09/12/2024
The GMAT is still the top admissions test that business schools look for. Discover more about the test, how to prep for it, and what a solid GMAT score can do for you.
If you want to be successful in business, it’s all about preparing the right things at the right time. Gaining access to the business school of your dreams is no different. With the GMAT still being the standard for business school admissions, you need to get ready with online material long before the application process begins. To help you out, we’ve compiled the best GMAT prep courses along with a link to our in-house guide for those applying to IE Business School.
What is the GMAT?
The Graduate Management Admissions Test (GMAT) is the standardized admissions exam that most business schools ask for. It’s computer-based test offered, all across the globe, and it’s key to accessing more than 7,000 business programs worldwide. The GMAT lasts around three hours and assesses quantitative reasoning, verbal reasoning, integrated reasoning and analytical writing skills. These are all significant factors in a candidate’s potential for academic and professional success.
While your GMAT score isn’t the only factor that graduate schools consider, it plays a powerful role in the admissions process. Read on to see our top picks for GMAT prep courses and find out why GMAT preparation matters.
GMAT prep courses that you can take online
Here are a few of the best GMAT prep courses that you can take online:
1. GMAT Official Starter Kit
Official GMAT prep materials offer several options for test-takers on low budgets. Individuals can take the first two adaptive practice exams for free, which score tests with the same scoring algorithm as the actual GMAT exam.
The evaluation also helps you clarify your strengths and weaknesses in the various testing categories, which can help you prioritise how to study. Plus, if you feel like you need any more practice, you can pay to take additional mock exams.
2. IE Business School GMAT prep courses
At IE Business School, we provide our very own GMAT simulation tests which are completely free. You can use these to get a feel for what the real thing is like and have an insight on the type of candidate we’re looking for.
These simulations are available in Micro, Mini or Full GMAT and are enhanced for your ease and benefit
3. Kaplan
We’d certainly recommend Kaplan’s GMAT prep course due to its 140 hours of online classes and practice. It even allows candidates to sit a practice exam at an in-person testing center.
This plan includes a “score higher” pledge which includes a refund if you don’t raise your baseline score. That’s a money-back guarantee that you should definitely bear in mind!
4. Manhattan Prep
Choose Manhattan Prep for different learning formats that fit your personal needs. The Manhattan prep course includes 27 hours of GMAT classes along with six practice tests.
Manhattan Prep also have tutors for private sessions, ultimately ensuring that you get exactly what you need to enhance your own skillset.
5. Magoosh
Magoosh’s complete GMAT prep programs have instruction and practice questions along with video lessions. It has a paid option for subscribers which includes score predictors and state-of-the art diagnostic tests.
While you may not want to pay, some plans can offer up to six hours of online tutoring. Check it out for a rigorous, personalized learning method!
6. Veritas Prep
Enjoy the choice between self study and live class with Veritas Prep. For those on the self-study program, video lessons and over 5,000 practice questions are accessible.
You can also choose live online classes with up to 36 hours of instruction from specialized teachers. Check it out if you’re looking for GMAT prep courses that are rigorous and customizable.
7. The Economist
Choose from one of The Economist’s three course deals: essential, premium, and genius. Lasting 4-6 months, you’re guaranteed a 70-point increase or your money back.
You also get a sweet added bonus of a free three-month digital subscription to The Economist magazine. What’s not to love about The Economist’s GMAT prep deal?
8. PrepScholar
Go for PrepScholar if you need a personalized study plan with four computer-adaptive tests. They also have free e-books and lessons if you don’t want to break the bank.
If you do choose premium, PrepScholar’s five-day trial is a good way to dip your feet in the water without committing to that dreaded direct debit.
Should I consider taking the GMAT?
The short answer? Yes, absolutely! The GMAT will serve you during and well beyond the graduate admissions process.
The GMAT or an equivalent exam is required for admission to practically all business and management programs, and a good score indicates far more than just a high IQ.
A solid GMAT score not only shows schools your critical reasoning skills—it also demonstrates your drive to invest time and effort into a rigorous academic challenge, and to succeed. Plus, the fact that the test is computer adaptive—meaning the questions differ for each test taker according to ability—makes the GMAT particularly successful at matching students to programs that are the best fit for them.
Even after you have your degree in hand, it’s not uncommon for employers in industries such as finance and consulting to examine GMAT scores when weighing job candidates, sometimes even requesting the scores if you haven’t already provided them on your CV.
Whether you’re just getting started with applications or pursuing a career post-graduation, the bottom line is clear: the GMAT gives you a competitive edge.
Why do business schools prefer the GMAT?
The GMAT is unique because it has been specifically designed by and for business schools. It aims to help schools select the most qualified students and match them with the programs best suited to their skill sets. Although nearly all business schools in the USA and Europe now accept the GRE for MBA programs, manyof them say they prefer the GMAT. Why? The GMAT assesses skills that are considered to more accurately determine a student’s success in a business-focused program, where they will encounter subjects such as strategy, finance and economics.
Narrowing our focus specifically to business schools, statistics show that GMAT scores play an essential role in about 9 out of 10 MBA admissions decisions. This is not to say your GMAT score is the only factor that will determine your acceptance to a given program (the GMAT averages a weight of 22% in MBA application processes), but your score is certainly essential in increasing your appeal to universities. High GMAT scores may even help you qualify for scholarships.
When you consider the exam’s value in terms of real-world business skills, the GMAT has a high ROI.
As you prepare for the exam, you will be developing skills that will serve you during your graduate studies, your job search and in your future career.
Does IE Business School require the GMAT?
At IE Business School, the GMAT is accepted across all programs, but is not always mandatory. Depending on your program, you may also be able to take the CFA, CAIA, or the IE Global Admissions Test.
That being said, the GMAT does have its advantages over other alternatives, particularly when applying for master’s programs in business, finance and management. A powerful GMAT score will help you land that acceptance letter and navigate the academics once you’re enrolled. We recommend you visit your specific program page for further information regarding whether there is a specific mandatory or preferred exam.
In addition to the main exam you choose to take, you will also need to demonstrate a certified level of English (TOEFL, IELTS, Cambridge or Pearson) and hold a personal interview with one of our admissions specialists.
How can I prepare for the GMAT?
It is generally recommended to begin studying for the GMAT two to three months before your test date, and there are plenty of resources out there to get you ready for the big day, including official exam guides offered by the Graduate Management Admission Council. IE Business School also provides free GMAT simulation tests so you can get a feel for what the real thing will be like.
