pindyck and Rubenfield better. Note that for these entrances, having clear concepts is the first step. And often practicing questions of different types help you get hold of it. So solve as many questions as you can from the workbook (you should do it completely!), DSE and ISI past years.
Workbook shall be available in all the metro cities. It is certainly available in Delhi.
Riju, great work with the blog. Great info onboard with overall pleasant aesthetics. Much thanks!
just wondering- Any word on IGIDR? How’s their MSc Econ program and some pointers towards their entrance exams?
and if I may, can I connect to you through the mail?
Sutirtha!
Hi Sutirtha! IGIDR is good. I think I will rank it 3rd or 4th. The USP of IGIDR is I guess its placements. As far as prep for IGIDR entrance is concerned, it is much like CAT, albeit easier I suppose! Apart from English, they ask questions on statistics and mathematics. I would suggest you to brush up 11th and 12th class Mathematics course for Mathematics section. For Statistics, Fundamentals of Statistics by SC Gupta would do.
You can surely contact me on mail. I have sent you an email from my account.
All the best!
Is the title of the Work book u r referring to : ” Workouts in Intermediate Microeconomics” authored by Hal R. Varian ? is 7th edition of the book is latest ?
Regards,
Aparajita Niyogi
hi nice to see ur blog..
if u could just mention all the colleges that offers MA with their respective ranks in terms of placements,,, i wud be really thankful…
thankx for nice piece of information.
i am pursuing my Bsc in statistics 1st year from Hindu College,Du.
i put up in Delhi and there is no guide for me which may help me to get through the preparation of Msc stats from ISI. i m strong in statistics and z scoring very good marks..i have also knowledge of 2nd and 3rd year stats and prob as i read many a book in stats includin Sheldon Ross which i found very interesting. i dont read the Sc gupta book just to get my 1st year result but ihave done almost whole of this particular book . i am very passionate about stats but i m not getting what shud i read to get through Msc. i want to du stats till phd. i read every book available in my library regarding prob and stats too…
CAN YOU PLEASE SUGGEST THROUGH THIS COLUMN WHICH ALL BOOK SHOULD I READ…??
AND ALSO Z PHD COARSE AVAILABLE IN ISI??
also IS THERE NEED OF ANY COACHING FOR THIS?/
AND PLEASE TELL ME ANY COACHING AVAILABLE IN DELHI FOR THE SAME?
AND I HAVE NO CONNECTION IN CALCUTTA SO AS TO GET NICE SET OF BOOKS NOR ITS AVAILABLE IN MY COLG LIBRARY FROM WHERE SHOULD I GET THE BOOKS WHICH YOU R RECOMMANDING?
anD really thanks alot for such a nice blog..
@Aparajita: Yes, thats the book.
@Archit: 1. DSE 2. IGIDR 3. ISI/JNU
@Khushboo: I am sorry, I have no clue about MSc Statistics. The blog entry is for MSc Quantitative Economics only..
Riju, thanx for the information and the excellent blog.
Riju,
Can u mention the level and extent of mathematics and statistics i need to practice for DSE,ISI, IGIDR and JNU entrance exam?
How is the book on mathematics by A.C.Chiang for practising?
Hi Riju. This is reply to your post on 26th march. I would be giving entrance next year i.e. May 2011. I m looking coaching for economics part, atleast for doubt clearances.
@Aparajita: All the entrances have different level of Mathematics and Statistics. Read my blog entry on JNU and ISI to know the level of Maths and Statistics asked in these papers. IGIDR focuses on 11th and 12th Maths. As for DSE, i shall write an entry on DSE soon, so keep checking!
@Surabhi: First you need to understand that for MA Economics entrance prep, the most important factor is self study+a good friend circle interested in preparing for the same. I would give 80% importance to it.
I had attended some classes of “vibhas” for MA prep, he came out to be totally bogus. I had joined Eco point solely for DSE which was much better. But at ecopoint you may feel lost if you do not know the basics. You may decide to come to Delhi for coaching but your aim should be to form a good study circle at these institutes than learning from the teachers there. Self study is the key!!
Hi Riju,
First of all, congratulations for your wonderful blog. I must say its an informative one.
Riju, could you please connect me on my mail as I need to ask a few queries.
I would appreciate your help.
Thanks
Himanshu
Riju,
I am longing to see ur blog on DSE.
When r u going to write it ?
I am sure it will help me to a great extent.
