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Posts Tagged ‘GMAT’

In 2003, Educational Testing Service (ETS) lost the contract to manage the Graduate Management Admission Test (GMAT) to ACT and a division of Pearson. Since then, ETS has been aggressively urging business schools and students to consider using the Graduate Record Examinations (GRE) instead of the GMAT.

Since Stanford Graduate School of Business took the step of accepting the GRE in 2005, 450 B-schools have followed suit. ETS will be launching a revised GRE in August, 2011, which should further intensify the competition. For those interested in the Coke-Pepsi rivalries in standardized testing, you can read the flurry of articles in the business press over the past two years: “GRE or GMAT: Test-Takers Dilemma” in BusinessWeek; “G.R.E. vs. the GMAT” in NY Times; “GRE is Fast Becoming a GMAT Alternative for B-School Applicants” in US News & World Report.

But as a college student or recent grad, you simply want to know: “Which test should I take?” Here are some considerations:

1. Differences between the two tests and your own test-taking strengths. Historically, the GMAT has been known to emphasize  logic, while the GRE has measured the test-takers’ ability more in vocabulary. The GMAT has been known to favor students of higher mathematical ability. However, I would warn against studying specific internet comparisons of GMAT vs. GRE right now, because the GRE is about to be changed (8/2011). Check out a comparison of the old vs. new GRE in About.com.

2. Your future goals.The GRE is the entry level test for the broadest set of future goals. If you plan to get a masters or doctorate in just about any field, including economics, the GRE has you covered. You may want to do your graduate school standardized test-taking while you are still in student mode, but you are not ready to commit to saying you will be applying to business school five years hence.

3.Where do you plan to apply? Most of the top ranking B-schools accept both the GRE and GMAT now: Stanford, Harvard, MIT Sloan, Columbia, NYU Stern, Wharton,  U Chicago Booth, U Mich Ross, UVA Darden, UNC Kenan-Flagler, Duke Fuqua, and Dartmouth Tuck. However, there are a few stars missing from the list: Northwestern Kellogg, UCLA Anderson, Cornell Johnson, USC Marshall, Emory Goizueta. So if you intend on applying to any of these schools, you will need to take the GMAT.

I advise researching the schools you are most interested in, to see what their philosophy is about GRE vs. GMAT. According to Wikipedia, Stanford GSB prefers the GRE but accepts both; NYU Stern prefers the GMAT but accepts both; Columbia accepts the GRE only if the applicant has not taken the GMAT in the past five years.

At this point in time, it may actually make sense to take both tests, to maximize flexibility. This is admittedly an expensive approach ($140 GRE, $250 GMAT), but what future brand manager would want to apply to Wharton, Tuck or Duke without applying to Kellogg? After the GRE is revised in 8/2011, there may be more efficiencies in studying for both tests. And hey, someday you may just want to get a PhD.

Recommended reading: The Best Business Schools’ Admissions Secrets: A Former Harvard Business School Admissions Board Member Reveals the Insider Keys to Getting In by Chioma Isiadinso. Related posts: Does Your College GPA Matter? Take the GMAT While You’re Still Smart, Can I Get an MBA if I Wasn’t a College Business Major?

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You’re a junior in college, beginning to sweat about getting a job after graduation, listening to all the horrifying urban legends about recent grads from elite colleges who are still unemployed. But there’s not much you can do yet about your future, except nailing a good GPA, posting your profile on LinkedIn, and checking in with your college’s career services office about summer internships.

Ok, so here’s a thought: take the GMAT (or the LSAT, or the GRE–or even all three, what Grad.spot calls the “unholy trinity of graduate school testing) while you’re “still smart.” Within the first three years out of college, you will probably want to apply to graduate school. Especially if the job you are able to get out of college is not what you want to be doing the rest of your life.

