one one one gmat tutoring- why this prep option is the best
Posted on
04
Aug 2020

One on one GMAT Tutoring: Your Way to GMAT Success

by Apex GMAT

Contributor: Ilia Dobrev

June 30, 2020

When it comes to GMAT tutoring, we at Apex have learned that there are a set of core characteristics that all successful GMAT test takers embody; no matter their industry, degree, personal traits or prior levels of knowledge. In this article, we’ll:

  • explore each of these eight core characteristics
  • deconstruct a few of the faulty assumptions that test takers bring to the process
  • distinguish one-on-one GMAT tutoring as an efficient way for most people to achieve a competitive GMAT score and build a solid foundation for an MBA program.

Many people preparing for the GMAT believe that it’s the instructor’s responsibility to implement their own expertise and style to improve one’s current skill level and address one’s weaknesses. The reality, however, is more of a two way street, where the important element is the compatibility between a tutor’s teaching style and a student’s learning style. A qualified instructor is one that first examines the way a client processes new information and perceives problems, and the techniques he or she uses to address those problems. Only after a tutor has understood one’s learning style can he/she match professional guidance with the needs of the client.

8 ways one-on-one GMAT tutoring gets you to a 700+ score on the GMAT

1. Creating a productive & efficient learning structure

Oftentimes, test takers seek GMAT tutoring because they have stumbled upon enough types of challenging problems that they can’t tackle alone, or they’ve reached the peak of their self-preparation but still seek higher results. One-on-one tutoring differs from self-prep and group work with a tutor in terms of learning environment and having the benefit of an external perception of your performance. With private GMAT tutoring, communication dynamics are on a much more personal, and personalized, level – yielding stronger results much more quickly than alternative solutions.

The privacy and trust inherent in a one on one GMAT tutoring setup permits test takers to feel comfortable sharing their weaknesses in a safe environment and tackle those things that are challenging to them without worrying about how it will be interpreted by peers. The comfort afforded by this situation should not be underestimated. A private GMAT tutor not only helps with improving one’s technique and self-knowledge, but also strives to create a healthy and secure learning environment that is vital for:

  • reducing test anxiety
  • building GMAT confidence
  • improving studying habits
  • avoiding distractions and disruptions of the learning process
  • encouraging freedom to ask questions
  • nurturing motivation

2. Constant two-way feedback

A fundamental rule of management states, “No feedback is bad feedback”. Another is “What gets measured gets managed.” When preparing alone or within a group, a future test taker will not have a clear indication about how effective they are performing until they take a practice exam, and even then the exam only focuses on specific metrics. A good private GMAT tutor will know what to look for, what to measure, and what feedback to give to provide rapid and lasting results. They will guide you through questions that are matched to your current level of skill, meaning that you will be consistently receiving feedback on your methodology, time allocation, implementation of knowledge, and solution paths as you progress through your GMAT preparation. This ongoing back and forth communication will allow you to identify your weak spots in self-prep as well, and revisit appropriate material to deepen your understanding of less comfortable concepts.

3. Learning at your own pace, and then speeding it up

Timing is the most crucial aspect of the GMAT that you need to master to achieve a great score. Naturally, everyone excels at tackling some problems and needs more time to solve others. Tutoring can hone your timing decisions and your tutor can create a customized plan for timing allocation across a range of problems depending upon your relative strengths and weaknesses.

Studying with a private GMAT tutor will also allow you to spend the right amount of time on each aspect of the exam according to your scoring needs. This lets you avoid inefficiencies and master only those techniques that will be most useful to you in order to fulfil your potential.

4. Developing specific skill sets to tackle each section of the GMAT

The GMAT test is a complex exam designed not to test high school knowledge, but rather core character traits like adaptability, time management, critical thinking, logical reasoning, and multitasking. You cannot achieve a high GMAT score if there is a significant difference between your performance in each section of the exam. A private GMAT tutor can give you the best insights on how to build, manage, and combine the different skills needed to get a great end-result and achieve parity between your verbal and quantitative scores.

