Master of Science in Quantitative Economic or MS(QE)

 

About the programme: 

The MS(QE) program at ISI Kolkata is a two-year advanced programme in Economics and its applications, with special emphasis on quantitative methods like Empirical Economics, Developement Economics, Public Economics, Econometrics, Time Series Analysis. It is widely considered to be among the very best of its kind in India. This program stands out for its small class size, a very high degree of personalized student-faculty interaction, and the technical rigor of the training it imparts. On successful completion of the programme, a student will be able to pursue an academic career in Economics or take up responsible positions in various private and public sector organisations. It is offered simultaneously at Kolkata and Delhi. One can download the course syllabus from https://www.isical.ac.in/content/postgraduate.

 

Selection Process:

The selection process includes two round tests - (1) Written test and (2) Interview. The written admission tests comprise multiple-choice and short answer type questions from Economics, Mathematics and Statistics at the undergraduate level followed by an interview (interview is only for the selected candidates from the written tests). Syllabus and last year questions are available at https://www.isical.ac.in/~admission/

 

Eligibility:

A student having Bachelor’s degree of three or more years’ duration, in any discipline such as Economics, Mathematics, Statistics, Physics, Chemistry, BTech with any stream is eligible to apear for the selection test usually held in the second Sunday of May of every year. 

 

Facilities: 

Monthly stipends of 8000 INR with yearly book grant for every qualified student.

 

Job opportunities:

 Corporate placement record is consistently 100%, and the average salary package offered to graduates of MS(QE) program at Kolkata centre has been well over Rs 25 lakh per annum in recent years.

 

Programme Structure:

The total academic programme is a well structured not only for economics students but also for students with Mathmatics, Statistics, Engineering background willing to build their career on Data Analystics, Government services in RBI or ISS or IES, or pursue higher studies like PhD in Theoritical and Empirical Economics, Econometrics, Time Series, Game theory, and Data Science. 

 

Placement:

Students who have undergone the B Stat (Hons), B Math (Hons), M Stat, M Math, MS (QE), M Tech (CS), M Tech (CrS), M Tech (QROR) and other degree, diploma/ certificate programmes of the Institute and those having the Ph D degree of the Institute either get opportunities to join research programmes in India and abroad, or get placed in attractive positions in the industry or government departments. The master’s degree programmes in the Institute have close to 100% placement record. Most of the students of the Institute get employment offers or admission to some Ph D programmes even before they complete the qualifying degree examinations. There is a Placement Committee in Kolkata, which arranges campus interviews by prospective employers. Campus interviews are also organised at the Delhi and Bengaluru Centres.

MSQE students interested in pursuing a career in the corporate sector can look forward to a thriving campus placement program at ERU. Our corporate placement record is consistently 100%, and the average salary package offered to graduates of our MSQE program has been well over Rs 25 lakh per annum in recent years. Companies that have absorbed students from our MSQE program in the recent past include JPMorgan Chase & Co, American Express, Deutsche Bank,  Capital One,  PWC, Amazon, Goldman Sachs, UBS, Atlassian, U-GRO Capital, Wells Fargo, Standard Chartered, EY, Bank of America, Barclays Bank, HDFC Bank, IIFL Finance, ICICI, TATA AIG, Citi Bank. 

Higher Studies Opportunities in Abroad: 

The global academic reputation of our MSQE program is evidenced by the fact that, in the recent past, graduating MSQE students from ERU have been offered fully funded doctoral placement by leading universities around the world such as Harvard, Princeton, Yale, Columbia, Cornell, Rochester, Virginia, U. of Wisconsin Madison, U. of Illinois Urbana-Champaign, U. of Texas Austin, U. of British Columbia, Warwick, Mannheim, Bonn, Carlos III, Pompeu Fabra, and the National University of Singapore. 

 

MSQE courses: 

The two-year programme consists of a total of twenty credit-courses distributed over four semesters. There are many elective courses including project and thesis. The courses other than project and thesis are allocated four hours per week.

 

Core courses: 

Econ271A: Microeconomics I

Econ272A: Game Theory I

Stat271: Statistics

Math271: Mathematical Methods

Econ271B: Microeconomics II

Econ273A: Econometric Methods I

Econ274A: Macroeconomics I

 

Elective courses:

Econ272B: Game Theory II

Econ273B: Econometric Methods II

Econ276A: Industrial Organization

Econ276B: Advanced Topics in Industrial Organization

Econ277A: Economic Development

Econ283A: Econometric Applications I

Econ283B: Econometric Applications II

Econ288: Public Economics

Econ295A: Finance I

Stat272: Sample Survey: Theory and Practice

Stat273: Time Series Analysis and Forecasting

Comp271: Computer Programming and Applications

Econ302: The Theory of Mechanism Design

Econ280A: Individual and Collective Choice

Econ280B: Political Economy

Econ281: Incentives and Organizations

 

There are also opportunities to do project in third and fourth semesters on any area under any faculty member inside ISI. 