Thanx,
Aparajita Niyogi
@ Himanshu: If it is something general, I will appreciate if you put your queries here as it would benefit all the readers.
Shall make it soon though!
@ Aparajita: It will take some time, got exams till 15th April
hey is it possible for u to get the link for the previous year papers of hyderabad university………..
Thanks Riju. That helped me alot.
@Archit: I am sorry, I have no idea about UoH.
Hi Riju,
I am into IT from last 3 yrs and now planning to do post graduation.
So,my first query is, will it be possible for me to understand the concepts thoroughly as I am from completely different background and also how much time is sufficent for an individual like me to crack the exam. I am planning to write the exam next year and I know its better to start early, however, I just need to get an idea how much efforts do I need to put into
My second query is :What kind of job prospects are there after completing the Masters from ISI/DSE. and also what would be the career paths after graduating in economics or in quantitaive finance.
Will the career paths be different in both the courses. Please suggest.
Thanks
Himanshu
Answering your second question first, ISI and DSE have different approach towards economics. If you are aiming for placements in banks (Citi, ICICI, Amex etc), I-bank like Nomura, then DSE should be THE choice. However, if you wish to pursue PhD in Economics, and you are sure about it, aim for ISI.
It shall not be challenging for you to crack DSE entrance given that the number of seats is nearly 150 for all categories. The first step for you is to go through the syllabus of BA Economics of DU. I have given a link for the same in my blog. Start from Microeconomics and Macroeconomics course that one takes in second year. Just go step by step with the DU syllabus and you shall get a hang of what is actually economics. You may take atleast an year to prepare for the entrance given that you have not pursued anything in Economics uptil now.
However, I will be glad to know if you could tell me why you are interested in Economics at first hand?
Thanks Riju for answering my queries !
Now coming back to your query, I would say there are couple of reasons to pursue Masters either in Economics or in quantitative finance.
Last wednesday there was an article in leading newspaper that students from DSE(M.A) did their interns in Lok Sabha.I was so impressed by those students that they have done something at the National level and deep down I also has a desire to do the same.So,I am hoping that graduating from economics may give me a chance to serve my Nation. Who knows, I might get the opportunity to prepare policies or to do
reforms.
Second most important reason is that I want to come out of IT field.Being an IT engg,You always live in a pseudo world.Only your client, timelines, coding, defects becomes your life.You actually gets a big disconnect from the whole world, which I am hoping that economics will not provide me.
Also, I thought of doing MBA(finance) from a reputed institute but hefty fees and huge competition made me defer my plans. If you look for ROI in economics, it would be a very high plus you’ll be having a sound learning curve which is actually missing in IT.
I am also exploring other opportunities like Risk Management,Quantitative finance etc,something that’ll put me into niche business. I may sound confused but this is how I am right now.
Any suggestions, opinions, criticisms etc by you are most welcome.
Thanks !
Himanshu
I think I got a fair idea why you are looking for economics.
I will suggest you to be a little more clear with whether you wish to pursue Finance or Economics.
With Economics, you can surely pursue what you desire to and given your interest, I think DSE will go along better. As for internship in Lok Sabha, anyone can apply for it. It is a one year internship programme..
I think you shall get on with Microeconomics and Macroeconomics from BA Economics, DU..see how you fit in with the subject. Getting a hang of the subject itself takes quite a time. As for career prospects, if you are looking into getting into policy arena, you can think of applying for Indian Economic Services or RBI. You may wish to go through DSE placement website: http://www.dsebottomline.com and see which companies come for placement and if their area suits your interest..
Thanks for the suggestions. Appreciated your help !
I am in contact with few of the intellectuals like you in order to know whats best for me. Its been a very confusing journey till now and hoping to take a decision soon.
Riju,if you could send me a note or add me on gtalk that would be helpful. May be I would be able to catch hold of you sometime and will discuss the nitties gritties of the programme.
Thanks !
Hi RIju
Can you please tell me which edition of Mankiw is better for reference for MSc QE..??
I got hold of 4th and 6th edition and I couldn’t decide which one to refer.
Can u please help me out?
Hi Riju,
I need yr help in finding an appropriate book from where I cd practice Functions and Set Theory problems for DSE entrance exam.
Regards,
Aparajita
Hi Riju,
Congrats n thanks for keeping plethora of stuff on the page !
Helps quite a few of nacents to this field to understand the things in and out !
Cheers
Deepak :: Himanshu’s Friend !