5. Realizing better use of your time

Flexibility and accessibility of learning is key to maximizing your potential. One-on-one GMAT tutoring is:

  • Usually offered online. This means that you can schedule sessions at the most convenient time depending only on your flexibility. You can have lessons in your breaks from work, gaps between classes, during daily commutes, during holidays, in the park, etc.
  • Available at any time. This is not the case with group GMAT tutoring as classes are scheduled depending on the instructor. Apex works globally, and has tutoring available in every time zone around the globe. Private GMAT tutoring should be designed to meet your lifestyle requirements and you should aim to schedule sessions when you are most productive. A technique that the best GMAT instructors adopt is to schedule sessions at a time of the day when you are supposed to sit your actual exam. This can help you simulate conditions similar to those on test day and give you important insights on how to maximize your productivity at that specific time frame.
  • Offered with different options depending on duration and material covered in the program. Whether you are a beginner or someone who already has a strong understanding of the GMAT, you can choose a specifically designed GMAT curriculum depending on what you strive to achieve. This is reflected in the amount of hours you are going to spend with an instructor and in the price of the service. At Apex we offer a complimentary first call to help you determine what course of action will be the most suitable for you depending on your current level of preparation and your GMAT aspirations.

6. Understanding where you excel and what you struggle with most

If you are aiming for an elite GMAT score, you’ll need to leverage your strengths and recognize your weaknesses. Understanding the meaning behind each question, its structure and underlying testing purpose, and the methodologies the test writers use to construct the problems is essential for success. The best one-on-one GMAT tutors are aware of the subtleties of the exam and can not only guide you around them, but teach you how to leverage these subtleties for high level insights into the hardest 750+ problems. This will predispose you to uncovering features of the test that most preppers have never even considered.

7. Utilizing learning aids

Finding and gaining access to challenging GMAT problems, authentic and reliable practice tests / mock exams, and appropriate study tools can take ages to hunt down (and cost a fortune). One-on-one GMAT tutoring allows you to refocus your valuable time as experienced instructors will already have compiled a solid database of resources and questions and show you the ones that are most relevant to your success at your current level. That way, your instructor, and not you, will spend the time filtering them according to your needs and present the ones that will have the greatest positive impact on your GMAT preparation.

8. The expertise and professional mentorship of a private GMAT tutor

Working with an expert GMAT tutor who has scored well into the top 1%, and who knows the exam inside and out will help you accelerate your learning and move the needle of your progress in ways you only read about on GMAT blogs. Experienced instructors are trained to teach you how to overcome the different GMAT scoring plateaus and meet your personal target. The goal of great tutors is not only to show you how to answer a question correctly, but also to help you extract a methodology that can be continuously applied to other questions across the GMAT, and to problems beyond.

Apex’s tutors focus on teaching the higher order strategies that are necessary for the achievement of a 700+ score and bringing out your optimal performance. Enlisting the help of a one-on-one GMAT instructor is recommended for those who are short on time or those who already have a solid understanding of the exam and are scoring well (low to mid-600’s), but are looking to gain those extra points that will make them get into their dream MBA program and lay the groundwork for a challenging, engaging, and lucrative career.

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Posted on
19
May 2020

GMAT Scoring – Demystified

One of the most common questions asked by those who are new to the GMAT is how exactly does the computer adaptive test or CAT work? The long and short of it is that if you get a problem correct, they give you a harder one, if you get a problem incorrect, they give you an easier one. By doing this the GMAT is able to bounce up and down and calibrate to your skill level.

Should You Spend more time on the first 10 questions?

A few things come out of this including questions about how to spend your time. Whether certain questions are weighted more than others, whether your timing, that is the amount of time you spend on a problem factors into the score.

To start, there’s a common misconception that you should spend more time on the first 10 questions because they tend to adjust your level for the computer adaptive test at a greater rate. While that’s true in the sense that the computer adapted model on the GMAT does influence it more at the outset, whether you should spend more time is actually a more complex question because generally the GMAT is going to give you problems that are about average and build up or down from that average.

