How to Build a Strong Economics Foundation in UG for RBI Grade B & IES Exams

Planning to appear for RBI Grade B or the Indian Economic Service exam?

Here’s one truth that most students realise too late — your real preparation starts in college, not after it.The earlier you begin, the easier it gets.

If you’re in your UG years, this is your window to build the right habits, learn the right material, and develop the kind of mindset these exams demand.

Let’s walk through exactly how to do that.

Why Your UG Years Are More Important Than You Think

A lot of students wait until the final year.That’s a mistake.

By then, the pressure kicks in. The syllabus piles up. Coaching begins. Panic follows.

But if you start early?You don’t just survive the exam — you master it.

Here’s why starting in college works:

• You get more time to understand core concepts.

• You don’t need to rush through theory.

• You develop clarity, not just coverage.

And that’s what RBI Grade B and IES demand — clarity, depth, and application.

Step 1: Know What These Exams Expect From You

RBI Grade B

• The ESI (Economic and Social Issues) paper is heavily application-based.

• It blends economics theory with real-world policy.

• You’ll need to understand topics like inflation, GDP, banking systems, and financial inclusion.

• Reading the newspaper isn’t optional — it’s essential.

Indian Economic Service (IES)

• Conducted by UPSC.

• Has four descriptive papers and an interview.

• Topics include microeconomics, macroeconomics, public finance, statistics, and econometrics.

• You need to write like an economist, not a student repeating notes.

Not sure what all comes under IES?Check the Indian Economic Service syllabus for a paper-wise breakdown.

Step 2: Build Concepts Instead of Collecting Notes

Most students collect notes. Fewer build understanding.

If you’re serious about these exams, you need to become the second type.

Let’s look at the three big areas you should focus on:

Microeconomics

• Go beyond graphs. Understand the logic behind them.

• Study utility theory, demand-supply, costs, and market structures.

• Ask “why” more often. Why does a firm behave this way? What happens if prices rise?

Macroeconomics

• Models matter. Especially IS-LM, AD-AS, and Keynesian frameworks.

• Learn how economies react to shocks — fiscal deficit, inflation, unemployment.

• Connect textbook concepts to headlines in the business section.

Maths and Stats

• Don’t ignore it. It’s not just for engineers.

• Understand derivatives, matrices, and probability basics.

• Start slow. One hour per week is enough in the beginning.

• Build comfort with regression and hypothesis testing over time.

Step 3: Align Your College Syllabus with the Real One

Here’s a trick that toppers use — they study smarter, not harder.

Your college might not cover everything. And some of what you’re learning may not even be relevant to the exam.

What to do?

• Download the official Indian Economic Service syllabus.

• Create a topic map.

• Divide it into what’s being taught and what you’ll need to study separately.

• Start filling in the gaps, one topic at a time.

This habit alone can give you a serious edge.

Step 4: Create a Weekly Study Ritual

You don’t need to lock yourself in a room and study 8 hours daily. (Purely suggestive)

Consistency beats intensity.

Try this simple weekly structure:

• 2 hours: Microeconomic theory

• 2 hours: Macroeconomics

• 1 hour: Mathematics or statistics

• 1 hour: Read current economic affairs

• 1 hour: Solve practice problems or write short answers

That’s just 7 hours a week.Over 3 years? You’ll be miles ahead.

Step 5: Read What Top Candidates Read

Want to write like a future policymaker? Then you need to read like one.

Here are books and resources that actually help:

For Theory:

• Microeconomic Theory – Nicholson & Snyder

• Macroeconomics – Dornbusch & Fischer

• Mathematical Economics – Chiang

• Public Finance – H.L. Bhatia

For Data & Concepts:

• Economic Survey of India

• Union Budget documents

• RBI’s Annual Report

• NITI Aayog publications

Reading 10 pages a day of quality content will change how you think.

It will also improve how you answer in descriptive exams.

Step 6: Start Solving Past-Year Papers Now

Even if you don’t understand everything at first — just start.

Pick one RBI or IES paper. Try solving the easier questions.Google answers. Read model solutions.

Eventually, this becomes a game-changer.

• It helps you understand how questions are framed.

• It trains you to write to-the-point answers.

• You see patterns that others miss.

Write with pen and paper. No typing. That’s how your brain retains structure.

Step 7: Use the Budget & Survey as Learning Tools

The Economic Survey and Budget are more than just current affairs.

They’re filled with explanations of real problems, government priorities, and economic models in action.

Use them this way:

• Link survey chapters to topics in macro and development economics.

• Use budget data to understand public finance — subsidies, capital expenditure, tax policy.

• Don’t try to memorise — try to explain what you read in your own words.

If you can explain it to a classmate, you’ve got it.

Step 8: Track Patterns in RBI & IES Exams

Toppers do something simple — they look at what’s working.

Each year, RBI and IES have subtle shifts in focus.

• Some years, RBI questions lean towards inflation and monetary tools.

• Other times, it’s about financial inclusion or global trade.

In IES, Papers III and IV often include policy questions that aren’t found in standard books.

Follow these:

• RBI speeches

• UPSC discussion forums

• Toppers’ interviews

• Arthapoint’s exam analysis

This helps you study what matters, not just everything you find.

Step 9: Train Your Mind for Complex Ideas

Let’s be honest. Not all topics in economics are easy.But difficult doesn’t mean impossible.

The trick? Don’t run from complexity — break it down.

Whenever you hit a hard concept, ask:

• What is the definition?

• What is the purpose of this model or theory?

• What assumptions are being made?

• What happens if those assumptions change?

If you approach every topic like this, you’ll find even the hardest models start to make sense.

Step 10: Get Mentorship That Matches Your Goal

Not every coaching institute will understand your journey.

You don’t need just “classes.” You need direction.

That’s where platforms like Arthapoint Plus come in.

Here’s what they offer:

• Classes built around the actual Indian Economic Service syllabus

• Topic-wise practice and testing

• Concept clarity, not just content delivery

• Interview preparation and writing practice

• Regular updates on RBI and UPSC changes

This saves you from wasting time. And gives you the structure you’ll need later.

Final Word: Mastery Takes Time — But You Have It

Don’t worry if things feel overwhelming in the beginning.You’re not expected to know everything in your first year.

But if you start now, stay consistent, and follow a clear plan —You’ll get there.

By the time others are starting, you’ll be ready.

So don’t wait. Use your UG years to build a strong foundation.One step, one concept, one habit at a time.

Need a place to start?Begin by reviewing the Indian Economic Service syllabus.

That one step will give you a roadmap.And once you have a map — all that’s left is to walk it.