Postgraduate management courses such as MBA (Masters of Business Administration) offer a great career with a whole lot of job opportunities in many fields. It can be marketing, finance, human relations, or any other area. One has to appear in the GMAT (Graduate Management Admission Test) exam for getting an admission in a B-school (Business school) for getting the degree. To get a good rank in GMAT, one has to prepare very well, which will, in turn, decide your college during the MBA admission process. A good GMAT result helps in standing out among others during the admission process. The governing body of GMAT, GMAC, has listed down some criteria which the students must follow before applying to a college or University. These are some criteria that should be followed when giving the GMAT entrance examinations.
In 2021, the GMAT exam can be taken at a test centre as well as online. One should know the criteria of the GMAT exam and the benefits of appearing in it. Here are some criteria and benefits discussed for your GMAT exam 2021 preparation.
GMAT And Its Criteria
GMAT is a computer-based examination where different skills of students are analysed. The skills include analytical skill, writing ability, and their ability to read. The cost of giving GMAT is estimated to be US $250. With this test’s help, one can get admission for courses like Masters in Finance and MBA in most renowned colleges.
The candidate who opts for the exam must fulfil the age criteria. This must be satisfied; else, the examination gets cancelled automatically.GMAT has its own age criteria. The candidate attempting the exam must be an adult, which means he or she should have completed 18 years. The candidate must be 18+. Interestingly, there is no upper limit of age for the candidate.
However, there is a respite for those who want to give exams below the age of 18. Students who wish to pass exams and have not completed the age of 18 and who belong to the age range between 13 and 17 need special permission. Their legal guardian or parents should grant them permission to sit in the examinations. The form of consent should be in writing. GMAC has not officially announced any legal statement regarding the criteria based on education for students who want to appear for GMAT.
However, the students who wish to give the GMAT must complete a graduation course and possess the certificate of graduation from any renowned college. The college should be recognisable, and the certificate must be authentic.
As mentioned above, the registration fee of GMAT is US $250, which amounts to INR 18,300. The exam can be canceled, and the time for giving the exam can be changed according to the candidate’s desire. However, rescheduling the examination will result in extra charges. Candidates not appearing for GMAT will not be refunded. They will be charged, and a full GMAT fee will have to be given by them. Regarding cancellation of examinations, GMAT has its own rules.
If a student cancels the examination 1 to 14 days before the stipulated test date, the student will be charged $200, and $50 will be refunded to the student. Again, if the student cancels the exam 15 to 60 days before the stipulated day, the student will be charged with an amount of $175, and again $75will be refunded. Similarly, if the student cancels the exam 60 days prior to the exam’s stipulated day, the student will be charged $150, and $100 will be refunded to the student.
It also should be noted that the exam appointment cannot be changed within 24 hours of the stipulated exam and time given. If someone wants to reschedule the GMAT exam 1 to 14 days before, an amount of US $150 must be paid. Accordingly, an amount of $100 must be paid for rescheduling 15 to 60 days prior to the exam date. An amount of $50 must be paid for changing the exam date 60 days prior to the stipulated date.
Present Scenario Of GMAT Exam
Due to the present pandemic situation of COVID, many restrictions have been put on the movement of citizens abroad. Options regarding physical or online exams will be given to the student. It entirely depends on the student, and the authority will accept the student’s decision. Announcement of additional GMAT exams was observed at GMAC. GMAC had cancelled all sorts of physical exams as before, which were conducted in the exam centres. However, cancellation and rescheduling of exam dates will be charged by GMAC accordingly, as it used to take place before. GMAC has decided to extend deadlines so that more students can apply for the GMAT.
Why Appear For GMAT Exam?
First of all, for more than six decades now, the GMAT has been a widely used exam for MBA admissions in business schools. 2,00,000 applicants worldwide take the exam as mentioned above every year. More than 2300 schools use the GMAT exam, and over 110 countries across the globe receive the GMAT score reports.
Some of the reasons are as follows:
a) MBA Admission- A high GMAT score increases the chances of getting admitted to a business school of one’s choice. Obtaining an exceptional GMAT score acquaints the admission committee of the skill one needs to possess to handle an MBA program’s rigours. For this reason, most of the enrolments into MBA are made using the GMAT score. Moreover, GMAT scores are accepted by colleges all around the globe.
b) Many of the aspiring MBA candidates don’t have that bank balance between pursuing their dreams. Gaining a scholarship is the best way to carry forward their journey without the financial burden coming along with it. Getting a good GMAT score is the best opportunity for students with such conditions.
c) Wide acceptance of GMAT exam- GMAT exam is widely accepted worldwide for admission in MBA colleges. In fact, no other exam in the entire world has such vast acceptability. Also, 2300+ schools accept the scores from GMAT exams. 650+ centres testing in all over 114 countries administer exams conducted by GMAC. According to a report, it is said that 9 out of 10 colleges accept GMAT scores.
d) An outstanding score not only helps the MBA aspirant before MBA but also post MBA. High scorers have higher chances of getting admitted to top business schools, and the students of these schools, in turn, have the greater possibility of getting the choicest of job offers post MBA. One more point to work for a better GMAT score is that the majority of the companies in the financial sectors ask for higher scores, with many demanding more than 7.40.
Benefits of GMAT
Gmat is one of such exams that influences the career trajectory of an individual. It helps in increasing the remuneration level and adds up tremendous value to the resume. It measures the skills that an individual has, and 700+ Business School programs trust it. GMAT is a widely used indicator and also trusted for admission to MBA and other business programs into B-schools. GMAT score is the decision-making factor in the majority of MBA admissions, and the score is used worldwide.
Pursuing MBA gives a lot of benefits. Other than career-oriented and job offers, it provides a prestigious master’s degree for the candidates who put their hard work into GMAT. GMAT score is essential, but it is not the end. The end being the admission into B-school for MBA. However, the value that the GMAT score adds is far more than just admission.
GMAT In India
Aadhar Card is widely accepted as an identity proof all over India. Similarly, GMAC- administrator and owner of the Graduate Management Admission Test (GMAT) has approved the use of Aadhar Card as proof of validity by Indian students. This step was taken by GMAC so that the exam is accessible to all the students. The new development that has been introduced by GMAC should be kept in mind. This new development will be affected from 8th April of 2021. According to this new development, only a valid passport will be accepted as identity proof at the GMAT center.
Conclusion
GMAT is a competitive entrance examination that requires well-thought strategies and proper preparation. One can nail the test with good practice and preparation. An appropriate plan of study and knowing the exam pattern very well are some critical points for doing well in GMAT. The different sections like Analytical writing assessment (AWA), Integrated Reasoning (IR), Quantitative Reasoning (Quant), and Verbal Reasoning require proper time management for completing correctly. One should practice GMAT preparation mock tests for getting better results and managing time properly. Conceptual thinking is the main requirement for students giving the examinations. A proper set of books are required for the aspirants, like the GMAT Official Guide. The majority of GMAT aspirants follow this book.