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Gearing up for a Master of Business Administration program involves a lot of prep, especially when it comes to taking the GMAT™ — the Graduate Management Admission Test. It’s a standardized test that assesses potential business school students.

The GMAT was created by the Graduate Management Admission Council (GMAC) and is now the most widely used assessment for graduate management admissions.

It’s available in approximately 114 countries, used by more than 2,400 universities and institutions worldwide, and was taken by more than 78,000 students in 2024.

The exam is important for prospective MBA students because it may carry a lot of weight in the application, with some experts estimating it accounts for up to 22% of admissions decisions.

Because of this, getting prepared for the GMAT is crucial to getting into an MBA program.

Important Facts About the GMAT

There are three sections in the GMAT: quantitative reasoning, verbal reasoning, and data insights. These sections consist of content relevant to today’s business opportunities and challenges.

The total score a student can receive for this exam will fall somewhere between 205 and 805, and it’s based on their performance on all three sections of the exam. Scores for each section are between 60 and 90, and each section is weighted equally.

The quantitative reasoning section measures mathematical ability, including algebra and arithmetic. There are 21 questions, and the answers to them rely on analysis and logic.

The verbal reasoning measures a student’s ability to read and comprehend material and to make and evaluate arguments. There are 23 questions in this section consisting of reading comprehension and critical reasoning.

The data insights section is new, and it measures student’s ability to interpret and analyze data and apply it to business scenarios. This section also measures digital and data literacy. There are 20 questions that may require math, verbal reasoning, data analysis, or all three of these skills.

Students’ unofficial scores will be displayed on-screen immediately after they finish the exam. They are not allowed to record or save their unofficial scores. An email with their official score will be sent to them.

A student’s GMAT score helps business schools evaluate how prepared they are for the rigors of MBA coursework. There is no set score that students must achieve to be accepted into a program, but students can figure out an estimate of how well they need to do by researching the average score accepted students got on their GMAT exam.

This can give prospective students a good idea of what score they should aim to receive to be considered for acceptance to a particular program.

Making a Study Plan

Making a GMAT study plan depends on when applications are due, which will differ by school.

It’s recommended that students take the exam at least three to four months before their application deadline. This will give students enough time to retake the test if necessary. The test can be taken up to five times within 12 months. There is now no limit on how many times a student can take the GMAT.

Once students know their application deadline, they can make a plan for when they want to take the exam. Exams are available year-round, and students can register to take it online at mba.com.

Each student will have to determine how much preparation is right for them, but usually, it’s recommended to spend three to six months preparing for the GMAT.

According to GMAC, the makers of the exam, the majority of test takers prep for at least 60 hours. Those who did so, scored 500 or higher on the test.

Studying more isn’t a guarantee of a high score, but it seems to help a majority of students find success. With this information, students can create a study plan that suits them and their timeline best.

Recommended: The Ultimate Guide to Studying in College

Study Tips for the GMAT

With 60 or more hours of preparation recommended, how can students best spend those hours?

Here are some tips on how to study for the GMAT that may help students make the best of their prep time.

Taking Practice Exams

Familiarity with the format of the test means there are few surprises. Students will be familiar with each section of the test, the order of the sections, and how the instructions are worded.

Studying the content is important, but so is knowing what to expect when test day comes.

The most effective way to use practice tests is to take one first and use it as a baseline so it’s easy to see where improvements need to be made and how much progress is being made after each consecutive practice test.

The GMAT takes two hours and 15 minutes. Each section is 45 minutes each, and there is one optional 10-minute break.

Taking practice exams is also a good way for students to learn how to pace themselves through each section of the test.

Recommended strategies are keeping a consistent pace throughout the entire exam, keeping in mind how many questions are in each section, and estimating how much time is allotted for each question.

•   The quantitative reasoning section includes 21 questions over 45 minutes.

•   The verbal reasoning section gives test takers 45 minutes for 23 questions.

•   The data reasoning section has 20 questions to be answered over 45 minutes.

Students may choose to use official GMAT exam prep packages, which vary in cost (one is free).

Hundreds of quantitative and verbal reasoning questions, as well as data reasoning questions can be accessed through these official packages.

Students can also purchase unofficial GMAT practice tests if they need more resources.

