Unlock Your Potential: 6 Reasons Why You Should Take the GMAT Exam Today! PDF Download

Are you interested in pursuing a business degree? If so, then you’ve probably heard of the GMAT Exam or Graduate Management Admission Test. This is a standardised test used by more than 2400 top business schools all around the world to assess the academic aptitude of those who wish to further their education in the field. Taking the GMAT exam is a necessary step to getting accepted into the business school of your choice. 

If you’re interested in taking the GMAT, you’re not alone. Every year, thousands of ambitious students take the Graduate Management Admission Test, or GMAT, as a way to unlock their potential and become competitive in the job market. But why should you take the GMAT? In this article, we'll explore the main reasons why you should consider taking the GMAT exam.

Reasons to Take the GMAT Exam

The GMAT Exam is a well-respected, standardised test that is accepted by many graduate business schools around the world. It measures your aptitude in the areas of verbal, quantitative, and analytical writing skills. If you're considering pursuing an MBA, the GMAT exam can help you stand out from the competition and demonstrate your knowledge and skills.
But the benefits of taking the GMAT exam go beyond just getting into business school. Here are five reasons to consider taking the GMAT exam for your professional development:

Unlock Opportunities for Higher Education

Many Top business schools require applicants to take the GMAT Exam as part of their admissions process. If you're considering pursuing a Master's degree or an MBA, the GMAT exam can help you get into the school of your choice.

• Other than an MBA, you can apply for various other courses, some of them are: 
  • Masters in Management
  • Masters in Management
  • Masters in Finance
  • Masters in Business Analytics
  • PhD in Management
• It is recommended to check with the colleges of your choice if they accept GMAT scores as a part of their admission criteria.

Open up doors to Top Universities

• Taking the GMAT exam gives you the best chance of being accepted into the business school of your choice. It’s a competitive process, and getting a good score on the GMAT Exam can influence a school’s decision to accept you.
  

• GMAT scores are accepted by more than 7,700 programs at 2,400 universities and organizations in more than 110 countries.
• Some of the top colleges accepting GMAT scores include Harvard Business School, Stanford Graduate School of Business, MIT Sloan School of Management, Northwestern Kellogg School of Management, and The University of Chicago Booth School of Business.

EduRev is a resource that offers a wide range of GMAT Exam preparation materials, which you can access from anywhere, and at any time, and study at your own pace.

5 Years Validity Period provides Ample Opportunity to apply to Colleges

When you take the GMAT, your scores are valid for five years. This means that you can use them to apply to business schools during this period. This is beneficial for those who might need to take the test multiple times to get the score they want. It also gives you the flexibility to apply to different schools at any time during the course of five years if you decide to change your plans.

Chances of getting a Scholarship

Taking the GMAT exam can also increase your chances of getting a scholarship. Many business schools offer scholarships to applicants who have a good GMAT Exam Score.. Many top business schools like Harvard, Stanford, Wharton, Columbia etc offer merit-based scholarships based on GMAT exam scores and other academic achievements.

• The National Black MBA Association (NBMBAA) offers scholarships for Black/African American students who have taken the GMAT Exam and have a score of 600 or higher.
• The Forté Foundation also provides merit-based scholarships based on GMAT exam scores, academic achievements and leadership potential.
• The Consortium for Graduate Study in Management offers scholarships for underrepresented minorities based on GMAT exam scores, academic achievements and leadership potential.
• Some of the scholarship opportunities by Top B-Schoools include Gates Cambridge Scholarship- MBA by Cambridge University, The Robert S. Kaplan (MBA 1983) Life Sciences Fellowship by Harvard University, London Business School Fund Scholarships by London Business School, Shanna and Eric Bass '05 MBA Scholarship by Yale University in the USA.

