All you need to know about MBA Admissions through GMAT
GMAT is an International Examination that is accepted by a large number of Bschools across the world.
While most of these Bschools require a certain level of work experience to apply, some Bschools in India accept students without work experience. At the same time, some Bschools in USA and Europe have also launched Masters in Management program for students who do not have work experience.
Students who have work experience (2-3 years +) can apply for 1 year Executive Mgt program at ISB Hyderabad and the PGPX program at the IIMs as well as premier MBA programs in Global Universities.
Structure of the Exam
When you apply for the GMAT you can select a date and Test centre at your convenience. The exam can be taken round the year and the score is valid for 5 years.
GMAT is a computer adaptive test. The candidate can view and answer one question at a time. The next question is selected by the program based on whether you get the first right/wrong. Getting it right gets you a relatively tougher Q while getting it wrong gets you another Q of the same level or easier.
Now this makes it very critical to get the first few Qs right as that sets the base for your performance.
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The Exam itself is divided into 4 Sections.
37 Qs in 75 min. Scoring Range 0-60
The questions include conventional problems from mathematics as well as Data sufficiency Qs. For Engineering students with a strong maths background, the Qs are easy to moderate.
41 Qs in 75 min. Scoring range 0-60
The Questions include Reading comprehension, Critical Reasoning and Sentence Correction. The level of complexity is high and to score highly a candidate would need to understand the Qs contextually.
12 Qs in 30 min. Scoring range 1- 8.
The questions range from Tabular and Graphical data interpretation, Multiple source reasoning and Two part analysis.
Analytical Writing Ability
Analysis of an argument: A one paragraph argument is given to the candidate. The candidate has to write an logical analysis of the given argument based on facts and reasoning.
Time allotted is 30 min. Score range 1- 6.
A score of 45+ in VA and 53+ in QA can give you a 99%ile and a score of 760/800. A score of 40 in VA and 50 in QA can give you 89-90%ile and a score of 700.
Should I do an MBA abroad or in India?
First thing to realize is that there are 1000s of Universities in USA, Europe and other countries and only some of them are really good. So make sure that you do your research and check the rankings from sites like Financial Times.
Second, while the best Bschools are in the USA, the costs are prohibitively high. An MBA program at Ivy League Bschools can cost between 60-80 lacs. And financial assistance and scholarships are very rare. For those on a budget, Singapore, Canada and some Bschools in Europe are cheaper.
Third, the exposure at some of these Bschools is truly worth it. Interaction with global business leaders, management guru’s as well as the cultural exposure or learning and living with students from across the world is valuable
Finally, unlike in Indian Bschools, Ivy League Bschools do not ‘ensure’ 100% placement. While placements are good, there is no guarantee. Also one should thoroughly research the visa terms. For example UK has made it very difficult for students to stay back and work post MBA. And mind you, a degree from a foreign Bschool may not be well recognized if you come back to India.
On the whole, if you do well in GMAT and apply to carefully researched Bschools, you could be well on your way to a global management career.
A live chat has been scheduled on this topic of GMAT, MBA Admission abroad and more on Monday April, 27th 2015 at 6.30 pm. Please join us here on Monday.
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