Tutoring and Peer Study Groups

For students who want extra help preparing for the GMAT, getting a private tutor, taking a prep course, or finding a study group may be options to consider.

A benefit to these strategies is the addition of regular feedback and accountability, which can help students stick to their GMAT study plan.

For students with a tighter budget, finding a GMAT support group and free practice exams may be more affordable routes.

Staying Healthy

Performing well during a stressful examination can be made easier by maintaining good physical and mental health. It’s recommended that students get plenty of rest in the days before the exam, as well as keep up a healthy diet.

Both rest and nutrition can impact physical wellbeing. Going into the GMAT in good physical condition can help students reduce stress and build confidence.

During practice tests, students can practice stress management techniques, which may make it easier to use them during the official test.

Test-taking anxiety is a common phenomenon, and each student may want to learn which coping techniques work best for them.

What About Finances?

Students who are considering an MBA program may be shocked when they see the high cost of tuition. According to the Education Data Initiative, the average cost of an MBA program is $62,820. However, this can range from $44,640 to over $71,000 depending on the school.

Options for decreasing the cost of earning an MBA may be getting a master’s degree online or getting financial aid to help cover the cost.

There are a few options when it comes to paying for graduate school.

Apply for Federal Financial Aid

Filling out the Free Application for Federal Student Aid (FAFSA®) as a graduate student means the aid is given based on the student’s income, not their parents’. This could help students receive more federal aid than they did as undergraduates.

After submitting the FAFSA, students will receive a FAFSA submission summary, which provides information about their federal student aid eligibility.

The schools to which a student has applied and been accepted will send a financial aid package offer letter, and the student can decide whether to accept or decline the offer.

Federal student financial aid can come in the form of work-study, grants, or loans. Grants usually don’t need to be repaid, but loans do. Graduate students are not eligible for subsidized student loans, only unsubsidized, so interest will start accruing as soon as the loan is disbursed.

Recommended: Private Student Loans vs Federal Student Loans

Work a Part- or Full-time Job

Another option may be working while getting an MBA, with some employers helping to pay for tuition. There are more part-time and online MBA options than there used to be, making it easier for students to work while finishing school.

Apply for Scholarships

Students can also apply for scholarships through the school they are attending, as well as from private or professional organizations. Scholarships usually vary in their eligibility requirements, and it’s recommended that students seek out and apply for all they may be eligible for.

Use Private Student Loans

Another option for funding an MBA program may be private student loans. Private student loans do not come with the same benefits and protections that federal loans do, like income-driven repayment plans and student loan forgiveness. The interest rates and repayment options vary by lender, so students are encouraged to do their research carefully before considering this option.

It’s also possible to refinance student loans in the future. With refinancing, borrowers exchange their loans for a new private loan, ideally one with a lower interest rate if they qualify. That could help save them money.

Keep in mind, though, that refinancing federal student loans means you’ll no longer be eligible for federal benefits, including income-driven repayment plans and student loan forgiveness. If you’re currently using or plan on using federal benefits, it’s not recommended to refinance your federal student loans.

The Takeaway

Taking the GMAT requires months of study and prep work. Learning about the structure of the exam and familiarizing oneself with the kinds of questions asked is key. Students can take practice exams and join study or tutoring groups to prepare.

Another important issue to consider is how to afford an MBA program. Students can apply for financial aid, work full- or part-time, or take out and/or refinance student loans.
Figuring out how to prepare for and pay for graduate school can feel overwhelming, but fortunately, help is available for both.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How long should I study for the GMAT?

It is recommended to study for three to six months for the GMAT. According to GMAC, the makers of the exam, students who studied for at least 60 hours scored 500 or higher on the exam. Creating a study plan and taking practice tests can help you prepare.

Is 600 a good GMAT score?

Yes, 600 is typically considered a pretty good GMAT score. The average score for all GMAT test takers is about 555. For the top 10 business schools, average scores range from 645 to 695; for the top 20 schools, scores range from 615 to 695.

When should I retake the GMAT?

You might consider retaking the GMAT if your score was below the average score of the schools you’d like to get into. You might also want to retake the test if your score was well below what you scored on practice tests. However, you must wait at least 16 days before retaking the GMAT.

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