A new GMAT exam

Thinking about applying to business school? Depending on the program, you may need to take the GMAT (and you thought you were going to be done with the MCAT!)

Q: A new GMAT exam? What changes are coming in June 2012?

A: Beginning in June 2012 the GMAT exam will include an integrated reasoning section designed to measure a test taker’s ability to evaluate information. The test will remain 3 hours, 30 minutes (four hours with breaks). The Analytical Writing Assessment will be streamlined from two 30-minute essays to one Analysis of an Argument essay. Immediately after the essay question, the Integrated Reasoning section will start.

Read more about the new GMAT here.

Road to Business School

Find the right MBA program for you with seminars, meet-and-greets, and admissions advice. The Kaplan Road to Business school may be coming to your area.

• Engage with schools one-on-one in an open networking session—over 30 top schools in each city
• Hear key application advice from a panel of admissions officers
• Get an edge on your application in breakout sessions

London Thursday, Aug 4 6:00PM-9:30PM
Atlanta Saturday, Aug 6 1:00PM-4:30PM
Dallas Sunday, Aug 7 1:00PM-4:30PM
Chicago Tuesday, Aug 9 6:00PM-9:30PM
Seattle Thursday, Aug 11 6:00PM-9:30PM
San Francisco Saturday, Aug 13 1:00PM-4:30PM
Los Angeles Sunday, Aug 14 1:00PM-4:30PM
Boston Tuesday, Aug 16 6:00PM-9:30PM
DC Thursday, Aug 18 6:00PM-9:30PM
NYC Saturday, Aug 20 1:00PM-4:30PM
Philadelphia Tuesday, Aug 23 6:00PM-9:30PM

Learn more here.

Starting business school next year

Earlier this year, I really thought I was going to enroll in business school (B-School) this year. I even began filling out applications for MBA programs a few months ago. Now, it looks like I'll be starting in 2011 instead. I'm putting B-School plans on hold for a number of personal and professional reasons. I'll continue to blog about business school opportunities as I evaluate different MBA programs and go through the application process. I plan to study for the GMAT later this summer and then I'll take the GMAT this fall.

Have you been thinking about business school? The summer could be a good time for you to visit some business school open houses.

The business school application process

Allow me to share my experiences as I go through the business school application process. A few months ago, I began filling out a few applications for several executive MBA programs.

• I'm mainly applying to Executive MBA programs that waive the GMAT. I may still take the GMAT because that may open up certain scholarship opportunities. (when will I find time to study for the GMAT?)
• I can write my essays fairly quickly. I'm used to writing, so this won't take too much time. In fact, maybe I'll publish excerpts from my essays on NonClinicalJobs.com.
• Time to fill out some transcript request forms so that I can have transcripts sent to each business school. I was browsing through some of my old transcripts. Am I ready to go back to school?
• My CV is ready. In fact, you should always have a CV ready because you never know when you may need it.
• I need to get 2 professional recommendation letters. This is where I feel like I'm applying to college again. 

I'll keep you updated as I go through the business school application process.

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.

Struggling to make decisions about business school

Many of you know that I've been thinking about business school for many years. The biggest struggle I'm having right now is that I'm getting more involved with side ventures and they're eating up my time. I'd like to spend more time with my family, but I'm simply doing too many things (blogging, consulting, etc.). So, how does business school fit into this mix?

• Am I willing to give up 2 weekends each month to pursue an executive MBA?
• A part-time MBA would give me much more flexibility, but I may not gain the same level of networking opportunities. 
• Should I spend more time with these side ventures? That would delay my plans for business school.

Earlier this year, I was certain that I'd be enrolled in an MBA program in 2010. Now, I'm less certain because I remain concerned that I don't have enough time for work, family, blogging, consulting, side ventures, and sleep! At least I know that I won't need to worry about the GMAT since many MBA programs will waive the GMAT if you have a terminal degree.

I'm hoping that after I attend the MD/MBA conference in Boston this weekend, I'll get some more clarity about this issue.

Free GMATPrep® Test Preparation Software

If you're seriously thinking about applying to business school, it's time to prepare for the GMAT. If you're like many other physicians out there, you probably haven't studied for a non-medical standardized exam in a really long time.

Well, there's a free software resource that's provided by the Graduate Management Admission Council® (GMAC®). It's called GMATPrep and you can download the free software by clicking here.

If you're a physician and you don't want to study for the GMAT, then you have the option of applying to MBA programs that will waive the GMAT since you have a terminal degree.

GMATPrep software features:

• A 15-question practice section for each type of GMAT question, with answers and explanations for each question
• 2 full-length computer adaptive practice tests with answers (detailed explanations of answers are not included)
• Accurate computing of Verbal and Quantitative scores, which you can use to judge how prepared you are for the actual GMAT exam
• A comprehensive math review
• Real-time scoring

Free GMAT test prep online

There's a service called Knewton and they offer a free 7-day trial where you can test drive their GMAT test prep service. Here's what you'll see if you visit their website:

Study when you want, where you want, as much as you want! Attend our live GMAT classes from anywhere, or watch them on demand. All this for less than half the price of old-school test prep. Plus, the industry's strongest Money-Back Guarantee.

* Live and On-Demand GMAT Classes
* The Most Experienced Teachers
* GMAT Course Adapts to You

* The Industry's Top Experts
* Convenient Schedules
* 50+ point Money-Back Guarantee

Maybe you're thinking about business school for 2010. Do you plan to take some type of GMAT test prep course? Perhaps you're thinking about Kaplan, Princeton Review, Manhattan GMAT online, or Veritas Virtual Prep. Well, you may wish to add Knewton to that list.

I've never tried the Knewton service, but I plan to enroll in this free 7-day test to see how it works. I know several people who will be taking the GMAT in 2010 and they're applying for MBA programs this year. I'll have to collect some feedback from them and see what they found to be most useful.

If you're thinking about an executive MBA program, you may not need to take the GMAT if you're a physician or if you have a terminal degree. Check with each program to see if they waive the GMAT for physicians.

Attended an Executive MBA Open House

The other night, I spent some time chatting with students, alumni, and prospective students at the Villanova University Executive MBA (Master of Business Administration) Open House. Executive MBA programs are often referred to as EMBA programs. Don't get these confused with "part time MBAs" or "evening MBAs" even though the EMBA is technically obtained part-time through weekend classroom sessions and group projects.

This particular program is 21 months long and involves every other weekend. Are you willing to give up your weekends? Like many business schools, the GMAT is not required for admission if you have a terminal degree.

The curriculum is based on a "Systems Thinking" approach. The admission process involves 4 rounds and tuition for 2009-2010 is $90,000. If you're not getting any company sponsorship, then that's quite a large amount to be funding by yourself. Many EMBA programs are over $100k! The EMBA program at the University of Pennsylvania (Wharton) costs $160,000. EMBA programs are traditionally substantially more expensive compared to standard MBA programs (even at the same school).

I really enjoyed attending the EMBA Open House. I met students and alumni who work in pharma, medical devices, diagnostics, and many non-health related industries. It's always interesting to hear their stories: Why did they get an MBA? What are they doing now? What was the most valuable aspect of their education? Why did they pick this particular school over other schools in the area? How are they leveraging their alumni network? What types of career growth opportunities did their MBA open up? What would they do differently if they had to go through it again?

MBA application deadlines

I've been speaking with several people who are planning on applying to business school (B-school) for full-time MBA programs. The deadline for many top-tier full-time programs has already passed for "Round 1." Some schools have Rounds 2 and 3 coming up over the next few months.

If you're open to part-time, distance/online, or executive programs, then you often have much more flexibility with the application deadlines. By "flexibility," I mean that you can apply for a program at the last minute and still get accepted. You don't need to apply 10 or 12 months prior to the start date.

So, is B-school on your radar for 2010? Full-time or part-time? Have you taken the GMAT? (Remember that some schools will waive the GMAT if you have a terminal degree such as an M.D. or D.O.)