The GMAT: Some Initial Advice

One of the first things I did when starting my MBA journey was to investigate the GMAT because I knew that would be one test I would have to do. I also knew that if I put money into doing the GMAT, then I would truly commit myself since cheapskate that I am, I hate wasting cash.

Some useful facts and advice for prospective GMAT takers in no particular order of importance

1. Your results are valid for 5 years.
   If you're planning to do an MBA in the next 5 years, it might be a good idea to get it over and done with early, especially if you've graduated not that long ago from varsity and your high school math isn't as rusty. It also means that you have time when you are submitting applications to make sure that the schools you are applying to do receive your scores from GMAT.
2. It costs USD$250.
   If paying in another currency it's good to plan to take it during a period when the exchange rate is favourable! I was kicking myself a bit for not doing it last year when the exchange rate was fanastic. :(
3. If you want to get a high score, plan to spend about 100 hours studying.
   Given the high amount of commitment, you really want to do the GMAT as early in your MBA application process as possible because trying the juggle GMAT study while working on your b-school applications AND a full-time job is really not fun.
4. The test takes about 4 hours so plan to take a half day off if you're working.
   In NZ, the test centres unfortunately don't run tests on weekends, which means you do need to plan ahead and let work know.
5. The test is offered only at selected places at set times so be sure to check test centres and timings beforehand
   Again planning ahead is required especially if you need to make travel arrangements to get to a test centre.
6. You can re-take the test if you don't like your score but it'll cost you the test fee again and you'll have to wait 16 days between re-takes.
   It's useful to plan at least 1 re-take and it's common to re-take it at least once! Most people stuff up the first take due to nerves and it being a somewhat unfamiliar system and improve on the second take.
7. GMAT lets you send your scores to up to 5 schools for free. Subsequently it'll cost you USD$25 per official report sent.
   You have the opportunity to indicate which schools to send the report to at the test centre right before you start the actual exam. To make the most of this, you should do your school research beforehand so you know where you are definitely going to apply to.