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How should I prepare for the entrance test of MS quantitative economics at Indian Statistical Institute?

Hello ! I'm Ridhivi Srivastava. I did my graduation from Shaheed Bhagat Singh College, Delhi University. I joined ISI-Delhi MSQE program in 2020-22 batch. I'll share my method of ISI-MSQE preparation.This is going to be one detailed explanation, so it's going to take some time !• BOOKS AND REFERENCESThe entire syllabus of ISI entrance can be divided into these subjects -1) Development Economics2) International Economics3) +2 maths4) Advanced Maths5) Microeconomics6) Macroeconomics7) Statistics8) EcotrixI'll go through all of these one by one.1) DEVELOPMENT ECONOMICSSo, I started with lesser asked topics like development economics. This year they asked 2 questions on development economics in PEA section. So, you never know which might come and if you have time, don't leave anything.I read Debraj Ray chapters from DU semester readings. You can find its pdf online.2) INTERNATIONAL ECONOMICSFor international, I did the initial chapters of Krugman. There's also a test bank of MCQ questions of Krugman available online.You can also practice JRF questions of international economics. Only the ones similar to those asked in past years of ISI PEB section.3) +2 MATHSFor +2 maths, I went through ISI syllabus available on its site and for those specific topics already covered in 12th standard, I referred to unacademy videos available on youtube.For those of you whose basics of maths till 12th standard are clear, you can just download the lecture slides of these unacademy videos, go through those and only see the video of those specific parts/example you didn't get.For those who have been a bit cutoff from +2 maths, you can refer to NCERT or RD objective book to clear your basics first.Then, there's also this book TOMATO. (Very Important)Go through this and refer to the isi syllabus for practicing only the relevant topics.4) ADVANCED MATHEMATICSFor Linear Algebra, I referred this playlist available on youtube-Math 4: Math for EconomistsFor other topics as well, like convexity concavity, quasi convexity , quasi concavity, homogeneous and homothetic functions , you can search on google, you'd find a lot of pdfs. Go through those and find the one relevant with your syllabus.I also referred to first two Chapters of Nicholson Snyder. It has covered a lot of mathematical topics.For DU students, since we have already covered Sydsaeter and Hammond, it isn't required you do all of it again, only the ones you have forgotten.But engineering or non eco background students can refer to it to get an idea of how mathematics is applied in Economics.5) MICROECONOMICSFor micro, I read all the relevant chapters of Nicholson, its examples and back questions (selective).I also practiced Varian Test File. (MCQ booklet of Varian)There's one more book, varian workbook. You can do either workbook or test file as it has almost similar pattern of questions. Just the thing with workbook is that it has solutions with it and I preferred solving without looking at solutions so I did testfile.Also, I would recommend not to look at solutions while solving, even if you do workbook.6) MACROECONOMICSNow, macro is a very extensive topic and each topic is interlinked and even the questions asked on this are direct and scoring so its thorough study is necessary.For macro, initially I covered all the chapters of Blanchard and then all the chapters of Dornbusch and Fischer (Only the chapters in DU readings).You can also select just single book among these two and study all its chapters.I referred open economy from Blanchard. (very important).For growth models, I referred to Mankiw.Then, there's this amazing book Froyen. I would totally recommend you read this one and also watch this playlist alongside-Humanities - Macro EconomicsI watched it till 15th or 16th lecture.This really helped me in the sense I could actually understand what's going on in Macro. Very well explained.7) STATISTICSFor PNC, I practiced from Theory of Counting by Gajendra Kumar.For statistics, I watched STAT 110 videos on youtube (initial 16-17 videos) -Statistics 110: ProbabilityAnd, practiced it from Degroot.Also, you can download ignou e-content app. And go to Diplomas section. Select PGDAST course. The initial 4 courses have background of every stats topic starting from basics.I did this too, because I thought my stats wasn't upto the mark and I need to see the basics as well. So, try to find out which areas you're weak at and put more effort in it.8) ECONOMETRICSNow, ecotrix questions aren't much asked in isi (almost nil) but in case you're also preparing for other exams like DSE, IGIDR, cover ecotrix from Gujarati. Very elaborative book.