@Surabhi: Go for 6th edition
@Aparajita: For functions, i think Chiang is good. Maths section in DSE entrance is sort of unpredictable. My plan was to focus on Micro, Macro and Stats and do Chiang and Sydsaeter and Hammond for Maths..
@Deepak & Himanshu:
hi riju. I have a science background, n wish to appear fr isi msqe this year. I i am getting confused as to how many chapters do i finish in varian. for example, i have partially read gould and lazear, koutsoyannis, lipsey, but i am getting confused in the chapters to cover in th demand theory from the book varian.
Secondly, what opinion do u have abt studying from lipsey only. Micro as well as macro. N could u help me with the chapters in macroeconomics don n fisher. thanks.
Hi Riju,
I went thro’ the DSE placement website and got a bird’s view of the placement.However, I am a bit skeptical about the packages offerred to the candidates. No such info has been provided over there.
Do you have any info on the packages and roles offerred to the students. Also, any info on the percentage of the students finally placed in the last session at DSE.
Riju, take these queries as the common queries of me n Deepak..also, I think you forgot to take an action on my earlier request.
@ Deepak – Finally, u made ya mind ..gud for u
-Himanshu
Hi Riju,
Can u give me an idea as to how many questions one need to answer correctly to crack d DSE entrance exam. In 2008 there were total 60 questions in the exam.I hv not seen 2009 paper.
Looking forward to ur blog on DSE.
@Varun: I have not gone through other books but certainly lipsey is not sufficient. I will suggest you to go through Intermediate Microeconomics by Varian and the workbook. In my opinion, they are very good books and must to do for any MA Economics entrance. Except chapter 11, 13, 17 in Intermediate Microeconomics (7th edition), all other chapters are to be done. For Macroeconomics, follow what has been suggested in the blog. And for the exact chapters, go through the link provided on the blog of DU syllabus and see what all was in course in Macroeconomics 2nd year.
@Himanshu: Average goes around 8-9l. Around 90-95% were placed this year. As for the job profile, it is usually analytics.
@Aparajita: Very sorry for the delay, shall try to write on DSE today. Will incorporate your query in that.
hi riju,
i hold a Bcom degree from agra university.
is it adviseable for me apply M A economics from DSE and as till yet i have not started preparing how much time it requires for preparation.
@Sambhav: You may apply for it but it is quite tough for you to get through given you are from B.Com and DSE entrance is 2 months away. Get hold of the syllabus of Macro, Micro, Maths and Stats of DU BA Economics (link is provided in the blog) and see how you can cope up with it. I would suggest you to apply for it to just see how it goes and may be you can prepare well for the next year.
what about the books of schuam series?
@Sachetan: I have gone through only Macroeconomics Schaum series. No idea about others.
Hi Riju… can I get an idea of Cutoff marks for ISI Delhi Quantitative Eco paper in genral 4 both papers???
It will be very helpful if u give an idea for DSE too…
@Yogeshwar: I have incorporated this information in the blog. Kindly refer to it.
hi riju,
please tell me from where i can get the previous papers of DSE economics entrance.
it will be very helpful …..
hi…please help me in selecting the write book to crack the delhi and mumbai universities MA ECONOMICS PAPER.
I have brushed up my 12 th from CB GUPTA and i am a B.CoM student …
so for further level and for INDIAN and INTERNATIONAL economics..which book should refer and olso for STATISTICS.
please guide me if there is one combined book which i can go through.
is UGC level book good for studing.
will be waiting for your reply
thanx
aastha
@Aastha: Read the blog and follow the books suggested. I have not seen UGC books.
helo riju,
I am doing my BSc Economics, 3rd Year, Guwahati.I will be appearing for the entrance exams in 2011. I was thinking of taking up the online coaching classes offered by Ecopoint. Do you have any idea about this institute? Like will that help me??
hi…im a 2nd year bcom student from mumbai. is it advisable for me to appear for the DSE MA ecoomics exam considering that i start preparing for it from now onwards only? n could you tell me if there are any good coaching institutes in mumbai for preapring for this exam?
very nice blog “Riju”…..and extremely informative…..
Hi Riju
I worked in a market research and analytics company. Prior to that I did my B Tech from IIT Roorkee in mechanical.
I cleared level 1 of CFA. And I want to pursue my career in finance ( to be precise in investment bank). During my masters I am planning to clear atleast one more level of CFA.
