A friend of mine appeared for the interview and here is what was asked in the interview:
"The IGIDR interview, I felt was a mixture of problem solving and economic intuition as well as a hint of current affairs. Here's how my interview went:
I was asked which is my area of interest. I said micro, I was asked to be a bit more specific, so I said Game Theory. I was asked to find out the Nash equilibrium of a very simple version of Prisoner's dilemma- they wanted to see me solving it on the board. After this, I was asked 2-3 questions from IS-LM, basic ones from Dornbusch initial chapters-how does the equilibrium shift when you change this or that variable. Then they asked me if the Keynesian model was applicable (or a good approximation of the Indian economy). I said a couple of things but in retrospect i think they weren't really looking for an exact answer but testing my economic intuition, how I argue out a case and if I have some idea as far as basic economic current affairs are concerned. Last, I was asked if I wrote other entrances and what was my preference ranking like among the institutions."
Gave the interview in 2009.
I am from an engineering background , wanting to study economics at IGIDR. Could you please throw some light on how to prepare and what books to refer for the same? I went through sample paper from their site, but want a little clearer idea of the concepts which will be tested on.
To begin with I would like to tell you that the IGIDR entrance exam is primarily an aptitude based test with two sections. The first section tests you on verbal ability and data interpretation/logic while the second part is very extensive on mathematics (mostly high school mathematics).
There is no specific book to prepare for this entrance in particular. However, in order to get an overview on the type of questions I suggest you refer to any book which assists on CAT preparation for the first section and in parts for the second section as well, since short maths questions on percentages and ratio proportion are often asked under the section on logic and techniques to solve them faster will help save time in the exam. For the second section, brushing up your skills on high school mathematics from any relevant reference would suffice.
The entrance focuses more on accuracy than time management however, the latter is still important to be able to attempt all the questions since there is no penalty for incorrect answers.
Economics is tested only in the interview stage of the admission process. Please feel free to contact me in need of any further assistance.
hey but i am engineering background. Its okay as far as written is concerned but how can i sail through teh interview since i haven't studied anything regarding economics after my class 10th boards, kindly help me.
Your engineering background isn't a problem, they will ask you questions from your field if that is the case. There are a couple of engineers amongst the students who got shortlisted for the present year's batch.
Hi Chandan, I'm from an engineering background studying at IGIDR,. Well they would not ask anything in the interview from engineering, so you need to know basics of economics. As this is a mathematically inclined course, they would primarily ask you basic statistics and engineering maths (so brush it up before your interview). But I would recommend that you study the basic books in economics before you join the institute, so that your life would become easier once you get i
Good to see that you are a current student at IGIDR who can assist me better. I wanted to know the areas that can be touched in the interview part! I would also like to know the prospects of IGIDR as an institute, given the fact that you have already stayed there for an year now. Please reply at your convenience.
The faculty at IGIDR is very comforting and will most likely ask your area of interest and then ask related questions. So before you mention your strength be sure that you are thorough with it.
Nevertheless I suggest that you are clear on your concepts for mathematics such as difference between concavity and quasi concavity, optimisation in case of multiple variables (necessary and sufficient conditions for maxima/minima) etc.
Also the IGIDR course structure is high on econometric application of concepts and hence I would recommend to brush up basic concepts (is the population regression function observable?) along with statistics (I was asked about the poisson distribution and normal distribution). With microeconomics they mostly make the candidate solve problems on the board hence this would be a good time to look into back problems of Microeconomic Analysis by Hal R. Varian. For macroeconomics refer to Branson and be clear about concepts like paradox of thrift, IS LM Model etc. Its good to have a brief idea about other graduate courses that you may have pursued such as game theory, international trade, development economics (specifically growth models)
To summarise, have good knowledge about all areas as they may question outside your comfort zone. Since all of you have been preparing diligently, none of the questions will be unheard of but the faculty might cross question to ensure the clarity of your concepts.
Overall IGIDR offers an exhaustive course structure combined with dedicated faculty and is very regressive and regular every semester. The institute also has a good placement setup with various top notch companies such as JPMC, Diamond Consultancy etc
If you wish to pursue a PHD, the institute absorbs the students who have completed their MSc from IGIDR given compliance with certain grade point benchmarks. If you are interested in applying abroad the faculty and institute offer full support which have led many students in the past to go to top institutes abroad such as Cornell, Stanford etc.
The institute also hosts very interactive conferences and seminars by various nobel laureates and famous economists around the world thereby enabling opportunities for learning outside the classroom.
in 2016, they asked me about (a) solow model, show which variables are growing at what pace and draw the diagram (c) second degree price discrimination (d) p=c form of demand curves for different individuals and whether this leads to second degree price discrimination (e) multiple regression: whether a model is linear or not, in terms of parameters (f) which test statistics to use t or F, given a hypothesis (g) what is difference between statistics and econometrics (ans: non-experimental or experimental data) (h) they changed the hypothesis, asked me to form the confidence interval and all.
This is Ambuj, i m from Engineering back ground and have no clue about Economics, i have inclination to understand about Power Economics ie,, Electricity Tariff, etc (correct me if i m wrong) & to understand in details i want 2 appear in exam conducted by IGIDR, M.Phil Course ..
Could u please mention basic books to understand about economics ?