How to Prepare for IIFT MA Economics Entrance Exam: Everything You Need to Know Now

The Indian Institute of Foreign Trade (IIFT) is one of the most prestigious institutions in India, offering an MA in Economics with specialization in Trade and Finance. To gain admission to this program, candidates must clear the IIFT MA Economics Entrance Exam, which is a highly competitive test assessing a candidate’s knowledge of core economic concepts, mathematical aptitude, and analytical abilities.

If you're aiming to crack this exam, this comprehensive guide will provide you with everything you need to know about the syllabus, exam pattern, recommended books, preparation strategy, and last-minute tips.

1. Understanding the Exam Pattern

Before diving into preparation, it is crucial to understand the structure of the IIFT MA Economics Entrance Exam:

• Duration: 120 minutes (2 hours)

• Mode: Online (Computer-Based Test)

• Type of Questions: Multiple-Choice Questions (MCQs)

• Total Sections:

  • Basic Mathematics and Statistics

  • Microeconomics

  • Macroeconomics

  • International Economics

  • Public Finance

Since the syllabus covers undergraduate-level economics, candidates with a strong grasp of these topics will have an advantage.

2. Syllabus Breakdown and How to Prepare for Each Section

A. Basic Mathematics and Statistics

This section tests mathematical aptitude and statistical concepts.

Key Topics:

• Mathematics: Limits, differentiation, integration, matrices, determinants, linear algebra, and optimization.

• Statistics: Descriptive statistics (mean, median, mode, variance, skewness), probability theory, hypothesis testing, and regression analysis.

Preparation Strategy:

• Revise basic calculus and algebra from Class 11-12 NCERT books.

• Study probability distributions and statistical concepts from S.C. Gupta’s “Fundamentals of Statistics”.

• Solve previous years’ papers and practice problem-solving daily.

B. Microeconomics

This section evaluates fundamental microeconomic theories.

Key Topics:

• Consumer behavior (utility functions, indifference curves, budget constraints)

• Production and cost functions

• Market structures (perfect competition, monopoly, oligopoly)

• Game theory and Nash equilibrium

• Welfare economics (market efficiency and failures)

Preparation Strategy:

• Refer to Hal R. Varian’s “Intermediate Microeconomics”.

• Solve numerical problems related to demand-supply analysis and cost curves.

• Read online case studies on market failures and pricing strategies.

C. Macroeconomics

Macroeconomics questions revolve around national income, monetary and fiscal policies, and economic growth.

Key Topics:

• National income accounting (GDP, GNP, NNP)

• Business cycles and inflation

• IS-LM model and Keynesian theory

• Monetary policy (money supply, banking system)

• Fiscal policy (government budgets, taxation, public debt)

Preparation Strategy:

• Read N. Gregory Mankiw’s “Macroeconomics”.

• Understand fiscal policies and monetary mechanisms through RBI reports.

• Solve conceptual and numerical problems to grasp IS-LM and AD-AS models.

D. International Economics

This section covers trade theories, policies, and international financial markets.

Key Topics:

• Theories of international trade (comparative advantage, Heckscher-Ohlin model)

• Balance of payments and exchange rate mechanisms

• Trade policies (tariffs, quotas, subsidies)

• Economic integration (EU, NAFTA, ASEAN)

Preparation Strategy:

• Study Paul Krugman’s “International Economics”.

• Follow current global trade news on WTO and IMF reports.

• Solve past years’ case-study-based questions.

E. Public Finance

This section focuses on government taxation, expenditures, and economic policies.

Key Topics:

• Public goods and externalities

• Government budgeting and fiscal federalism

• Taxation theories and optimal tax policies

• Public expenditure and cost-benefit analysis

Preparation Strategy:

• Refer to Musgrave and Musgrave’s “Public Finance”.

• Stay updated on Indian budget policies and government schemes.

• Solve numerical questions related to taxation and public expenditure.

3. Best Books for IIFT MA Economics Entrance Exam

Here is a list of recommended books to build a strong foundation:

• Microeconomics: “Intermediate Microeconomics” by Hal R. Varian

• Macroeconomics: “Macroeconomics” by N. Gregory Mankiw

• Mathematical Economics: “Mathematical Economics” by Alpha C. Chiang

• International Economics: “International Economics” by Paul Krugman

• Statistics: “Fundamentals of Statistics” by S.C. Gupta

• Public Finance: “Public Finance” by H.L. Bhatia or Musgrave and Musgrave

Apart from books, regularly read The Economic Times, EPW (Economic and Political Weekly), and RBI reports to stay updated.

