By controlling the state of neuronal populations, neuromodulators ultimately affect behaviour. A key neuromodulation mechanism is the alteration of neu- ronal excitability via the modulation of ion channel expression. This type of neuromodulation is normally studied via conductance-based models, but those models are computationally challenging for large-scale network sim- ulations needed in population studies. This paper studies the modulation properties of the Multi-Quadratic Integrate-and-Fire (MQIF) model, a gen- eralisation of the classical Quadratic Integrate-and-Fire (QIF) model. The model is shown to combine the computational economy of integrate-and-fire modelling and the physiological interpretability of conductance-based mod- elling. It is therefore a good candidate for affordable computational studies of neuromodulation in large networks.