Planning To Score An Elite GMAT Score

If you’re planning on performing at a top level, at an elite level, if your goal is 700 or even 600, you need to assume that those early problems that are average level problems you’re going to do well and in a timely manner anyway.

That is spending extra time to ensure you get them correct is a grandiose version of spending extra time to make sure that you’re getting two plus two correct. You wouldn’t check that because you’re confident enough in your skills and if you’re in the GMAT and you’re getting ready to shoot for a 700 you should already be confident enough in your skills not to have to spend extra time on average level problems. To take these problems on a problem-by-problem basis rather than with blanket statements.

Does The Test keep Track of Other Information?

A common question is whether or not the test keeps track of the type of problems you do. This can refer to:

    • subject matter
    • problem solving versus data sufficiency 
    • reading comprehension versus critical reasoning versus sentence correction

However, we can still go about it with the core rule: if you get it right you’re going to see something more challenging, get it wrong, less challenging. We tend to believe that they don’t keep a great track of that but really rely upon the bouncing up and down to calibrate you to your average performance level. You don’t want to sweat any single problem or worry about any single problem type in regards to the Computer Adaptive Test.

Certainly,  sometimes you’ll know that certain types of problems require more or less attention from you or that you make common errors on those problems. However, that’s not a CAT thing, that’s just a general GMAT thing. 

You are penalized for spending too much time on a problem but not in the way you think.

The other big question we hear a lot is whether or not the amount of time you take on a problem factors into the score. The answer here is subtle, it’s yes and no. No in the sense that the GMAT scoring algorithm does not track the amount of time that you spend on a problem. But, yes in the sense that the more time you spend on problems the less time you have for other problems. In particular, if you’re scoring above average, you’re on this ascendant curve so that the difficult problems at the end require more time than the less challenging problems at the beginning.

Therefore, if the GMAT kept track of your time and penalized you for spending longer on problems they would actually be penalizing you twice and this gets us into our timing decisions and the trade-off between time and score.

Time and Score Trade-off

When you’re armed with confidence and knowledge about how something works you don’t have to worry about how it works or how what you’re doing affects how it works and you can focus on the task at hand. 

The more that you can offload the burden of worrying about the scoring and the mechanisms by which the GMAT measures you, the more success you will find. As always, I hope this helps and keep prepping!

If you enjoyed GMAT Scoring Demystified, watch The Effects Of Coffee On GMAT Performance.

 

 

 

 

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Posted on
13
Mar 2020

What Are GMAT Scoring Plateaus and How To Overcome Them

Mike from Apex GMAT, here to talk about scoring plateaus on the GMAT. You might be surprised to learn that I don’t really want to talk about specific scores. Plateaus exist and as tutors we kind of know where they are but the important takeaway is not to focus on the score but rather the skills that you have or don’t have that cause you to plateau at a certain level.

Scoring Plateaus Explained

Everyone goes through one or two, sometimes three plateau levels during their prep. This is very normal, but it can be disconcerting especially if it’s the first time that you’re encountering this. Or if you’re used to being excellent in school or with a particular subject matter. These scoring plateaus have everything to do with the way you approach a problem and what we call the level of abstraction that you understand the problem at. Whether we’re talking about quantitative problems or verbal problems. At different levels on the GMAT, it requires us to look at them from an increasingly abstract wide angle lens to understand what’s going on and what’s being asked of us.

The First Scoring Plateau (mid 500s)

At the most basic level, certainly through the first 40, 50th percentile on all the sections. So up to the mid-500s let’s say, most of what you’re being asked is skills oriented. That is if you understand the mechanisms of action the formulas the basic English construction behind problems you should be able to get to an answer. That’s not to say that your correct answer will have been done in a timely manner. That is that you’ve used the correct solution path or rather a time efficient, optimal solution path but you should be able to get there. But then the GMAT has to differentiate among all the people who have the base level skills and they really expect you to have these skills.

