Essential Reference Books for Preparing for the ISI MSQE Exam 2020

The Indian Statistical Institute's Masters of Statistics Quantitative Economics (MSQE) exam is highly competitive, demanding thorough preparation across multiple complex subjects. Here, we outline the essential reference books and resources that can aid aspirants in effectively preparing for the exam.

Mathematics

The Mathematics section of the MSQE exam covers advanced topics at the 11th and 12th-grade levels, including Algebra, Calculus, and Set Theory. For this section, it is essential to have a strong foundational understanding, which can be built using JEE (Joint Entrance Examination) level books.

Key Reference Books for Mathematics

Any JEE Mains level book Previous Year Question Papers (PYQs)

While JEE Mains books cover a wide range of topics, it is crucial to solve PYQs multiple times to get a feel for the exam pattern and types of questions asked. This hands-on practice will significantly enhance your problem-solving skills, which are crucial for acing the MSQE exam.

Statistics

The Statistics section is equally demanding and covers topics like Probability, Random Variables, Distribution Functions, Mean, and Variance. For a detailed understanding of these concepts, the following books are highly recommended:

Key Reference Books for Statistics

Introduction to Probability Models by Sheldon Ross

Sheldon Ross's book provides a comprehensive coverage of various statistical concepts and includes numerous examples and exercises. Solving these exercises will help reinforce your understanding and improve your ability to tackle complex statistical problems.

Economics

The Economics section includes both Microeconomics and Macroeconomics. Microeconomics topics such as Consumer Theory, General Equilibrium, Producer Theory, and Public Goods need to be studied in depth. For Macroeconomics, covering the Simple Keynesian Model, IS-LM model, and Solow Growth Model are essential.

Key Reference Books for Economics

Microeconomics

Intermediate Microeconomics: A Modern Approach by Hal R. Varian Intermediate Microeconomics Test Bank by Hal R. Varian

Macroeconomics

Principles of Economics by N. Gregory Mankiw Essentials of Money, Banking, and Financial Markets by Fischer and Dornbusch

These books offer detailed explanations and are widely regarded as excellent resources for conducting in-depth preparation for Microeconomics and Macroeconomics. They include numerous sample problems and exercises, which are crucial for mastering the subject.

Additional Resources

In addition to the above books, reference to the study materials of Sourav Sir's Classes is highly recommended. These classes provide important notes and a variety of questions that are regularly updated based on the latest exam patterns. The materials can be found on various e-commerce websites.

Students can also directly take their preparation from Sourav Sir's classes, as his study materials are currently the best available for cracking the ISI MSQE exam.

Verdict: Effective preparation and consistent practice with the right resources can significantly improve your chances of success in the MSQE exam. By utilizing the recommended reference books and additional resources, students can build a strong foundation and develop the problem-solving skills necessary to excel in this competitive exam.