Recently an acquaintance, one of my brothers buddies, emailed me asking about some GMAT tips. I noticed that I have not written anything on that topic so here it is. I will try to answer the basic questions people have when they think about taking the test (or when they think about taking the MBA plunge). Will write the same things that I replied to this guy.
1. How much time needed for preps ?
'That depends ! ' on individual. Why not take a test now without preparation and see how you score. You will know exactly how much preparation you need (I know you are mature enough). You will find a lot of online tests for free - try mba.com first.
2. Which books to refer ?
I referred to a limited set of materials as I had limited time. Depending on how much time you have you can refer to more. however, doing the official guide thoroughly is a must.
3. When should I take the GMAT ?
Check the university websites you want to apply to and note down the application deadlines etc. All of them have several rounds of applications (mostly starting from July/Aug) and its better to apply in Round 1. They sometimes also mention the time during which you should have taken the gmat (not too long back, and not very recent - like a month as well !, so check this first).
In general, for applying to schools which start their session in Aug/Sept 2013 (for example) applications will start July/Aug 2012 and for that ideally you should take the test before end of May (or stretched to June). For Indian b-schools, deadlines tend to be later, so you can adjust accordingly, so check school websites individually.
4. Prep guidelines ? Mug Vocab, regular practice or what ?
Vocab is not so critical for GMAT as it is for GRE, so no need to mug. I believe for most of us Indians, Quants (QA) is also not an issue. Verbal is something which needs practice and tuning. So start early on that, and do that as often as possible. For grammar basics, buy a Wren&Martin English grammar book early on and go through it once.
5. What score is good enough ?
Score is something which puzzles everyone. Remember that GMAT is only a necessary condition for entry and not sufficient. I would say its only 10% sufficient. This means that a good score would only mean you have fulfilled only 10% of criteria for admission. However, a poor score (less than 650 perhaps) would not take you anywhere unless you have an excellent academic record throughout + excellent career progression + extra curriculars.
For US b-schools, at least for the top 15, as an average Indian with engineering background, you must have at least 720-730. Check www.pagalguy.com, they have discussion threads on various schools and profile/GMAT scores of people who were admitted in prior years. I know people who have made it to good top 20 schools in the US with 680-720 as well, but they had excellent application/essays, recommendations, top-notch work experience and very good extra curricular to back it up. Also it makes a good case for scholarships if the score is good.
Also be aware of the average/minimum gmat score required for admission reported on school websites. You must add 20 to that score as they all put Indian applicants into a different pool where the competition tend to be (naturally !) intense. So the average GMAT score of Indians who get through is 20 more than overall class average.
Feel free to post any questions on this thread.
Here is my GMAT experience post - http://followingmydream.wordpress.com/2009/08/06/my-gmat-story/
Also there is a post about mba abroad in general - http://followingmydream.wordpress.com/2010/09/24/thinking-of-doing-an-mba-abroad/
Like almost every other thing in the world, read these with a pinch of salt !
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