Implementing Your Knowledge

It’s not that they’re testing you on whether you know how to compute the volume of a cube. They want you to know that. They want to see what you can do with that when you’re presented with a more complicated problem. And so the first level skill set is to see a problem not as a, identify the problem, plug in a formula, analyze an argument, get to an answer, but rather be aware of the construction of a problem and understand what an optimal solution path looks like. Recognize shortcuts, recognize signals in the problem that permit you to have a greater understanding and a quicker decision process.

The Second Scoring Plateau

As we progress further, the next scoring plateau comes in where the GMAT that presents something in such a new way that you are not unprepared for it. Where you have to utilize and bring to bear some of your creative thinking skills to a problem because it’s presented in a way that’s less familiar or less practiced. The GMAT can do this at any level. But this means that your focus needs to go from understanding what’s in the problem to understanding what the problem is asking for and the common mechanisms of action that the GMAT will use to enhance the complexity of a problem. Once you’re aware of how they complicate a problem you can more readily address it. And directly utilize your knowledge of the underlying subject matter to come up with a creative on the spot solution.

Final Plateau

At the highest levels, this is in overdrive. Where you’re given a problem that’s highly complex and usually requires inductive rather than deductive thinking. Deductive thinking is starting with some premises and breaking them down further. Inductive thinking is taking your premises and what they break down to but adding something at the level above that. This causes us to be able to see something in this pyramid further down the line. This is a type of thinking that’s taught much less at schools. It is one of the core characteristics that allows for success at the highest levels of the GMAT. Where you need to think beyond what you’re given and create a new nest a new home for this problem that gives it additional definition.

This is of course much easier said than done. The scope of this video is to outline this thematically. If you look at our other videos, you’ll start to see hints of this framework as we talk about different problems, the way to approach them and of course what the GMAT exam tests. So check out some of our videos below and give us a call if you need some help. We’re here to help and we want to see you succeed.

If you liked this video, check out: GMAT: Not a Standard Standardized Test. For more videos visit: Apex GMAT Vlog

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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 a 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. Which 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 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 a 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 a 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 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 acall. 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.

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Posted on
25
Nov 2019

The GMAT Is Not A Standard Standardized Test

The GMAT Is Not A Standard Standardized Test

A question that we get here a lot, especially from our international clients, is about standardized testing in general. As Americans ourselves and any Americans that might be watching you’re pretty familiar with them in fact in some countries they even call them American tests. They’re so heavily associated with us. For everyone else they’re saying what the hell is this? It’s something that I’ve never seen before, let me freak out about it. There’s really no need to freak out, there’s some commonalities among standardized tests but I think if anything the important thing for you to get about this is that the GMAT is not a standard standardized test. That was clever. Thank you, I do what I can.

Not having an experience with standardized tests is not at all a disadvantage for the GMAT and in fact, it could be an advantage, the case that having too much experience of standardized tests is going to lead you down the wrong path for what you should be doing for the GMAT itself. If you’re an American, the way you prepped for the SAT or ACT or similar test is really going to do your great disservice when you try and approach the GMAT because there are loads of vocabulary lists to memorize, there’s no formulas and everything else, and the GMAT is a lot harder.

 

Computer Adaptive Test

Also, it might technically be a standardized test, but it’s a much more apt name to call it what it is which is: a computer adaptive test. That actually has a much, much greater effect on how you prepare. Computer Adaptive Test, James, what does that mean? Let’s talk about that. Computer adaptive test, I’d say first the biggest difference between a standard standardized tests and the GMAT is in some standard tests you typically can go in whatever order you’d like, within a section, right, within one section you can start with question 1 or with question 10. You can skip through it and you should when doing those other tests. Those are very important strategies but that’s not the case on the GMAT.

Tell them about the GMAT, Mike, lay it on them. Okay, computer adaptive test is a lot what it sounds like, computer: it’s on the computer. Adaptive: it changes according to your response, more on that in a moment, and Test: because it’s testing. It is a test, that’s right, in case you didn’t know. It is a test, but you’re testing my patience. I am? Well thank you. The main difference I think from this is that you have to go one question at a time, you do not get the skip, you do not get the chance to go back and look at them, and the reason for this is because the computer adaptive test basis what it’s going to give you on how you have performed on previous questions.