But once you get out in the young professional world, it will not be so easy to prepare for grad school. You’ll be getting up early, commuting, working long hours, perhaps with travel. At the end of the day, the last thing you’ll feel like doing is attending a prep class, doing a course online, or even practicing from a book.

Your test-taking chops will not be as sharp after a few years in the professional world. It’s hard to imagine now, because you take exams all the time. But remember doing a varsity sport in high school? In-season you were in great shape. Off-season, if you didn’t work out at the gym or go out for a daily run, you got rusty. If you didn’t continue to play the sport in college, you wouldn’t even think of walking in cold to a competition.

Testing is that way too. The farther you move away from an academic environment, the more rusty you become. So take the tests now. And if your’re not sure what kind of grad school you may be interested down the road, you might want to…take them all.

Related posts: Your College’s Career Center, Can I Get an MBA if I Wasn’t a Business Major in College? Preparing for Business School: GRE or GMAT?, Time to Apply to B-School?, So You Didn’t Get That Summer Internship…What To Do?

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A recent post from Businessweek‘s daily “Getting In” blog asked, “MBA Applications: Is the Party Over?” Based on the Graduate Management Admissions Council‘s GMAT registration numbers from first four months of 2009, the volume of B-school applications may be leveling off after an all-time high in 2007-08.

Reporter Ann Vander Mey points out the precedent for a boom, then bust in B-school applications during recessions: “During the 2001 dot-com bust, there was a spike in applications as people fled the job market. The spike was followed by falling GMAT test volume for the next three years.” Mey makes a persuasive argument for a similar pattern occuring today: “The financial industry, once B-schools grads’ bread and butter, is in crisis ; many news outlets, including this one, have published articles about MBAs graduating without jobs; and the MBA brand itself has taken a beating.”

Leveling out of MBA applications may be a paradoxical bright spot in the dismal 2009 economy. This past cycle was “not a pretty picture” for many applicants! My clientele fared well, but geographic flexibility was essential: a willingness to consider elite graduate business programs beyond the Northeast Corridor.

According to US News & World Report‘s 2009 rankings of the top 15 B-schools, acceptance rates for Northeast Corridor MBA programs were: HBS 11.5%, MIT Sloan 15.0%, Yale 14.4%, Columbia 15.1%, NYU Stern 13.6% (11th rank but ground zero for financial services!) and Wharton 16.3%. With the exception of Stanford and Berkeley, top schools outside the Corridor had higher acceptance rates: Third-ranked Northwestern Kellogg 19.4%, U.of Chicago 21.9%, Dartmouth Tuck 16.0%, U.of Michigan 20.1%, UCLA 19.5%, UVA Darden 24.6%, Carnegie-Mellon 28.3%, and Duke Fuqua 30.4%.

Recommended reading: The Best Business Schools’ Admissions Secrets: A Former Harvard Business School Admissions Board Member Reveals the Insider Keys to Getting In by Chioma Isiadinso. Related posts: Does Your College GPA Matter? Take the GMAT While You’re Still Smart, Getting a Job with a Lackluster GPA.

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Summer internships, especially paid ones, are tough to land in any economy. But it is especially difficult during a period of  high unemployment. And you are competing with the huge population of baby boomlet students, just as you did in the college application process. So it is possible that you were not able to get an internship for this summer. However, there are many valuable alternative ways to spend a college summer, which will be personally gratifying and resume-building as well. Here are ten ideas:

1. Take a course. Get a requirement out of the way, especially a hard one. Give it full focus, perform better, and have an easier workload this fall. Or take an elective at an accredited school near home if your college will give credit. If you attend a private college, take summer courses at your state university to save money on tuition. For exposure to elite academics in a stimulating urban environment, consider Harvard Summer School, London School of Economics, Georgetown, GWU, Columbia, NYU, or USC, to name only a few.

2. Attend a workshop. Gain professional tools as valuable as an internship, or perhaps more.  If you didn’t land that Wall Street summer gig, how about four weekends at the CFA-accredited Investment Banking Institute, offered in ten U.S. cities? Its student price is a bargain compared to executive education at prestigious universities, and you’re free during the week to do hourly work to pay for it.

