Some business schools waive GMAT requirements
Students wishing to obtain a master's in business administration, or MBA, are often required to take the Graduate Management Admissions Test, commonly referred to as GMAT, to apply to most business schools. In 2009, business schools were seeing a rise in the number of applicants to their programs. As the applicant pool begins to change, business schools are becoming more flexible about GMAT requirements.
GRE or GMAT Option
Many top-tier business schools are altering their admissions requirements. Schools such as Harvard are allowing applicants to use either GMAT or GRE (Graduate Record Examination) scores, starting with the class of 2012, according to Louis Lavelle in Business Week. Because Harvard, a top-ranked business school, has changed its requirements, other schools are more likely to do the same, according to Business Week. As of 2009, 220 business schools accept GRE test scores for their MBA programs, including 5 out of the top 10 internationally ranked programs. More schools are following the trend, according to Business Week.
GMAT Waiver
While most business schools require the GMAT, some will waive the requirement depending on the applicant's professional or educational experience. Some schools, such as UCLA, will waive GMAT requirements if applicants have a graduate degree in other areas or jobs with quantitative skills, according to Business Week. The University of South Carolina's Kenan-Flagler School of Business requires the GMAT but will waive the requirement for applicants with advanced degrees or technical jobs. The MBA waiver is more common with Executive MBA programs that waive GMAT scores for management or technical job experience or other relevant education.
Online MBA Programs
Interested students can also pursure an MBA program without taking a GMAT through an online school. For instance, DeVry University, Herzing University Online and Kaplan University offer MBA degrees without GMAT scores. These schools hope to capitalize on the students who would prefer to spend their money on tuition rather than a standardized test, according to U.S. News and World Report.
Significance
Substituting the GRE score for the GMAT score has lasting financial implications for applicants and GMAT and GRE testing centers, according to Business Week. For applicants in 2010, the price of the GRE is $150 compared to $250 for the GMAT. In the past, business schools see that the GMAT has evidence to support its claim as a "good predictor of success in the graduate management program," according to Louis Lavelle's article "NO GMAT? No Problem, says Harvard" in Business Week. The GRE had no similar claims because it is more recent for business schools. Furthermore, the GRE's noncognitive section, which "measures teamwork, ethics, persistence, and creativity," may convince more business schools to adopt similar admission requirements, according to Lavelle.
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