Keep in mind that these are just a few examples and the availability of such scholarships and the criteria may vary. It is always a good idea to check with the school or organisation directly to confirm the availability of scholarships and the specific criteria for eligibility.
If you would like to learn more about scholarship opportunities in India and Abroad, check out MBA scholarship opportunities In India and abroad.
Also read: How to get Scholarship for MBA programs

Increase Your Earning Potential

• Many employers use GMAT exam scores as a way to evaluate candidates and determine their worth. The higher your score on the GMAT, the better your chances of getting a better job and a higher salary. This is especially true for those who are looking to work in the financial industry.
• A report stated that every ten-point (increase) on the GMAT correlates to a $3,000 improvement in the average starting salary.
• Marketing, Finance, International Business, Human Resources, and Information Technology are Some of the highest-paying job fields that seek MBA graduates with high GMAT exam scores. For example, on average Google offers an annual salary of 227,000$, while Apple, Boston Consulting Group, Amazon, and JP Morgan can offer in the neighbourhood of 160,000 $.
• Additionally, having a high GMAT exam score can help you negotiate for higher salaries. If you have a high GMAT exam score, you can use it as leverage to negotiate for the salary you deserve.

Also Read: 
MBA Graduate Salaries: An Analysis of Top Employers' Compensation Packages
MBA Graduates' Average Salaries: Ranking the Top 10 Countries

Create Credibility in Your Job Search

• Finally, taking the GMAT Exam can help you create credibility in your job search. Having a high GMAT exam score can give you a competitive edge in the job market.
• The GMAT exam is an important tool for aspiring business professionals. By taking the GMAT exam and earning a high score, you can demonstrate to employers that you have the verbal, quantitative, and analytical writing skills that are important for success in business and management.
• Additionally, a high GMAT exam score can indicate that you are a strong problem solver and have the ability to think critically and make strategic decisions.
• Moreover, a high GMAT exam score can also demonstrate a candidate's motivation and commitment to pursue a career in business, which can be valuable to potential employers

So, if you're considering taking the GMAT, now is the time to act!

Also Read: Job opportunities after GMAT

How to Prepare for GMAT using EduRev

The EduRev Infinity Package for GMAT is an excellent choice for students looking to prepare for the GMAT exam. This package offers a curated set of courses that contain the content that matters most for the GMAT, including topic-wise notes, videos, and tests. With EduRev Infinity, you can study at your own pace from anywhere, and take tests with thousands of other students. The personalized study plan and progress tracker make it easy to monitor your performance and identify areas where you need to improve. EduRev Infinity offers a comprehensive and effective GMAT preparation program that can help you achieve your desired score. So, if you're looking to crack the GMAT, EduRev Infinity is definitely worth checking out!

Frequently Asked Questions (FAQs) on Why you should take the GMAT Exam

Is the GMAT exam 275$ fee worth it?

The GMAT exam fee of $275 is a standard cost for taking the test, and whether it is worth it is dependent on the individual's circumstances. Factors to consider include the likelihood of acceptance into an MBA program, the cost of the program and the budget for test fees. The fact that the GMAT exam score is valid for 5 years makes it somewhat worth it, as it allows more time to prepare for a second attempt and the previous score will still be valid, and you can apply for admissions at any point of time in this period. Ultimately, it is up to the individual to decide whether the cost is worth it.

EduRev offers GMAT Mock Tests as part of their Infinity package for GMAT exam preparation. These mock tests are administered under simulated test-taking conditions, with constraints similar to those of the actual GMAT exam.

How can I Get scholarships based on my GMAT Exam score?

Graduate business schools and some organisations and foundations offer MBA scholarships for applicants with high GMAT scores. Online searches can provide lists of organisations offering these scholarships, and the websites of the schools may provide additional information. It is also worth enquiring with the testing center where the GMAT exam was taken. Usually, Scholarship opportunities are updated on College websites from time to time. So it is a wise idea to check college websites regularly.

What is the GMAT Exam for?

The GMAT Exam(Graduate Management Admission Test) is a standardised exam used by graduate business schools as part of the admissions process. The exam is designed to measure a candidate's ability in verbal, mathematical, and analytical writing skills. The GMAT exam is intended to assess the readiness of students for graduate-level business studies, such as an MBA program.

