gmat vrs gre competitive jobs on the market
Posted on
01
Sep 2020

GMAT vs GRE

GMAT vs GRE – the most competitive jobs on the market

by Apex GMAT
July 30, 2020

If you’re on the verge of pursuing a professional career in business administration, finance, marketing, marketing management, accounting, or law, etc. then taking the GMAT or GRE will be a detour along the way to the top. The type of exam you choose matters. There’s a positive correlation between test scores and future earnings; with higher test scores, you may qualify for a more competitive program, and ultimately, a more lucrative career. This article describes applications of the GMAT and the GRE in today’s labor market, as well as their similarities and differences, to help you determine which test is right for you. 

GMAT vs GRE | admissions differences

By far the most important factor to consider is which exam your desired institution accepts and prefers. 

Traditionally, the GMAT is the more common option when it comes to pursuing an MBA or a similar program at a business school. The test is specifically designed to evaluate skills that help MBA admission committees determine not only industry knowledge but also critical traits like risk and time management, problem solving under pressure, and adaptability, all of which are essential for a successful business career.

The GRE’s most distinguishing feature is its suitability for a wider variety of graduate school programs in fields such as business, education, engineering, humanities and arts, life sciences, physical sciences, and social sciences. If you’re targeting a non-MBA graduate discipline, pursuing a dual-degree, or you’re still unsure, then taking the GRE may allow you to kill two birds with one stone. It’s also worth noting that about 90% of MBA programs also accept GRE scores. 

To determine which exam will make you the most competitive, ask the institution’s admissions counselors if they prefer the GMAT over the GRE. Despite many business schools’ claims that they don’t have a preference, around 90% of applicants decide to apply with a GMAT score. This discrepancy might be the result of test takers’ desire to show admissions committees that they have a clear understanding of their graduate program goals and career aspirations. If you aren’t sure which type of graduate program you’re interested in, then the GRE might be the better option. However, if you want to make sure you will be as competitive as possible for an MBA program, then pick the GMAT. In both cases, ranking among the top performers requires rigorous test preparation.

GMAT vs GRE | structure, timing, scoring, costs

 

gmat vs gre

Do Business Schools prefer GMAT over GRE?

The answer to this question is not concrete and can vary, based on various aspects. Consider each exam’s structure to determine which you’re more likely to perform well on.  GMAT prep will involve more focus on the quantitative section, which is more challenging than the GRE’s. MBA committees agree that an applicant’s performance on the quantitative section is one of the strongest indicators for a successful career. Hence, one of the advantages of taking the GMAT can be the opportunity to show your strong quantitative skills and make your application more competitive. Conversely, the GRE’s sentence equivalence and text completion sections require a skilled command of highly sophisticated vocabulary, which may be particularly challenging to non-native English speakers.

The choice between the GMAT and the GRE may affect long term career earnings beginning at the graduate level. Applicants with strong GMAT scores are more likely to receive MBA scholarships, which are usually not available for GRE applicants. Some companies even finance GMAT tutoring and exam fees for their employees or interns as an investment that will yield long term results. When it comes down to actual labour market opportunities, however, the GMAT has an even stronger influence. Many firms, especially in consulting and finance, explicitly require a high GMAT score upon recruitment. So, your job opportunities after the GMAT can be affected by how well you perform on the test.

Lifetime Earnings Difference

Moreover, there is a high correlation between GMAT score and post-MBA salary. Over the course of 12 years working with applicants to the top 10 MBA programs, we at Apex have been able to track their progress from pre-GMAT to their post MBA careers. With data gathered from admission consultants who work with elite programs, as well as financial data from clients who have completed their MBAs, we conducted an internal analysis of the relationship between the exam score and post MBA financial gains. After correcting for other factors, our study suggested that each ten point increment in one’s GMAT score equates to $80,000 – $90,000 (NPV) of extra lifetime earnings.

An investment in GMAT preparation can result in a successful high-paying professional career in the most competitive fields that draw MBA graduates:

  • Finance – Financial Analysts, Financial Advisors, Investment Bankers, Investment Fund Executives
  • Management – Marketing Managers, Business Operation Managers, IS Managers
  • Business Consulting – Management Analysts, Marketing Managers, Business Operations Consultants, Information Technology Directors, Operation Research Analysts and all C-level positions

GMAT vs GRE | working as a GMAT consultant

If you excel at test-taking and exam preparation, your GMAT journey can also lead you to securing a job as a GMAT instructor. The concept of private, one-on-one GMAT prep that Apex’s GMAT tutors offer is built around a customized GMAT curriculum. The goal of this approach is to work with both native and non-native English speakers to build cognitive skills that can be applied in and adapted to diverse working environments, resulting in career success.

Read more
Featured Video Play Icon
Posted on
30
Jul 2020

Should you include your GMAT score on your resume?

A lot of our clients ask if having a good GMAT score can help you on a job search. The truth is that for some jobs it can be immensely useful. However, other jobs might not even take a look at it. Ultimately, it’s up to the HR departments of your potential employer. Still, there are some rules of thumb to follow. 

A Really Strong Score

Let me first begin by saying that the only time you should list the GMAT on resume is if it’s a really strong score. We’re talking 700 or above. There’s no sense talking about a middling or even middling-good GMAT score if you run the risk of having someone ask: “Well why didn’t you score higher?” Really, the bar is about 700. 

