The Graduate Management Admission Test (GMAT) is a standardized exam that assesses applicants for advanced study. This computer adaptive test has four sections - Quantitative Reasoning, Verbal Reasoning, Integrated Reasoning, and Analytical Writing Analysis (AWA). However, its high cost can be a con for candidates aspiring to study abroad. Is there no way around it? Read this blog to learn whether top colleagues abroad waive the GMAT Exam.
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How Much Does the GMAT Score Matter?
Your GMAT score is an essential part of the MBA application. However, it makes a difference depending on the program:
- Top Colleges: In the top 20 business schools, a high GMAT score is often necessary. For example, the Top 3 schools (Harvard, Stanford, Wharton), on average, require 700+ because a 700+ GMAT score represents that you have strong analytical/quantitative abilities. It is estimated that across the 10 best MBA programs in the U.S., the average GMAT score is about 720
- Mid-Tier Programs: GMATs still matter, but the wide range reflects that they may not have to be as high for mid-tier programs. This holistic approach of tying professional experience, leadership potential, and other factors in addition to GMAT scores is usually found at these schools. For 1 year Masters programs the average GMAT score ranges between 600-680.
- Alternative Acceptances: The most frequently presumed alternative is the GRE, taken by fewer than one in three U.S. B-school applicants and accepted by just over 62% of U.S. MBA programs. An additional 20-25% of schools also offer a GMAT waiver as long as you have professional experience comparable to having already earned an MBA, or in some cases, solid academic credentials, or having completed other targeted preparatory programs.
So, in conclusion - the GMAT is likely to remain king in the MBA application, but the army of importance can vary widely and is program-specific. Hence, as a candidate, it is essential to conform to the requirements, like anything in the application journey.
Is the GMAT Score mandatory for MBA Abroad?
Though nearly 90% of the top global MBA programs require GMAT scores, many MBA programs also accept GRE scores. However, about 20-25% of the schools offer GMAT waivers based on their work experience or academic exceptionalism. Nearly two-thirds of U.S. MBA programs, or 62%, now take the GRE. Look at the exact standardized test requirements at your dream college's official guide to university standardized testing. However, studying for an MBA at a top university abroad is only possible by taking the GMAT Exam. Many colleges have waived the GMAT requirement for experienced students with academic excellence.
For instance, MIT Soan School of Management, NYU Stern School of Business, and the University of Texas at Austin waive the GMAT scores for candidates. However, candidates can only be hired if they explain or provide proof of academic readiness or have a solid educational background. Nonetheless, the GMAT Exam is mandatory for most full-time MBA programs. This article will highlight significant reasons you should take the Exam while applying for a full-time MBA program.
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Top 5 Reasons to Take the GMAT Test
GMAT puts you on the level up with candidates worldwide for comparison. It ensures fair competition against candidates with varying academic and professional backgrounds. It also shows the dedication and consistency of the candidate. Here are some reasons why GMAT will help you stand out from the crowd:
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Employers value the GMAT score: Employers prefer candidates to score in the 710+ range in the GMAT Exam. According to the Wall Street Journal, Companies view GMAT scores as valuable for evaluating candidates.
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GMAT is a reliable predictor: In multiple research studies, GMAT scores accurately predict academic success in management education programs. The GMAT council evaluates all test takers using the same criteria, making it fair for all. The GMAT scores assess critical reasoning, logic, grammar, maths, verbal skills, and comprehension. These skills are essential in business school. This gives the candidates an idea of the course structure and ways to prepare it mentally.
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Flexibility: As per updates from GMAC, attempts for the online exam increase to five in a rolling 12-month period and eight in a lifetime from October 20, 2021. Candidates can take the GMAT online exam once every 16 days. You can reschedule your GMAT appointment more than seven days before the test date. You can retake the test if you do not hit your target score on the first attempt. Appointments are available globally around the clock, offering added convenience and flexibility.
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Validity of the Score: After taking the test, your GMAT scores remain valid for five years. This allows you to focus on other components of your business school application, such as essays and letters of recommendation.
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Scholarships Availability: Your GMAT score determines your eligibility for scholarships and fellowships at the MBA programs of your choice. Business Schools often don't look for a specific test score to ensure a scholarship. They undoubtedly favor high GMAT scores.
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From the Desk of Yocket
On average, GMAT accounts for 22% of the consideration in the overall MBA applications. A good GMAT score ensures you remain at the top of the list of Admissions decisions. This can also enhance your chances of getting a scholarship. And you can prepare yourself for the skills you need in the B-school in advance.
Counselors at Yocket can help you throughout your journey of applying to a university abroad. We’ve helped thousands of students gain admission to top B-schools like Stanford, Kellogg, and Harvard Business School, and we can help you do it, too! Connect with Yocket experts to learn more and begin your study abroad journey!
