As Promised - Some FAQs (GMAT)

In my last post, I promised that I would publish some FAQs I am getting from friends who are just starting their b-school application journey and provide what I think would be the answers. I sat down and actually thought about the kinds of questions I was getting and they fell into some distinct categories:

(1) GMAT (everyone's favorite right now)
(2) Strategy (including timing)
(3) Writing Essays and Applications
(4) Obtaining Recommendations

These are all a bit much for me to cover in one post, so I'll do GMAT first since that's the most pressing issue for many that are starting to think about applying in Fall 07. I assume some basic knowledge of the test in these questions. If you are really just starting out, try reading the "real" FAQ's on the GMAC's site here.

GMAT Questions
Q1. How do I improve my Q or V score?
A1. I just read Juggler's post, and it is a great source for those looking into GMAT prep materials and techniques. See here.

Q2. What score do I need to be competitive to get into a top 10 school?
A2. My perspective is that the score you "need" is largely dependent on the other factors in your package. Of course, there's no cut off, but few top schools take many people with less than 650. If you have amazing leadership experiences, a solid academic record, and a compelling argument for "Why MBA, Why Now," I don't think your GMAT really matters as much. If you did poorly in quant classes (or just didn't take any) in college, the schools will almost have to look to your GMAT for evidence that you can handle the quantitative course load. As a general guideline, an 80/80 split is good but certainly not necessary. I had less than 80%, on the quant side no less, but had other items to bolster my candidacy and it seems to have turned out OK.

Q3. When should I take the GMAT?
A3. As soon as you think you can get ready. You need to balance the need to prepare thoroughly with the desire to get it over with quickly. Taking it early offers several advantages (I consider "early" to be anytime before May/June of the year you plan to apply). You have plenty of time to take it again if you mess up for some reason and when essays start coming out in July/August, you can focus on those instead of studying. Of course, this is for R1. You can push that timeline back a few months if you are shooting for R2 and even farther if you are shooting for R3 (though R3 is so tough, and I'm not sure why anyone would count on this round as part of their initial plan).

Q4. What if my score sucks?
A4. Well, no worries, you can take it again (which is why I think you should leave ample time for retakes, if necessary). Some people seem to be worried about sending these "bad" scores to the schools. If this is really a concern, you can chose not to send scores at the time of the test and have them sent later (for something around $25 each). Some schools (e.g., Harvard and Wharton) allow you to self report your scores rather than send official copies, which could save you some money. If you are accepted, you will have to provide official scores, though. Most schools only consider your top score when evaluating your candidacy. However, most do ask you to report all the times you took the test and what you scored. So, if you have a 720 already and keep taking it over and over to try to get to 750 or something, that may make you look a little nutty. Basically, act with common sense given your overall package when deciding if you need to retake and how many times.

I'll write about the other topics in subsequent posts... I know, the anticipation is killing you. ;)

It was the best of times, it was the worst of times.

Dickens could not have been more right. The past four or five weeks have been brutal. I am convinced I could never be an investment banker now. I have been working from 7:30 AM - 2:00 or 3:00 AM every day (yeah - including weekends) and I can't imagine doing this for years on end. I feel like it's very similar to when I used to go to the beach (warning: random analogy is headed your way) -- you would go in the water, feeling fine, and then a wave would come out of nowhere and knock you over. You would finally get your head above water, only to get pummelled by another wave... and another, and another, etc. OK - I'm done complaining now. I had to get it out of my system. :)

There have been some good points, too. I turned in my Wharton financial aid paperwork and started the verification process! Yay! I also made plane tickets to visit Central and South America this summer. I am really excited about that. And, I have started helping a lot of my friends with their preparations for the application process for this coming fall. Once word got out that I was going to b-school this year, I had a surprising number of people contact me to ask for my advice. I'm starting to notice there are some frequently asked questions, so I have been thinking that I would collect those and put them here, along with my responses. Sadly, that will have to wait for another post once I find some more time in my schedule... so, I leave you with the promise of things to come. ;)