GMAT
Graduate Management Admission Test
What is GMAT?
If you want to study in a business school, you will come across the term GMAT, or the Graduate Management Admission Test. The exam is one of the requirements for admission to graduate business programs for MBAs all over the world. The GMAT comes with multiple-choice questions and is designed to serve as a standard measure of preparedness of applicants for graduate-level academic work.
Other factors that business schools look at include educational background, work experience, and other supporting documents that will validate an applicant’s readiness for the MBA program.
MBA vs. CFA® – Comparison and Key Stats
Breaking Down the GMAT
Here are some of the things that you need to know about the GMAT:
- The exam will test your critical thinking and problem-solving skills. It covers questions about algebra, mathematics, geometry, grammar, and data analysis.
- When you take a GMAT exam, you want to get a high score, as it will exert a huge impact on your application. So it’s crucial to know how to analyze information.
- Expect to go through the exam for more than three and a half hours. Make sure that you arrive at the testing center at least 30 minutes before the exam so there will be enough time to check in.
- Your GMAT score is good for five years. Keep this in mind since MBA programs follow different application deadlines, and you want your score to be reported in time for the deadline on your desired program.
- Allot one to three months of studying and preparing for the GMAT exam. To give you an idea, those who are at the 90th percentile or higher usually study more than 120 hours.
- Taking the GMAT exam costs $250. The amount includes sending the score reports to up to five programs that you want to get into. That’s why it’s important to take the exam at the right time. Otherwise, you may end up paying the fee more than once.
Admission Requirements in Ivy League MBA Schools
The eight Ivy League schools are Brown University in Providence, Rhode Island; Columbia University, New York City; Cornell University in Ithaca, New York; Dartmouth College in Hanover, New Hampshire; Harvard University in Cambridge, Massachusetts; Princeton University in Princeton, New Jersey; The University of Pennsylvania in Philadelphia, and Yale University in New Haven, Connecticut.
If you think that taking the GMAT exam isn’t hard enough, getting accepted to an Ivy League program is a challenge on its own. The Ivy League schools see different acceptance rates every year, and in general, only 10% to 20% of applicants get accepted each year.
If you want to study at an Ivy League business school, make sure that your GMAT score is at least 750. Also, you should possess an undergraduate degree from an Ivy League university and a GPA of at least 3.8. When it comes to working experience, you need about five to six years of tenure with a prestigious company.
Extracurricular activities also play a role in your admission to an Ivy League business school. You should be an active member of several professional associations and have previously rendered community service experience in an underserved area. You will likewise need letters of recommendation from your direct supervisor or someone who can validate your leadership skills.
Related Readings
CFI is the official provider of the Financial Modeling and Valuation Analyst (FMVA)™ certification program, designed to transform anyone into a world-class financial analyst. To keep learning and developing your knowledge of financial analysis, we highly recommend the additional CFI resources below:
