Tuesday, April 27, 2010

Studying for the GMAT

Many executive MBA programs don't require you to take the GMAT if you have a terminal degree (MD, DO, PharmD, PhD, etc.). However, there are some programs that won't waive the GMAT. Plus, some universities will also offer a significant scholarship if you perform well on the GMAT. For instance, Drexel University offers a Dean's Fellowship scholarship if you do well on the GMAT. You could save up to 15% of your tuition. Given that the tuition for the executive MBA at Drexel is $78,000 this year, maybe I could save $11,700 if I score above 690. Do I have time to study for the GMAT and how will I score if I take the GMAT?  What if I don't end up going to Drexel? Will it be a waste to take the GMAT?

So, over the weekend my wife and I pulled out a few sample GMAT test questions (my wife and I went to MIT, so we live for these types of nerdy opportunities). We went through a few sections and actually had some fun (instead of watching TV, we go through practice GMAT questions for entertainment).

I also thumbed through "GMAT for Dummies" and I went through that book in one afternoon. My plan right now is to take a series of practice exams and if I think I'll do reasonably well, then I'll spend $250 to take the GMAT. If I can't find the time to study for the GMAT, then how will I find time for B-school? I've been talking about business school for over 4 years. It's time for me to bite the bullet and enroll in a program.

I've also thought about GMAT prep courses, but I don't think I'll be investing in any of those. I can get GMAT books from the library and I can also download free GMAT prep software from MBA.com.

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