What is the GMAT and How Do You Take It?

Image from

Dan Edmonds July 31, 2014

The GMAT, or Graduate Management Admissions Test, is the most commonly taken test for admissions into MBA and other graduate Business programs. Test scores, work experience, and essays are the most important factors for admission into most MBA programs.

In this course, participants learn core principles, concepts, and methods of continuous improvement and explore the history of continuous improvement efforts. In a series of lectures, Master Black Belt in Six Sigma Shane Wentz, Ph.D., enables learners to enhance, optimize, and stabilize business processes and to augment quality control through varied methodologies. Participants gain the skills and knowledge to reimagine internal processes, engage in advanced problem-solving, and empower employees. The course covers high-level foundational principles of Lean, Six Sigma, and DMAIC processes before diving deep into Lean Six Sigma methods. Learners will analyze the tools of process mapping, Kaizen (a continuous improvement method/tool deemed a prerequisite for Lean transformation success), Lean (a continuous improvement philosophy that emphasizes streamlined workflows and reducing waste), and the process improvement methodology driving DMAIC: Define, Measure, Analyze, Improve, and Control.

Entrepreneurs fostering new ventures outside of well-developed entrepreneurial ecosystems like Silicon Valley face significant challenges. These markets are unlike Silicon Valley, and they will likely remain so. That doesn't mean they can't nurture and sustain new businesses. In transitioning markets that lack abundant private sector financing, creative approaches from government officials, donors, and business leaders can fill the void to support entrepreneurial activity. Northeast Ohio (where Cleveland and Case Western Reserve University are located) has become a laboratory for such innovative solutions. During our time together in this course, we will explore some of these creative approaches to promoting regional entrepreneurship. Northeast Ohio has seen a massive infusion of government and donor resources for over ten years. In that time, Northeast Ohio has promoted regional development (including job creation and follow-on funding) through alternative methods of financing startups. It has not been easy. The region has made progress, but it remains to be seen whether it has struck upon an enduring formula. A dynamic entrepreneurial ecosystem takes many years, even decades, to develop. Government policymakers and donors typically seek quicker returns on their support programs, which makes long-term support for entrepreneurship challenging. This course includes case studies and first-person testimonials from entrepreneurs who have launched products and services ranging from medical devices to LED lights to whiskey. You will learn how these entrepreneurs discovered and procured resources from various programs and intermediary organizations. You will hear from business people still in the process of developing their companies as well as those whose ventures have flourished. Our focus will extend beyond Cleveland to selected markets around the world, including Greece, Vietnam, Tunisia, Argentina, Rwanda and China. You will learn about international incentives and other supports available to developing startups and small businesses across the globe. This course examines how different communities around the world approach implementing strategies and methods to support businesses. I will ask you to reflect on how to apply the principles we learn to growing entrepreneurship where you live. The social interactive features of the online platform will enable students from around the world to share ideas and learn from one another. Most MOOCs rebroadcast professors’ lectures; this course is different. Don’t expect to see me standing in front of the camera, talking and lecturing every module. Instead, the lectures will be relatively short in length. They have more of the feel of an engaging documentary than a static classroom setting. ## __What type of person takes the *Beyond Silicon Valley* course?__ - Active and aspiring businesspeople in communities looking to initiate new startup ecosystems or bolster existing ones - Current and prospective entrepreneurs who want to learn about funding sources, risk management, and the lifecycle of startups - Professionals who work in government agencies, nongovernmental organizations, philanthropic institutions, and various private funds that fund startups - Anyone curious about how to create and grow startup ecosystems outside the major tech hubs - The principles Beyond Silicon Valley teaches have been drawn from and applied to startups worldwide, from small villages to megalopolises. You'll study success stories spanning the globe from Vietnam to Kosovo to Botswana. ## __What will you learn in *Beyond Silicon Valley*?__ - How and where startups can find funding to get their businesses off the ground - What role government can play in encouraging startups and a healthy startup ecosystem - How anchor institutions such as universities and healthcare systems participate in startup ecosystems - How nongovernmental organizations support startups - How to raise funds from venture capitalists, angel investors, and accelerators - How to navigate challenging periods in the startup lifecycle - The importance of mentoring in successful startups

Article continues here

Structure of the Test

The GMAT consists of 4 sections which always appear in the same order.

One 30-minute essay
A 30-minute Integrated Reasoning section with 12 questions.
A 75-minute Quantitative (Math) section with 37 questions.
A 75-minutes Verbal section with 41 questions.

9 of the math questions and 11 of the verbal questions are “experimental," meaning that they have no impact on your final score. The experimental questions are not identified as such and can appear anywhere within their respective sections. There are short breaks after the Integrated Reason section and the Quantitative section.

Test Scoring

The GMAT is best known for its 200-800 score which is a composite of the Math and Verbal scores.

Math and Verbal scores themselves theoretically range from 0 to 60. There have been no reliable reports of scores below 7 or above 51 for either of these subscores. That the Graduate Admissions Management Council (GMAC) continues to claim in all their literature that the range is from 0 to 60 is one of the great absurdities of standardized testing.

The essay, which is scored on a scale of 0 to 6, and the integrated reasoning, which is scored on a scale of 1 to 8, have at most a marginal impact on admissions decisions.

You will receive your unofficial scores, except for the essay score, as soon as you complete the test. Your official scores, which rarely differ from your unofficial scores, and your essay score will be sent to you and any schools you indicated when you took the test within 20 days of your completion of the test.

Adaptive Testing

The GMAT is a Computer Adaptive Test (or CAT). This has several important effects on both the format of the test and on basic strategy.

The test is entirely done on computer. You will be given a pad of laminated paper to write any notes on (along with special pens and an eraser).
You are continuously scored as you take the test. At the beginning of each section, you are assumed to be an “average" test taker and are given a question of the appropriate difficulty. If you get the question right, your score goes up, and the next question becomes more difficult. If you miss a question, your score goes down, and the next question becomes easier.
Because the difficulty of each question is determined by your performance on preceding questions, you can’t go back and change your answers, and you can’t skip questions.
The earliest questions have a larger impact on your score, so you should be extra careful to get those right.
Leaving questions blank or guessing on too many questions in a row will also hurt your score. Pace yourself so that you have time to answer every question, and ideally have time to work on almost every question.
If you are in a time crunch and will need to guess on some questions, try to alternate between working on a question then guessing on one rather than guessing on several in a row.

Test Dates

The GMAT is available year round at a variety of testing centers. Weekend dates are particularly popular, so you’ll want to make sure to sign up well in advance if you need a weekend date.

Generally, it’s a good idea to allow for 3-6 months of preparation for your GMAT, depending on how much improvement you need to achieve your target score.

The test fee is $250. You can reschedule your test date for a $50 fee more than 7 calendar days before the test date. If you wait until 7 days before or less, rescheduling costs the same as signing up for the test in the first place ($250).

Finally, you must wait 30 days after taking the test to retake the exam.