Ultimate Guide to Cracking the ISI MSQE Exam

Introduction

The ISI MSQE (Master of Statistics with a specialization in Quantitative Economics) exam is a challenging test designed to assess your proficiency in various areas of mathematics, statistics, econometrics, and economic theories. This comprehensive guide will provide you with a detailed list of recommended books, resources, and tips to help you prepare effectively.

Key Areas to Focus On

To prepare for the ISI MSQE exam, it's essential to have a solid grasp of the key areas involved. These include mathematical statistics, econometrics, microeconomics, and macroeconomics. Here's a detailed breakdown:

Mathematics and Statistics

A strong foundation in statistical theory and mathematical concepts is crucial. Here are some highly-recommended books and reference materials:

Essential Concepts in Probability and Statistics - By Some Author
This book covers fundamental statistical theory, making it an ideal starting point. A Comprehensive Guide to Statistical Inference Methods - By Another Author
Understand the core statistical inference methods to build a strong foundation. Probability and Statistics for Engineers and Scientists - By Ross, Sheldon
One of the most widely-used textbooks, covering both probability and statistics in depth.

Econometrics

Mastering econometrics is essential for the ISI MSQE exam. The following resources will help you:

Introductory Econometrics: A Modern Approach - By Wooldridge, Jeffrey
An easy-to-understand introduction to econometric methods, suitable for beginners. Advanced Econometrics: Methods, Models, and Applications - By Buse, Arthur
A more advanced text that covers a wide range of econometric techniques.

Microeconomics and Macroeconomics

For a solid understanding of microeconomic and macroeconomic principles, refer to the following texts:

Economics: Principles and Theory of Public and Private Sector - By Mankiw, N. Gregory
A standard textbook for understanding microeconomic theory and principles. Macroeconomics - By Dornbusch, Rudiger and Fischer, Stanley
An in-depth resource on macroeconomic models and theories.

Additional Resources

In addition to these books, there are several other resources that can aid your preparation:

ISI Previous Years’ Question Papers
Solving past papers is an excellent way to familiarize yourself with the exam pattern and types of questions. Online Courses and Lectures
Platforms like Coursera, edX, and YouTube offer many valuable lectures on statistics, econometrics, and economics. Research Articles and Journals
Articles from journals like the Journal of Econometrics can provide insights into current methodologies and applications.

Preparation Tips

Effective preparation involves consistent practice and using the right resources. Here are some valuable tips:

Practice Problems
Regularly solve problems from each of the books mentioned to reinforce your understanding. Study Groups
Joining or forming a study group can help clarify complex concepts and keep you motivated. Mock Tests
Taking timed practice tests can improve your time management skills for the exam.

Personal Experience: Preparaion Journey

I came to know about the ISI MSQE exam in 2020 but started preparing only in 2022. During my tenure at the Central Electricity Authority (CEA) Ministry of Power, I managed to study effectively for 1-2 hours during office time. Here's an overview of the syllabus sections and the resources I used:

Mathematics (11th and 12th Level)
Although I had a strong background in mathematics from JEE and GATE, I still used Varian's Microeconomics and Mandrekar's Math to reinforce concepts. Statistics
For in-depth statistical questions, I referred to Ross, Sheldon's book and also practiced through previous years' question papers. Microeconomics and Macroeconomics
For microeconomics, I used Mankiw's Principles of Economics, and for macroeconomics, I relied on Dornbusch's and Fischer's texts.

Performance Summary

Here’s a summary of my performance in the exams:

MSQE 2022
Scored 92/120 in the Objective section, with a cutoff of around 95. The subjective section was not checked. MSQE 2023
Scored 70/120 in the Objective section, with a cutoff of 60 for the subjective paper to be checked. The interview cutoff was 159 out of 360, and the overall cutoff for selection in the merit list, including the reserve list, was 453 out of 820.

Verdict: Secured AIR 27 in the 2023 MSQE exam.

Conclusion

By focusing on these areas and utilizing these resources, you should be well-prepared for the ISI MSQE exam. With consistent effort and the right approach, success is attainable. Good luck!