4. Preparation Strategy: Step-by-Step Guide

Step 1: Build Your Concepts (3-4 Months Before the Exam)

• Read all fundamental topics and practice numerical problems.

• Maintain notes for formulas and key economic theories.

Step 2: Solve Practice Papers (2-3 Months Before the Exam)

• Start solving previous year papers and mock tests.

• Identify weak areas and work on improving them.

Step 3: Revise and Attempt Timed Tests (1 Month Before the Exam)

• Focus on quick revision and shortcut methods.

• Attempt mock exams in a timed manner.

Step 4: Last-Minute Revision (Final 2 Weeks)

• Revise important formulas and economic models.

• Avoid learning new topics—focus on strengthening core concepts.

5. Last-Minute Exam Tips

• Manage Your Time: Don’t spend too much time on one question.

• Read Carefully: Analyze each question before answering.

• Guess Wisely: If there is no negative marking, attempt all questions.

• Stay Calm: Practice relaxation techniques to avoid stress.

• Revise Smartly: Focus on concepts rather than mugging up formulas.

General / OBC/EWS Category	INR 1,600/-
SC/ST/PWD Category	INR 800/-
Foreign Nationals / NRIs	$80 or INR 6000/-

Crash Course Highlights

• Duration: 1-3 months (Flexible options available)

• Mode: Online & Offline

• Subjects Covered:

  • Economics (Micro, Macro, International, Development, Public Finance, Mathematical Economics)

  • Statistics (Descriptive, Inferential, Probability, Econometrics, Data Analysis)

  • Mathematics (Linear Algebra, Calculus, Optimization, Differential Equations)

  • Competitive Exams (ISI, IIFT, IIT JAM, RBI DSIM, ISS, WBCS, SSC CGL, Banking, Railways, IBPS)

• Expert Guidance: Direct mentorship by Dr. Sourav Sir and a team of subject experts.

• Live Interactive Classes: Doubt-solving sessions, advanced theory discussions, and real-world applications.

• Exam-Oriented Approach: Focus on solving past-year papers, mock tests, and short tricks.

• Comprehensive Study Materials: Handwritten notes, PDFs, recorded lectures, and practice question banks.

• Personalized Mentorship: One-on-one guidance, strategic study plans, and performance tracking.

Course Structure

1. Concept Building Sessions

• Quick revisions of fundamental concepts

• Key formulas, theories, and practical applications

• Shortcut techniques for problem-solving

2. High-Speed Practice Sessions

• Time management strategies for fast and accurate answering

• Multiple mock tests to build exam temperament

• PYQ (Previous Year Question) Analysis

3. Exclusive Doubt-Solving Classes

• Live doubt-clearing sessions

• One-on-one discussions for weak areas

• Special revision classes before exams

4. Mock Tests & Performance Evaluation

• Weekly Mock Tests with real-time analysis

• AI-based performance tracking system

• Feedback sessions for improving weak areas

Who Should Enroll?

• Students aiming for top ranks in competitive exams

• Working professionals preparing for entrance exams

• Aspirants looking for quick yet effective learning

• Candidates struggling with conceptual clarity

Enrollment Details

• Fees: Affordable & flexible payment options available

• Registration: Open Now – Limited Seats!

• Contact for Admission:

  • Phone: +91-9836793076

Duration and Contents

1. The duration of the Programme is two years with two semesters (monsoon and winter) each year. The Courses are divided into two segments:(i)   Classroom Courses(ii)  Dissertation

2. Classroom Courses are designed to help students in understanding the concepts and techniques of economic theories and their application3. Courses provide a good mix of theoretical and empirical knowledge to equip students both fundamental knowledge along with their application in real life.4. Evaluation mechanism are designed through mid-term test, term-paper writing, class projects, etc. along with end-term examination for a holistic learning.

5. A Dissertation Project on any area of International Trade and Finance to be undertaken by a student on a topic approved by the Institute under the guidance of a faculty member of IIFT.  Expenses incurred, if any, on the assignment shall be borne entirely by the student and the Institute shall have no financial responsibility in this respect.

Cracking the IIFT MA Economics Entrance Exam requires a strategic and disciplined approach. By understanding the exam pattern, preparing systematically, solving previous years’ papers, and staying updated with economic developments, you can significantly enhance your chances of securing a seat in this prestigious program.

Stay consistent in your preparation, focus on conceptual clarity, and practice regularly to achieve success in the exam. Best of luck!