28/01/2022
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.
What is the GMAT, exactly?
The Graduate Management Admissions Test (GMAT) is the standardized admissions exam that most business schools ask for. This computer-based test offered all across the globe, is one of the keys to accessing more than 7,000 business and management programs worldwide. Over the course of about three hours, the GMAT assesses your quantitative reasoning, verbal reasoning, integrated reasoning and analytical writing skills—all significant factors in indicating 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, particularly for business schools. Read on to see just why the GMAT is so important and what a solid score can do for your education and career.
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 prep 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.