 

How It Works

By in large the rule is, you got the last question right, they’re going to give you one that’s a bit more difficult. A little higher. You get a question wrong, one that’s a little less difficult, and eventually they bounce around until they get to where you’re at and they’re actually pretty good at it. They’re very good at and just so you know if you’re sitting there thinking like how evil is this that this test is going to adapt itself to become my worst nightmare. Well it’s this evil, it’s going to make it so that you’re always going to feel off your footing. When you come out of a great exam, that is a great performance on the exam, you’re going to be like what the heck did I just look at I didn’t feel comfortable at all through that entire thing.

 

Shooters Amnesia

Which brings up a point that I like to reiterate in my classes. You’re going to be surprised by this but it’s a sports metaphor, and that is from question to question you need to have shooters amnesia. Now just briefly indulge me because I love Kobe, doesn’t matter what your opinion is on him. The basketball player not the massaged Japanese beef. We’re vegetarians here at Apex, we believe all lives are valuable. We’re vegetarians… is news to me. The best thing for a basketball player to do is to shoot the ball and it doesn’t matter if he missed the last shot or made the last shot that has no bearing on whether or not he will make or miss the next shot, so they just forget it completely. If you are constantly thinking about all the shots that you’ve missed it’s going to affect your performance.

 

Be Process Orientated, Outcome Agnostic

Sure and if you do it right and this is this is really a deep thing even though it’s not may become seem so deep, if you’re doing it right you shoot the ball, you shoot the puck, you do whatever it is you can do, you throw the dart, and you don’t need to look at the result because once your action is over, whatever the result was is what it’s going to be either you shot it well or not. Yeah. Be Process Oriented, Outcome Agnostic. First of all, excellent, excellent phrase! That was: Process Oriented, Outcome Agnostic, for those of you who missed it the first time.

I think an another great aspect of this is that when you start to think about whether or not you’ve got the question right or wrong you are wasting energy. Yeah, really distracting your attention to something that you can’t change and we all do this we all do this. I wish Jaymes wasn’t my coworker but I can’t reflect on that I just have to move forward …  There’s nothing you can do about it… and deal with the train wreck yeah that’s sitting next to me. Day by day. Day by day.

 

Unused Test Strategies in the GMAT

Just for those of you who are familiar with standardized tests something else to keep in mind, a strategy that you can use not very often on some of the like the SAT of ACT, but a strategy that you might have adopted during your education for standardized tests is using answer choices from one question to help you answer other questions. Can’t do that. That will never apply on the GMAT, ever, so there’s absolutely no reason to carry any of your thought process, any information from one question to the next on the regular quantum verbal sections. Oh the last two answers have been C’s, the third one must be a C or must not be a C. They call that a gambler’s fallacy, look it up, Wikipedia’s got a great thing on it.

Every question is like the first question. Wow, you make it sound so sweet. Well then your entire test and your entire obligation to the test is one question, it’s not this huge three-hour test. The math section the quant section is thirty-one single question tests anything that happened before and after, doesn’t matter.

 

How Is The GMAT Different From Other Standardized Tests?

Just to change your frame of mind about this evil test. The fact that it is adapting itself to be difficult for you, this is actually what allows the GMAT to have so few questions. Traditional standardized tests have to have scores of questions, hundreds of questions sometimes. That’s because they have to give weaker students the chance to show that they’re capable, and they have to provide difficult questions for stronger students to show that they’re capable, and they have to give both the weak students and the strong students the same questions.

 

The GMAT: A Customized Test

The GMAT can skip a lot of that process and streamline it and customize the test for you. The test itself is going to be customized for you which is again supporting our strategy. The preparation that you choose needs to be customized for you.

The adaptive test is vital for the GMAT’s very challenging job of differentiating among high performers. Make no mistake other tests you’ve taken whether standardized tests in the States, other exams in just about any country’s academic system has you up against your entire cohort for your age or your school. The GMAT is self-selecting. Meaning that the pool of people that you’re competing against and the percentile within that cohort is much more challenging. All the success you’ve had for better or for worse is a function of what you’ve done.