3 Beef up your technical proficiencies. Add to your professional toolkit for a future job. Let’s say you are a fine arts student interested in exploring applied visual arts, such as digital graphics, videogaming, web design or animation. Buy a software program through Academic Superstore, which offers reduced prices for students. Or enroll in a non-matricultant online course (i.e.,  Academy of Art University.) The fine arts metaphor translates to any field.

4. Do volunteer work in your field. For medical, education and helping professions, it is essential to develop your human contact capabilites, not just academic skills. Volunteer work can help you assess the rewards and frustrations of dealing with clients in your prospective field, as well as different working environments. It may strengthen your grad school application. And it will undoubtedly enhance your experience as a human being. You will never have more time than you do right now to “give back.”

5. Do research. What about approaching a professor  to do unpaid research? Structure an independent study for academic credit. Undergraduate research is expected for graduate school applications in academic, science and medical fields (see Science Magazine‘s Science Careers and Student Doctor Network). If you plan to go into the workforce after college, research demonstrates your initiative and deep knowledge of your field. Your professor may also have connections that may lead to an entry level position.

6. Travel. Do one of your own college’s study abroad programs led by your own professors, other schools’ renowned programs (i.e., NYU, Syracuse, Boston U), or external programs that partner with universities (i.e., IES, CSA). You will enrich your experience in your major, or in your life, and you will never have as much time as you do now.

7. Take grad school prep courses and exams. If you plan graduate school straight from college, take advantage of this time window (vs. during a regular semester). If you plan to join the workforce and are considering eventual graduate work, take the test now. Tests are valid for five years. You’ll never be “smarter” than right now! Click here for GMAT, LSAT, MCAT, or GRE.

8. Learn a foreign language. Master a language for an employment edge in the future, such as Spanish, Portuguese, Chinese, Japanese, Arabic or Hindi. Enroll in a college course or Berlitz program, or buy Rosetta Stone (this incredible software could even teach me, the most “unlikely to succeed” language student!). Consider Middlebury‘s renowned language schools, University of Chicago’s intensive language program, or University of Virginia’s Summer Language Institute.

9. Do informational interviews and job shadowing. What do you want to do when you grow up? Finally you have time to find out! Unless you grew up under a rock, you know adults in careers that hold interest for you. Your parents, extended family, family friends, neighbors, teachers, doctors: and people they know. It’s a Six Degrees of Kevin Bacon thing. Whether they are young professionals or high-powered veterans, they’re likely to agree to an informational interview, since you are not specifically asking for a job.

Ask about rewards and frustrations, long term career path, and lifestyle. Remember, people love to tell their story and give advice, so let them!  Ask to “shadow” an individual for a day and find out what “life in the trenches” is really like. The bonus of this approach is, it often leads to landing a project, internship or job later on, directly or indirectly. Every time to meet with an adult professional face-to-face, you will learn something that will help you in career exploration, job interviews, or career decision-making.

10. Earn money. If you can find a semi-skilled summer job, that can also fit the bill. You may be able to take a workshop or online course in your spare time. The money you earn may allow you to do some educational travel at the end of the summer. Working during the summer may free you from having to do part-time work during the school year, resulting in stronger academic performance.

There is nothing more noble and than self-sufficiency, responsibility and elbow grease, and you can be sure future employers will be impressed with a proven work ethic. A summer job requiring physical labor in an outdoor environment can actually be a refreshing break from academia. There is always something to be learned from every experience, from supervisors, co-workers and customers. Soak it all in.

Related posts: Liberal Arts and the Real World, Your College’s Career Center, What I Did on My Summer Vacation, Er-Internship, Take the GMAT While You’re Still Smart, Why Should a College Student Be on LinkedIn? Does Your College GPA Matter? and What Is Informational Interviewing?

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