The Graduate Management Admission Test (GMAT) is a popular way for individuals to get admitted into a Master of Business Administration (MBA) program. However, contrary to popular belief, the GMAT is more than just a way for students to get into an MBA program of their choice.
Individuals planning to apply for other graduate business programs such as MA degree programs in business communication or international business and policy, as well as MS degree programs in business analytics and marketing, may take the GMAT.
Those who are planning to change careers or are vying for a promotion at work may also take the GMAT exam.
Moreover, taking it and getting a high score on the test offers students a lot of benefits during and after they graduate from a business school. Here are more reasons to take the GMAT.
The GMAT is recognized worldwide
The GMAT is one of the most recognized assessment exams focused on skills relevant to getting into the top business schools and securing employment worldwide. In fact, according to its administering body the Graduate Management Admission Council (GMAC), more than 110 countries and more than 2,300 institutions around the world recognize and use the GMAT exam.
Those institutions include some of the world’s top business schools such as the Stanford Graduate School of Business and Harvard Business School.
In addition, GMAC has been administering the test for more than 60 years already and it now has more than 650 testing centers worldwide.
It’s also recognized by employers
The skills the GMAT measures are not only applicable to business schools but to employers. The GMAT evaluates higher-order reasoning skills, including those used in making complex judgments, critical thinking, analysis, and problem solving – in short, skills that are vital for competence at work. These skills are considered the most crucial for management and senior-level roles.
It is always easy to say you are good in those skills, but demonstrating them is a different issue. GMAT scores prove your ability to perform those skills.
It’s available anytime
Test-takers planning to take the GMAT have two options in taking the test. They can take it in a test center or online. There really is not much difference between the two types of tests. Both measure the same skills and use the same scoring.
They do differ in terms of convenience and price, which is usually the case with the location of test centers. Those taking the exam at a test center can only take the test during a scheduled time during office hours. GMAT Online, on the other hand, can be taken any time of the day and wherever a test-taker is.
A GMAT score can be used to apply for scholarships
An MBA program can be quite expensive and getting a scholarship for one can be difficult. However, a GMAT score, especially a high score, increases someone’s chances of getting a scholarship.
There are many ways to get a scholarship – by getting a sponsor, applying through a bilateral agreement with another country, or by merit. The most popular way is to get one through merit. Because of the GMAT’s reputation as a proven indicator of academic success, many institutions use it as a determining factor in giving scholarships.
It gives a high return of investment
Education in itself is an investment for one’s future, and getting a graduate degree in a business program increases one’s chance of getting a high salary at work. In fact, GMAC has reported that 700 corporate recruiters worldwide have found that 74 percent of their employees who graduated with a business degree earn more than those with different degrees.
To give you an idea, graduates of MBA programs with a GMAT score of at least 732 from top business schools have an average starting salary of around $150,000 to $165,000. If this sounds attractive to you, then you should consider taking the GMAT and getting into a graduate business program.
To know more about the GMAT and to learn about other standardized tests, check out our other articles here on MSM Unify.