If the tasks before you, and this happens a lot in school, good school, bad school, doesn’t matter. If the task before you is, do as we’ve shown you, then the moment you’re in a place like the GMAT puts you on. Right, something new, something unexpected. Yes, something that’s not really new, right, but it’s in a new packaging, it’s wrapped up in a different way, and it’s a puzzle. New presentation, what we call perspective shift. The moment you’re off your footing then all of a sudden you’re very unpracticed. Yeah, you’re prepared for a specific path and not for being able to choose the right path. Unless you’re preparing with Apex of course. Of Course! You’re prepared for that. And preparing to prepare is very good preparation. It’s also similar to other standardized tests the GMAT doesn’t really test how good of a student you are.

 

Are You An Excellent Student, Test Taker or Both?

Absolutely. I can tell you this because well, I’m an excellent test taker, I’m not an excellent student. My sister, my younger sister she’s an excellent student, terrible test taker. So I’m not trying to say this to stress you out about something. I’m saying that just because you are a good student doesn’t necessarily mean that you will succeed unless you prepare adequately. Yeah and there are very different skills, that’s not to say that we don’t have plenty of 4.0 s that just wreck the GMAT. Wreck! Wreck in a good way. Wreck, yeah, like just yeah destroy, render it innocuous. Destroy in a good way. Yeah these are good things! Did I go to vocab-y there? No, I think it might be just to American centric.

If you enjoyed: The GMAT Is Not A Standard Standardized test, watch our Cost of GMAT Prep.

 

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Posted on
23
Jul 2019

Why Is GMAT Prep Expensive?

Mike Diamond, head of instruction and Jaymes Kine, one of the lead instructors are here to talk to you about some of the questions that we have gotten on our  social media platforms.

Why in God’s name is preparing for the GMAT soo expensive? Can’t I just you know muscle through this with sheer will, determination and self-prep, free resources? And for some small portion of the population you totally can, but, by in large, learning to absolutely master the GMAT is like starting from scratch and building a car. You need to at the very least have other people help you make parts, give you schematics, all that, even if you are putting it together yourself. This is not something most people want to do or more importantly have time to do. So why is the cost of GMAT prep soo high?

The GMAT Is An Investment

You need to take the GMAT so that you can go to business school. You want to go to business school so you can become an executive of some sort, somewhere, right? I mean, most of the people, and listen there are those of you out there that are going to B-school to make the world a better place and that’s absolutely awesome and for anyone, whether you are going for profit or for the love of humanity, if you have got a need, we have a scholarship program.

So somewhere below here you can find a link to our scholarship application. Let’s be clear, the scholarship we are discussing is an Apex scholarship!

10 Points on the GMAT is worth $80 000!

So, when it comes down to it, the GMAT is an investment and doing well on the GMAT has a significant measurable impact on the amount of money that you are going to make throughout your life. And it might be more than you think.

We have actually done some analysis internally and when you compare the salaries coming out of schools, from top schools to very good schools and you adjust for everything else, and just looks at admissions chances and financial aid and GMAT, every 10 points on the GMAT is worth.

Yeah. Guess! Every 10-point increment on the GMAT, how much is it worth? In annual income? In net present value. Lifetime! 10 points? 10K? Keep Going! 30K? 50? About 50 thousand Pounds, 80 thousand US Dollars in lifetime earnings. And that sounds sort of ridiculous until you think about …. Wait, that’s every 10 points? Every 10 points? Well think about it, if you get a 720 and get into Stanford versus a 620, do a great school like, Fox, your lifetime earnings for those 100 points, the difference is going to be more than 800 000 dollars. That’s a lot of dollars!

The Apex Instructor Difference

And so it’s an investment, but from the other side, for us, for what we do. We love what we do! And we are not really in it for the money. I think every instructor here started out helping friends, helping family, helping friends of friends, and at some point sort of rolled in and said, well this is something that I enjoy. This is really fun! And it can help me have a fulfilling career.

Why is GMAT Prep soo expensive?

