What is the Role of GMAT in MBA Admissions?
Preparing for the GMAT isn’t easy; you need to log in long hours of dedicated study, attend GMAT coaching, and sit for GMAT mock tests while working on other parts of your application. The sweat and toil needed to score 730+ can be hard and might make you question the very motivation behind giving the test.
As tempting as it might be, not taking the GMAT can put your MBA application at a disadvantage compared to the rest of the pool. Even as part of a holistic application review, the GMAT offers critical insight into the applicant’s potential that most admission committees can’t overlook. Moreover, the GMAT is the only standardised yardstick that admission selectors have to objectively compare applicants from very diverse backgrounds. 9 out of 10 MBA enrolments are made using a GMAT score.
There are many reasons to put in the hard work needed to score well on the GMAT. We’ve compiled them all below. Remember these reasons the next time you’re on the fence about giving the test.
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The top 3 reasons a high GMAT score is crucial to your MBA application
Reason 1 – Your chances of securing admission from top universities improve
The average GMAT score for the 2022 incoming class of Stanford GSB was a whopping 737. The numbers remain similarly high across all M7 schools. According to online references, 34% of students with a score of 740-750 received interview invites while only 17% of applicants scoring 660-670 got an invite. The rates quite literally doubled with a higher score! This is not to say that a high GMAT guarantees admission but it does bolster your overall chances.
The GMAT was specifically designed by business schools to test the most vital skills required to succeed in a rigorous classroom business program. By scoring well on it, you’re validating your ability to keep up with the demanding MBA program and informing the admission committee of your willingness to put in effort.
Reason 2 – Your chances of landing a scholarship or fellowship skyrocket
The MBA program at most top 50 schools costs upwards of Rs. 60,00,000 per year. Add living and other miscellaneous expenses and you can see how outrageously expensive doing an MBA course is. That’s why many students opt for scholarships and fellowships to defray some of the costs. But with only a few of them to go around, the competition is high. And it’s no secret that people with higher GMAT scores are more likely to land a financial grant.
While other factors too come into play, getting a high GMAT score is a surefire way to impress the committee.
Reason 3 – Your chances of getting a higher post-MBA salary go up
The benefits of taking the GMAT don’t end at the college level – even potential employers use these scores to screen job applicants. According to the Wall Street Journal, GMAT scores are part of the parameters recruiters use to hire candidates.
Another thing to keep in mind is that a higher GMAT score inflates your chances of getting into a top school which in turn opens up doors to the top paying employers in the nation.
So, how do you score well on the GMAT?
For starters, you can check out our blog on building a GMAT study plan for your prep. Next, you can call up our GMAT counselors and set up a meeting with our mentors. Lastly, you can enrol in the intensive IMS GMAT classroom program that includes 40+ hours of learning videos, 3000+ practice questions, 15 full-length mock tests, and 3 one-on-one mentorship and strategy sessions. Click here to learn more about how IMS gives you 360° training that goes beyond just GMAT prep and brings you closer to your end goal of securing admission from a top B-school.