Should You Retake the GMAT?

SAT/ACTPerhaps the most often-asked question during the entire MBA application process is,“Should I retake the GMAT?” The answer to this question will differ from case to case depending on an applicant’s score, their target schools, and their overall profile. If you are considering retaking the GMAT, doing a short cost-benefit analysis, similar to a business endeavor, can aid your decision-making:

1) Recognize the Investments Needed
Apart from the test-taking fee that you will incur for a retake, think about the hours you will need to put in to re-prepare for the GMAT, and whether this will affect the timeliness of your MBA applications. Make sure you consider whether or not you have the availability and the energy to put into this endeavor.

Often ignored, but just as important, factor in the opportunity cost of the hours you will need to spend preparing for your retake. Could you spend those efforts somewhere else to strengthen your profile? Maybe you could get involved in productive activities at work, volunteer in the community, or polish your essays.

If your application is already strong in these areas, then a GMAT retake could be a better use of your time. As such, engaging a test prep service may be the right way to go – taking a GMAT prep course or spending time with a private tutor will optimize the hours that you put into studying, and will be an investment that pays for itself in the long run.

2) Evaluate the Probability of Success
The next step would be to evaluate how likely you are to achieve your desired results. The most straightforward consideration (that requires a truly honest self-assessment) is how you have already performed on the GMAT relative to your potential:

  • Did you prepare well enough?
  • Did you get enough sleep the nights leading up to your exam?
  • Were the test day conditions conducive?

If you believe there’s a reasonable chance that you could have done better than you did, you should seriously think about a retake.

3) Weigh the Potential Benefits
Researching the class profile of your target program, and how you compare to the school’s average GMAT score, should give you an indication as to where you stand. The standardized nature of the GMAT allows for the most straightforward and objective comparison between applicants, so ideally, you will want to score higher on the GMAT than the school’s average.

All things equal, a higher score should improve your chance of admission, and even your opportunities for scholarships. Thus, the expected value of increasing your GMAT score could be high and really worth investing in.

Knowing that you didn’t leave too many potential GMAT points on the table can also simply help you be at peace. This is an important benefit, as it will allow you to focus on the next steps in the application process, and know that you have given the GMAT your best shot.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! And as always, be sure to find us on Facebook, YouTube, Google+ and Twitter.

Written by Edison Cu, a Veritas Prep Head Consultant for INSEAD. 

Updated GMAT Score Cancellation and Reinstatement Policies: What This Means For You

GMAT Cancel ScoresGMAC has updated its score cancelation and reinstatement policies for GMAT test-takers. A full description of these changes is included in GMAC’s recently published blog article, but here are some highlights and guidance on what this means for future GMAT test-takers:

What is Changing?
If you took the GMAT and felt like you needed more time to decide whether or not to cancel your score, then you’ll be happy with GMAC’s new policy. Test-takers now have 5 years to reinstate their scores and 3 days to cancel them. Before this, test-takers had to be much more rushed in making their decisions, with only 60 days to reinstate their scores, and a mere 2 minutes to cancel them.

The cost of these actions is also much more forgiving: it is now only $50 to reinstate your score (compared to the previous $100 fee), however you will have to pay a fee of $25 to cancel your score if you choose to do so after leaving the test center.

What is NOT Changing?
GMAC has kept several of its cancelation and reinstatement policies intact. For example, it is still true that if you choose to cancel your score, no one but you will know about it. There is also still no fee to cancel your score at the test center, and the period you must wait to retake the GMAT is still 16 days.

Why Does This Matter?
Why do we even care about this change in the GMAC’s policies? Well for one, it allows for much more flexibility in the test-taking process, as test-takers who choose to cancel their scores now have much more time to prepare for their next test administration. (No more scrambling to prepare for a retest in 16 days!) However, it is still important to remember that the GMAT retest policy still applies, in that you cannot take the GMAT more than 5 times in 12 months, so it is important to build a “buffer” into your prep schedule. If you test too close to an MBA application deadline, you won’t have time to retest.

These changes in policy also just go to show us that nothing in life is free (except canceling at the test center). If you want the convenience and luxury of having extra time to make your decisions, you’d better be ready to pay up for it. To minimize this cost, test-takers should have a target GMAT score in mind as well as a plan going into the test, and then actually stick to that plan upon receiving a final score. Think of this like buying an airline ticket – many airlines will let you hold a ticket for free, but it can cost an additional fee to hold it for up to a week. The same idea applies here. Additional time isn’t going to change your score and it shouldn’t impact what score you’re willing to accept, so have a game plan going into test day and stick to it to avoid unnecessary fees.

It is also worth noting that most business schools will still accept a candidate’s highest GMAT score (after all, it is in the school’s best interests to report having students with high average GMAT scores), so if you take the GMAT and score moderately higher than you did the last time you took the test, it may not be necessary to actually cancel your lower score. Talk to the schools to which you’re applying to understand the programs’ policies, but don’t overthink it. Unless there’s a significant gap between your old and new score (+100 points), or you achieved an extremely low score one of the times you took the test (below 500 points), save your money and keep all of your scores.

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By Joanna Graham

Should You Retake the GMAT or Focus on Your MBA Application?

scottbloomdecisionsEvery application season, there is a point at which many applicants reach a very anxiety-driven and critical dilemma: whether it is worth re-taking the GMAT or not. Now this question is not the same as the also very common, “Is my GMAT score high enough?” question. The former question, unlike the latter, truly exists in a vacuum due to outside constraints primarily based on the time constraints and confidence of the applicant.

What makes this question even more challenging is that the answer is truly specific to the individual, which can require a bit more nuanced thought process to eventually make the “right” decision. Keep in mind, there really is no obvious right decision in most of these scenarios – the goal here should be to optimize your chances at gaining admission to your target programs given some of the following factors:

Time

How much time do you have before your application is due? An extended timeline before submission can make re-taking the GMAT a more obvious option. The decision to retake the GMAT or focus on your application is very much intertwined. Committing to re-taking the GMAT generally comes at the expense of time that could be dedicated towards focusing on the various other application components.

Effort

How much effort would be required for additional prep to reach your target GMAT score? Even if time is not a major issue, the effort necessary may still not be worth it in the grand scheme for many applicants. Given the wide differences in how test takers may embrace the GMAT prep process, a candidate’s appetite for taking on additional prep is a major factor.

Confidence

How confident are you that you can materially improve your score? It should not just be about getting incremental points on the GMAT. When most re-take the GMAT, the expectation is a major jump from the previous score. Re-taking the GMAT with limited time available, an expected heavy amount of effort required, and a lack of confidence in securing substantial gains can make this decision a very difficult one for many candidates. Confidence here can be gleaned through performance on practice tests, and how closely one’s scores align with the score received during the initial prep process.

Overall Value

The final decision here really should focus on deciding whether the expected upside of the subsequent GMAT retake is more valuable to your candidacy than additional hours of focus and attention to the other MBA application components, and is something that applicants must decide on their own.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or click here to take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! As always, be sure to find us on Facebook, YouTube, Google+ and Twitter.

Dozie A. is a Veritas Prep Head Consultant for the Kellogg School of Management at Northwestern University. His specialties include consulting, marketing, and low GPA/GMAT applicants. You can read more of his articles here.