Can you tell me whether it is good to do masters from ISI/ DSE. I know there is a difference in approach of course for the two institutes. But I want to know which is more aligned to my requirement.
I will be very grateful if you can provide your contact number so that I ca talk to you.
regards
Sandeep
sandyiitr2003@gmail.com
+91-9916568943
Regards
@Neets: I have no clue about your abilities and interest in Economics! Get hold of the sample papers and decide for yourself. I am not aware of any coaching institute in Mumbai.
@Sandeep: I hope you understand the difference between finance and economics. If you are interested in I-banking, MBA is the course.
Hi Riju,
I hv cleared the ISI, MSQE and IGIDR, M.Sc Economics entrance exams.
Please guide me in details on the interview at these institutes.
Regards,
Aparajita
@Aparajita: Congrats! Revise all that you studied for the entrance. Focus on ISI interview as it is relatively more intensive. ISI interview panel will test you on concepts and not expect you to really solve the questions. So get a strong grip over the concepts and solve as many questions as you can. I had applied to ISID and the faculty there was very helpful and they tend to guide you to solve the question than ‘grill’ you. The most important thing is to keep your mind calm while giving the interview..All the best!
Dear Riju
I am an engineering graduate . I have 2 years gap b/w class 12th and engg. Am I still eligible for the m.a. eco course at dse/jnu etc. is there any age limit.?
Hi Riju,
I belong to engineering background, doing my B.Tech in Aeronautical Engg…I am interested in joining MSQE from ISI after completing my grad. I am preparing for the entrance ….however, what kind of interview an engg student expect in ISI? Will there be maximum questions on engg?
hi , can u tell which one is better isi or igidir as they have programs msc qe and msc e?
@Mandar: Depends on your interest. ISI has MSQE which focusses on Quant Economics and IGIDR has MSc Eco. If you are interested in PhD after PG, ISI is the place.
Hi Riju,
Can you pls advise which is a better course for career in financial services – MSc QE at ISI or MSC E at IGIDR. I am getting admission in both. I have done BA eco & Stats from Xavier’s Mumbai.
regards, Ramesh
@Ramesh: As far as I know, the interviews for both the institutes are yet to take place. I would suggest IGIDR. But course and institute wise, it is ISI. ISI has excellent faculty and very well designed course. And what I hear is that ISI D is better. I am not sure.
Thnx Riju. ISI Cal results were out yesterday. IGIDR interview is on 29th.
I was told IGIDR is good for PhD & ISI better for MSc…..
@Ramesh: ISI is for PhD and IGIDR for placements.
Hi Riju,
I hv been selected for ISI Cal MSQE prgm.
Thanx 4 ur help and guidance all the way.
@Aparajita: Great news. Congratulations and I hope DSE entrance went well for you. Or have you decided for ISI Cal already?
Hi,
im the student of B.A.(h) economics from srcc n Ive cleared the ms qe enterance at isi but ive no idea as to how to prepare for the interview. kindly help me out on this front.i’ll be greatly obliged.thanx.
@Mansi: Refer to the reply to Aparajita’s same query.
hi Riju,
I am interested in applying for the entrance exams of ISI and IGIDR and was looking at how to prepare for both. In the economics section do they also ask current affairs related to economics like the RBI’s decision to bring about changes in CRR or SLR or is it purely theory. which are the good books for macro-economics. Is Schaums series for microeconomics and mathematical economics a useful book for preparation? Is Lipsey-Crystal a good book for reference and for the maths sections is it enough if I go through the maths of 11th and 12th?
@Nishant: All your questions have already been answered in the blog.
Hi Riju,
Thanx.
Yes I hv decided for ISI cal MSQE.
DSE entrance exam was a bit difficult this yr. The question trends hv changed.Anyway I am waiting for the results.
Hi riju,
Nice work on the blog.Please let me know about the syallbus for the entrance examination for quantitative economics conducted by indian statistical institute.Apart from brushing the 11th and 12th standard text books and bsc stats entrance exam what else I need to study.can u please help
@Barath: Read the blog
@Sumit: No book alone is sufficient. Start with Principles of Economics by Mankiw and then advance to Varian and other books recommended in the blog. Similarly you can start with Dornbusch and Fischer for Macro. Read the other comments, all your queries have been already addressed
please tell me the names of maths topics which i am supposed 2 do 4 isi masters in quantitative economics course
@Megha: Read the blog.