• PAST YEARSNow, practicing past years (2004 onwards) is VERY VERY IMPORTANT. Infact the idea of the type of questions that come can be gained only from doing past years, that too repeatedly.I didn't try to cover a lot of it everyday. I started with bare minimum. Like 5-10 questions of PEA each day and 2-3 questions of PEB each day.It's not an MBA exam, don't worry about time management. Once you're thorough with the concepts, the problem of time management wouldn't come during exam. But in initial concept building and practicing, take your time, try and get to know everything related to those questions where you're stuck at.Once you're done with covering most of the topics, then you can do one-two papers each day.But I started past years alongside from day 1 of preparation. My advice is to not leave it for last. Covering all the theoretical portions from books and other references and problem solving should be done alongside.Now, a lot of people have doubts on how to practice for PEB. I was in the same boat last year. So, what I did was that I tried it myself always and never tried to rely on solutions. That's the only key. It's going to take time initially, but with time you'd get the hang of it. Looking at solutions directly doesn't make you think for the new type of questions that might come. For example, from seeing past years, we know that few questions get repeated but this year all the questions were new. So, you should make yourself accustomed to trying out new type of questions. Also, ISI always sticks to the syllabus mentioned, so go through syllabus and keep doing past years, for any sort of question that you don't get, refer to the respective book or internet, try to find out more about that topic, then try again. It's a long process, but that's how it's gonna work. DON'T LOOK AT SOLUTIONS DIRECTLY !Also, don't leave PEB, once you have done it all. Do it again, you'd find out new methods of doing the same question and also many many questions which you did wrong in your first attempt. So, keep on doing that repeatedly.• METHODOLOGYSee, seeing syllabus at one go can make anyone nervous. But don't rush into it. Take it slow. Like I used to make a list of the topics and the past years that I have to cover in one month. And also, before each day, I used to make pointers of everything that I have to cover the next day. Used to keep my mind at peace and I didn't worry much about the ocean of syllabus left to cover. So, take it one day at a time !• COACHINGNow, there are a lot of good coachings available. Two of the most famous ones are Ecopoint and Amit sir.I had practiced the study material of both.I would say, for guidance you can take coaching but the effort has to be done by the student himself/herself. You cannot rely completely on coaching and just sit back. And it's not necessarily just for MSQE/MA , but for any entrance or exam, I assume.• FEW SUGGESTIONS1) Initially when I started off with preparation, I used to just mark important things on book. But with time, I kept forgetting it. So, I had to go through a lot of topics again and make notes out of it. Notes are very very essential and reviewing those time and again is even more essential. Please do that.2) This strategy might have worked on me, someone else might be more suited to some other strategy. So, please analyse your own strong and weak topics. Things , books, videos, references and timetable that work for you. Methodology that suits you. Keep analysing yourself.3) Don't just blindly rely on only the questions of past years. It's Very important, yes, but not the only thing that should be done as it can or cannot get repeated, it's unpredictable. Also blindly expecting cutoff same as last year could be troublesome too. Last year, the cutoff of PEA was 66 and this year it was 78. So, it could change according to every year. Don't consider it fixed.4) Clearing PEA wouldn't be as much of a big task, but clearing PEB would be. I for myself attempted all 4 questions. So, put more focus on that. Try and attempt max of what is asked.5) Preparing for ISI makes you cover a lot of topics for DSE as well. But DSE has few extra topics, if you're inclined on filling both, cover those extra topics too , whose idea you would get from past years of DSE.6) Discussion groups are very very important! One thing that I feel sets a difference between a person taking coaching and not, is the discussion groups that coaching provides. You would find a lot of brilliant people preparing for the same and discussion would help you learn a lot of it. If you are not taking any coaching, try to get yourself added in some discussion group. Highly advisable.Hope it helps !Thank you!Ridhivi SrivastavaISI MSQE (2020–22)

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