When preparing your application for a graduate program, one of the key elements will be submitting your exam scores for consideration. With many business schools now accepting both the GMAT and the GRE, knowing which one to select can be an interesting, if not intimidating challenge.
There are many factors to consider, but three in particular will likely influence your decision greatly.
Academic Background
Deciding to a pursue graduate business degree can be a major change from your undergraduate background, or just a continuation of what you have already have been studying. In general, if your undergraduate degree was in business, management, or economics, you will likely find the GMAT exam more in line with the type of questions, terminology and scenarios that you are already used to in an exam. If, on the other hand, you are relatively new to the academic disciple of business studies, you may find the GRE to be more in line with your academic experience for exams.
Cost
Each exam has its own cost, of course, and you should check out the individual websites for each institution that administers the exams for the most up-to-date pricing. Currently the cost for the GRE is $195, and the cost for the GMAT is $250. While the $55 difference is minimal when compared to the overall cost of the degree you are pursuing, you should keep in mind that many students will take the exam more than once in order to get the best score possible.
Format
As noted above, each exam is geared toward different academic populations, and these differences can also be seen in the format of the exams. The GRE is made up of four distinct sections, covering analytical, integrated reasoning, quantitative and verbal sections. The GMAT also has an analytical writing section, verbal reasoning, quantitative reasoning, and a randomized either math or verbal section. While the various sections are similar in nature, the format and method of how they are administered will vary. You can take sample exams for each, to get a sense of the structure of each exam, and then decide which one you are more comfortable taking.
Of course there are many other factors involved, but making an informed decision can help you get off to a good start in terms of your exam preparation. The Princeton Review website has a quick breakdown between the two exams, under their GMAT vs GRE: What Are the Differences? section for more insight. You can also find details about their prep courses there as well.
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