It is accepted by more than 7,700 programs at 2,400 universities and organizations in more than 110 countries. However, it’s recommended that you check the universities of your choice for any other requirements they might have for admissions.

How does the GMAT exam differ from other graduate-level admissions tests?

The GMAT Exam is specifically designed for graduate-level business and management studies, whereas other graduate-level admissions tests may be more general in nature. The GMAT exam measures a candidate's aptitude for business and management studies, including verbal, quantitative, and analytical writing skills. Other graduate-level admissions tests, such as the GRE or LSAT, may test a broader range of skills and knowledge and may be required for graduate programs in fields other than business. For example, the GRE is accepted for most graduate programs (including Law and Business), while GMAT is usually used only for business school admissions. It is recommended to research and compare the different exams to determine which one aligns best with your career goals.

Can I go abroad after GMAT?

Yes, you can go abroad to pursue a graduate-level business degree after taking the GMAT exam. Many business schools worldwide accept GMAT Exam scores as part of their admissions requirements. Taking the GMAT exam can increase your chances of being admitted to top business schools abroad like Harvard business school, Stanford Graduate School of Business

MIT Sloan School of Management, and many more. GMAT can demonstrate to the admissions committee that you have the aptitude and skills necessary to succeed in their program

Why should you give GMAT?

Taking the GMAT exam is recommended for those interested in pursuing a graduate-level business degree as it is widely accepted by business schools worldwide. It is a standardised test and can increase the chances of being admitted to a top business school. The GMAT exam is an excellent way to demonstrate your aptitude and skills to graduate schools and business schools. Additionally, a good GMAT exam score can open doors to programs and scholarships that may not be available to those who do not take the test. 

A good GMAT score can even help you negotiate for a better salary.

Is the GMAT exam worth it for Indian students?

Yes, the GMAT Exam is worth it for Indian students, as it is a standardised test for admission to graduate business programs. It is accepted by more than 7,700 programs at 2,400 universities and organizations in more than 110 countries The GMAT exam is accepted by many business schools in India as well,(IIMs, SPJIMR Mumbai, MDI Gurgaon, XLRI Jamshedpur are a few top names) and can help demonstrate a student’s aptitude for business courses. It opens up gates to pursuing MBA from Prestigious universities all around the world. In addition, a good GMAT exam score can also open up scholarships and other funding opportunities for Indian students

Can I get a 100% scholarship through GMAT?

It is highly unlikely that you will be able to get a 100% scholarship for an MBA program. MBA programs are quite expensive, and scholarships are typically awarded based on merit, financial need, or a combination of the two. You may be able to find full or partial scholarships from universities, employers, or other organisations, but a 100% scholarship would be very difficult to find. The key point to remember is that the percentage of scholarships will vary from college to college, and the best thing to do is to research the scholarship criteria for colleges of your choice. Do remember that your GMAT exam score is one of the key deciding factors that universities consider while offering scholarships.

Does GMAC offer Scholarships?

Yes, GMAC offers scholarships to students pursuing a graduate business degree. These scholarships vary in terms of amount and eligibility and are awarded through a competitive application process. For example, The GMAT Exam Talent and Opportunity Scholarship is a scholarship program sponsored by the Graduate Management Admission Council (GMAC). This scholarship program is designed to support students of diverse backgrounds who are interested in pursuing graduate-level management education. The program provides one-time scholarships to students who demonstrate financial need and who have achieved exceptional performance on the GMAT exam.

Which B-Schools offer scholarships?

Some Scholarship opportunities offered by Universities are 

• INSEAD Deepak and Sunita Gupta Endowed Scholarship by INSEAD Business School 
• Harvard University-Boustany Foundation MBA Scholarship
• UWE Bristol MBA Scholarship by the University of the West of England, Bristol
• Oxford Pershing Square Scholarship by Pershing Square Foundation
• Weidenfeld-Hoffmann Scholarship and Leadership Program by Weidenfeld-Hoffmann Trust in partnership with The Said Business School, University of Oxford, University of Chicago- Booth School of Business