 

SOME FAQS

What is MS(QE) or Master of Science in Quantitive Economics?

The MS(QE) is a two years master programme offered in Kolkata and Delhi centres of ISI.
 

Who can apply for MSQE?

Students having bachelor degree of three years or more in Economics, Statistics, Mathematics, Physics, Chemistry, Computer Science or Btech can apply.
 

For whom is the MSQE suitable?

The MSQE programme specially in Kolkata centre is designed in such a way that a student get opportunities to learn Economics (both Micro and Macro), Empirical Economics such as Developmental Economics (which is more data-oriented), Statistics, Data analytical skills, Data Science, Machine Learning, a bit Mathematics like analysis, linear algebra and optimization techniques (which are very important for Data Science and Machine Learning). All these options are there depending on one’s own interest. In addition, almost all students get opportunity to do their summer internship in some reputed industries especially in Financial sector.

How can I apply?

Usally admission forms are available starting in March of every year and exam is held usually on the second Sunday of May.

What is the selection process?

There are two round tests – written test followed by an interview. Interview is only for the sortlisted candidates from the written test. Written test has two parts – Part 1 involves only MCQ type questions and Part 2 involves descriptive type questions from Mathematics, Statistics, and Economics.

What is the syllabus for the admission test?

Syllabus for MSQE Admission Test 2023 was:

Syllabus for Mathematics:

Algebra: Binomial Theorem, AP, GP, Series, Permutations and combinations, Theory of polynomial equations.

Linear Algebra: Vector spaces, Linear transformations, Matrix representations and elementary operations, Systems of linear equations.

Calculus: Functions, Limits, Continuity, Differentiation of functions of one or more variables, Unconstrained Optimization, Definite and Indefinite Integrals, Integration by parts and integration by substitution, Convexity and quasi-convexity, Constrained optimization of functions of not more than two variables, Implicit function theorem, Homogeneous and homothetic functions.

Elementary Statistics: Elementary probability theory, Measures of central tendency, Dispersion, Correlation and regression, Probability distributions, Standard distributions: Binomial and Normal.

Syllabus for Microeconomics: Theory of consumer behaviour, Theory of production, Market structure under perfect competition, Monopoly, Price discrimination, Duopoly with Cournot and Bertrand competition, Public goods, Externalities, General equilibrium, Welfare economics.

Syllabus for Macroeconomics: National income accounting, Simple Keynesian Model of income determination and the multiplier, IS-LM Model, Models of aggregate demand and aggregate supply, Money, banking and inflation, Phillips curve, Elementary open economy macroeconomics, the Harrod-Domar Model, and the Solow Model.

For sample questions and past year questions, please visit

https://www.isical.ac.in/~admission/

What is the duration of the programme?

The MS(QE) programme is for two-years.

How many seats are there in Kolkata and Delhi centres?

The number of seats varies from time to time. In Kolkata centre, the number is approximately around 20, and in Delhi centre, the number is around 30.

Can one apply in both the centres?

Yes, one has to provide first preference and second preference while filling the form.

What are job opportunities after finishing it?

Corporate placement record is consistently 100%, and the average salary package offered to graduates of MS(QE) program at Kolkata centre has been well over Rs 25 lakh per annum in recent years.

What are the higher study opportunities like PhD, especially in abroad?

The global academic reputation of our MSQE program is evidenced by the fact that, in the recent past, graduating MSQE students from ERU have been offered fully funded doctoral placement by leading universities around the world such as Harvard, Princeton, Yale, Columbia, Cornell, Rochester, Virginia, U. of Wisconsin Madison, U. of Illinois Urbana-Champaign, U. of Texas Austin, U. of British Columbia, Warwick, Mannheim, Bonn, Carlos III, Pompeu Fabra, and the National University of Singapore. 

Is campus placement available for all the MS(QE) students?

Yes.During last three years all were placed much before completion of the course.

Is the MSQE residential?

Yes. All students are eligible to get accomodation in the Hostels.

Is scholarship available?

Yes. Every student admitted in the MS(QE) programme will receive monthly stipends of 8000 INR with yearly book grant, irrespective of their family background.