Are you in that phase of life where there is little sense of direction but a large number of decisions to be made?
Have you often heard the word GMAT thrown around loosely but you never really understood what the fuss was about?
Does everyone around you just seem to have it together?
Don’t worry. You’ve come to the right place. Read on to find out exactly what GMAT is, why you should take it and how you can ace it.
WHAT IS GMAT?
GMAT stands for Graduate Management Admission Test
In the simplest terms possible, it is a 3½-hour standardized exam designed to predict how test takers will perform academically in MBA (Masters in Business Administration) programs.
The test scores are used by universities across the globe to assess their candidates.
The GMAT aims to measure four broad skill areas: analytical writing, quantitative reasoning, verbal reasoning, and integrated reasoning. The exam contains 4 sections:
- A 30-minute Analytical Writing Assessment (one writing task)
- A 30-minute Integrated Reasoning section (12 multiple-choice questions, most of which are multi-part)
- A 75-minute Quantitative section (37 multiple-choice questions)
- A 75-minute Verbal section (41 multiple-choice questions)
Any further details are easily available at their official website. Give it a whirl to satiate your curious mind!
WHY MUST YOU TAKE IT?
Let me tell you 4 reasons which makes GMAT stand out.
1. Room for error
Unlike most Indian admission exams your fate does not depend on a single 3 hour period and thus the amount of pressure is highly reduced! You can retake the GMAT up to 5 times in any 12-month period!
Even if you screwed up the first time, there is room for improvement!
2. Custom made for you!
What I mean is that the test is computer adaptive i.e adapts to the examinee’s ability level. So basically the level of difficulty keeps rising gradually as long as your answers are right. Similarly, when your answers are wrong the questions keep getting easier. Wondering why that is good for you?
Because of their ability to the gauge the examinees level of knowledge, it gives an accurate and precise result for every single student.
3. 5 year validity
Once you take the GMAT, your score is valid for 5 years. So you may choose to take the GMAT today but start applying to colleges the next year. This can be advantageous terms of being able to give the exam when you have the time availability to prepare for it.
4. Take it according to your convenience
There is a lot of flexibility in terms of the test dates. It’s entirely up to you when you want to schedule your exam subject to availability. You can practically take the GMAT any day of the year.
Plus you can even reschedule the GMAT Test up to 7 days in advance of your original appointment date and time. (for an added cost)
Now, let’s talk about the opportunities which could be yours after your GMAT exam!
1. MBA abroad
The first and foremost step to pursuing your MBA abroad is to take the GMAT.
Colleges across the globe use GMAT test scores for admissions. This includes Harvard Business School, NUS Business School (Singapore) and Stanford Graduate School of Business among many others!
2. MBA in India
Several colleges in India accept GMAT scores as well! This includes ISB, Hyderabad
, S.P. Jain Institute of Management and Research, Mumbai, School of Management, NMIMS, Mumbai and XLRI, Jamshedpur depending upon the course you wish to pursue.
Another great use for GMAT score is employability. Many employers look at GMAT scores to assess the candidates and it certainly helps you stand out from a pool of candidates.
Investment Banks are probably the best-known example but other financial services firms do it as well. Other industries that emphasize analytical skills expect high GMAT scores as well.
The total GMAT score ranges from 200 to 800. Check out this link above to gauge the average scores required for various Business Schools.
The GMAT costs roughly Rs. 16,000. Test centers are available in 26 cities in India.
But don’t let the cost be a deciding factor of whether or not you should take the GMAT.
If paying the registration fee is going to cause you considerable financial pressure, you can contact the admissions department of schools you’ll be applying to. Colleges that participate in the GMAT Fee Waiver program will allow a limited number of students to take the GMAT at no cost (based on financial need).
All the best for you upcoming journey to a B-School! Click here to know about the 10-day free course that will get you on your way to GMAT mastery.
Let us know in the comments below when you are planning to take the GMAT or if you need any tips.