But there is opportunity cost, for you Economics majors out there. Ooh, talking to you! Why is GMAT preparation soo expensive?

Well if you go to a test prep factory and they hire someone who scored a 680 or a 700, just got out of school, doesn’t have teaching experience, they are not paying them very much, they’re actually probably paying them less than they are worth because that’s how big corporations work. Not to get too political. But, you know, they are getting paid $20/hour.

That’s why earlier on in my career I didn’t know this existed. Being a real tutor. It’s also why many of them don’t do it full time. I mean you can see when you go on any of those other websites, and you look for courses available by this specific teacher, they’ve got like 1 or 2 nights a week maybe. Because they are moonlight, doing something else to pay the bills. Still, a lot of excellent teachers, but, we don’t want them, because they’re doing something else and it’s just a financial thing for them.

That’s actually one of the things that I’ve been happiest with. Going from just teaching on the side and moonlighting and doing that fulltime because I didn’t like my other job and I always liked the few hours a week I was teaching and now I like all the hours that I am teaching. 

Apex instructors have score 770+ on the GMAT

For a GMAT score of, well we all have 770’s and above, we can go to top business schools and work at, I used to be at a hedge fund. Oh, we fancy! We can go do all sorts of stuff. We totally fancy!

So hiring a GMAT tutor is like hiring a professional whether it is an attorney, an accountant, a psychiatrist. Looking for that budget doctor? Yeah, exactly! You wouldn’t get your knee operated on by someone who was like “I can do it a little cheaper but I went to a worse medical school”.  Right, Zoology is medicine, in a way! I’ve done plenty giraffe knee replacements! That’s actually a pretty big deal!

If you enjoyed this video about the cost of GMAT prep, watch our GMAT Confidence video.

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Posted on
12
Feb 2019

Profit & Loss Problem Form

The profit and loss problem form that this problem fits into is one that has strong DSM’s into mathematics. Here we are tempted to do the math in part because that’s so easy. It’s so available to us.

This is characteristic of a mid-level arithmetic problem where there’s some shifts and shimmies but overall it’s a fairly straightforward problem that utilizes no more than the four basic operations. So on the one hand this profit and loss problem is pre-algebra or even sort of grade school math. On the other this makes the solution path much more elusive.

Solving the Problem Using Math

So of course we can follow the math. We can add up all the costs, five thousand plus two dollars, times twenty thousand. Then contrast that with the revenue that comes in which is 12×20,000. But then we’re left with the ugly division problem that brings us to the profit per t-shirt. This is where the GMAT sticks us.

Instead of handling this in aggregate it’s strongly preferable to handle it with a higher level solution path. Let’s take a look at a few:

Higher Level Solution Path: Distribution

One way to do this is to distribute the fixed cost over the cost per t-shirt. This is actually a lot easier than it seems. Twenty thousand t-shirts, five thousand dollars, five over twenty is one-quarter.

Therefore, it costs one-quarter per t-shirt in addition to the two dollars in variable cost. So twelve minus two is equal to ten dollars, minus one quarter is equal to nine dollars and seventy-five cents.

Higher Level Solution Path: Graphical Equalization

We can also use a graphic equalization method in order to get to the same conclusion. If the numbers were more complicated, understanding that that shift is one-quarter down. That is the fixed cost is one-quarter down.

Then we know we’re looking for something that ends in a seventy-five cents. That allows us to eliminate all the answer choices that don’t end in 0.75. Then we can use scale to determine that 9.75 is the correct answer.

Practice Problems

There are more complicated versions of this problem form. In particular, I’d encourage you to explore being told that the t-shirt company is breaking even. Then determining the amount of variable costs or fixed cost that’s there or even the production run. Similarly, you can be given a target profit or loss, the break-even just being the zero, so it’s a bit easier and have to reverse engineer the relationships.

Once again, this doesn’t have to be done algebraically. As you begin to appreciate the subtlety of the ratio between costs production run and total P&L all of these problems should be simplified and should be very straightforward.

Continue your GMAT practice with the Wedding Guest GMAT problem.

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