There are a lot of industries that really value it if you put your GMAT on resume and those are going to largely parallel those that value the MBA. Finance, banking, and consulting firms will generally respond favorably to a GMAT score and one of the things to understand about why this is is to understand what the GMAT is and how it factors into a hiring decision. 

GMAT As a Signal

The GMAT’s what’s called a psychometric exam and much like other standardized tests, whether it’s the SAT, the ACT, GRE, LSAT, these tests not just what you know but to varying degrees, how you think and many of the top consulting shops have HR departments that have their own in-house tests. So the GMAT serves as a good proxy for those and signals that you will likely thrive and do well in the testing environment that, let’s say, McKinsey might place you in. 

Understand that a strong GMAT score on a resume immediately says to the recruiter, that you can handle a certain amount of intellectual rigor and then you have a certain amount of liability to the way you think. That’s the value of a GMAT score on a resume, aside from the fact, of course, that it compares you to your peers favorably. 

Include Your GMAT Score Where Necessary

So, as you’re hunting for jobs, whether it’s post-MBA or whether you just took the GMAT and decided not to go to business school or got an alternative degree, think about listing your GMAT on resume and think about it as a talking point for how you overcame an obstacle or in a way that might be complementary to the profile or the narrative that you’re trying to present to a particular hiring manager. I hope this helps and if you have any questions don’t hesitate to contact us!

If you enjoyed this video, you can find more useful GMAT content such as: Everything you need to know about the GMAT and GMAT Prep Tips

Read more
Featured Video Play Icon
Posted on
12
Mar 2020

MBA Conditional Offers

Today we’re going to talk about getting conditional offers from MBA programs. A lot of times we get calls from prospective clients in a bit of panic saying oh my god this institution Harvard, LBS, whoever, gave me a few weeks and they said I can get into the program but I need this score.

How often does this happen?

This is much more common than you might think, especially if you haven’t been through the application process before. Schools are incredibly defensive when it comes to maintaining their GMAT average, their GPA average, and their face to the world.

But a piece of feedback like this is actually a huge positive. When a school tells you that, what they’re telling you is that you’re a really prime candidate. They like you, they want you, and either they need the higher score in order to maintain their sort of credentials. This seems a little silly but that’s how things work. Or because they’re not confident that you’re going to have the skills to succeed in their program.

The Admissions Secret

A key sort of secret of admissions is that when you get into the program, that’s the hardest part. Programs are designed for you to succeed from, they don’t want attrition. Whether we’re talking MBA program or medical school or college. When they let you in, they let you in with the idea that you’re going to thrive and graduate and represent them well in your future endeavors.

Yeah, he’s a Harvard man! That sort of attitude is what is driving the admissions process. So, once you’re in, it’s as if you’ve graduated. This is a huge, huge incentive to bring this score up and should make you feel really good about everything that you’ve presented. So whether or not the school is worried about your abilities, what they want is a validation of their choice.

Typically they say this only when you’re within shouting distance as they say for this score. If they want you to get a 700 they’re going to tell you that if you have a 680 or 670. If you have a 550 they’re not going to have been bothered saying so and typically these schools or these programs especially want to cement your quantitative skills.

The Profile of Conditionally Accepted Applicant

A lot of times the profile of someone who receives an MBA conditional admission is that they have a pretty good GMAT score. Except it’s weighted on one side or the other. Typically strong verbal and the quant somewhere in the 40th, 50th, 60th percentile. They want to be assured that the quant heavy subject matter, finance, accounting, statistics isn’t going to leave you in the dust as soon as you land at the program.

What can you do?

So what can be done in this case? The good news is that many times these scoring changes need to be incremental. But also that if your profile warrants an MBA conditional admission it means that there’s a lot of room to grow. This is an opportunity not just to grow your ability to perform on the GMAT but to grow a whole set of skills that will allow you to thrive in the MBA program and thrive in your career beyond. Especially if you’re really type-A, this represents a great opportunity to pre-load a skill set that’s going to give you a lot of positives on the back end.

It’s Like Adding a New Skill

You should look at it as needing to learn how to kayak or fly a plane or something else in addition to everything else you bring to the table. You’re adding this skill that until now you probably haven’t had. You’ve probably been sort of limping along and getting the score you’ve gotten through some hard work. But also through relying on tried-and-true methods that you’ve received coming through academia, middle school, elementary school, college but mostly when you were younger.

We’re instilled with these ideas about how to parse a sentence or how to multiply fractions. And we use them until they break down. On the GMAT, because it’s an adaptive exam they will push us to the point where our skills no longer serve us well. This is usually somewhere in the 50th, 60th percentile.

So the goal here when you’ve got a conditional acceptance isn’t simply to push it ten more points and work what you know a little harder. Instead, really tear down a lot of what you know and get a more contextual more holistic understanding of the math or of the English language. This will allow you to be much more critical and much more creative when you visit these new concepts in your MBA program.

Reach Out for Assistance

In conclusion, if you get a conditional acceptance don’t worry, don’t panic, give us a call. We’ll talk to you about your options and normally this is a very treatable thing. That is the academic programs know when they give you a conditional acceptance that it’s a very surmountable obstacle and we can help you on your way there.

If you liked this video watch: Overcoming Scoring Plateaus.

Read more