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GMAT vs. GRE – Which Test to Take? (Part I)

Recently, some business schools have decided to accept either the GMAT (Graduate Management Admission Test) or the GRE (Graduate Record Examination) score of an MBA applicant. Compared to the GMAT which is traditionally taken by those applying to business schools, the GRE is generally taken by those interested in pursuing non-business graduate level degrees. It is acceptable for disciplines ranging from Engineering to Philosophy to Education or International Affairs, to name just a few.

Some business school programs have chosen to begin accepting the GRE score as a means to broaden their applicant pool by encouraging increased applications from those with diverse interests, those with economic hardships and those with difficulty to get to a GMAT test center.

Specific reasons include the following:

• Student Backgrounds: The GRE is taken by students applying to various graduate programs. Thus accepting the GRE will streamline the business school application process for students who are not exclusively interested in business.
• Price: The GRE is less expensive than the GMAT ($140 vs. the $250). The higher GMAT test fees may limit the pool of GMAT test takers, especially when you consider the cost of multiple re-takes.
• Geographical Reach: The GRE is also given in more locations than the GMAT. Thus accepting it in theory increases the applicant pool to include candidates from more remote parts of the world or without access to adequate finances to be able to travel to a GMAT testing center.

The move to make the GRE an optional exam for MBA applicants is occurring slowly on a program to program basis. The following are a few programs that have recently opened their doors to GRE test takers: Georgetown University McDonough School of Business, MIT Sloan School of Management, University of Michigan Ross School of Business, Johns Hopkins University Carey Business School, IE Business School, and Stanford Business School. Though increasing, the number is limited in comparison to the vast array of MBA programs in the world.