How To Prepare For The GMAT

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A Business School is an institution imparting education in Business Administration. It is a vast field which comprises courses in Accounting, Finance, Administration, Information Systems, Public Relations, Organizational Behavior, Marketing, Human Resource Management, Strategy, and Qualitative Methods. A B-School makes you a specialized professional and grants you the opportunity to grab the best jobs in the market, and also explore new dimensions. It is the most coveted course and MBA professionals are in demand in all industries. Those wanting to set up their firms benefit with this degree. Aspirants should thus aim getting admitted to the best Business Colleges in India for that sparkling future. The Indian Institute of Management (IIM) is the best institute in India for an MBA degree. The selection procedure here is the toughest one because it guarantees the best scope to its students. It has branches in Ahmadabad, Kolkata, Mumbai, Bangalore, Lucknow, Kozhikode and the latest addition Indore. Admission is on the basis of the Common Admission Test (CAT), followed by a Group Discussion (GD) of the qualifying candidates and then the final Interview. The Management Development Institute (MDI) in Gurgaon is a premier business school set up in 1973 in support of the Industrial Finance Corporation of India. CAT is the basis of admission here. It offers varied programs to students and is a credited institute because of this, and the Student Exchange Programs. Also MDI has Partner Institutes in several countries (USA, Canada, France, Germany, Austria, Denmark, Belgium, Norway, Italy, Poland, England, Finland, Netherlands, Greece, Thailand, Australia, New Zealand, Israel, Pakistan, China, Russia and South Africa). Xavier Labour Relations Institute, Jamshedpur, is a reputed business school in India. It was established in 1949. Entry to this institution is through the Xavier Admission Test (XAT), then the GD and Interview. This is a tough nut to crack. The college offers two courses in Post Graduation in Management. Bharatiya Vidya Bhavan's S.P. Jain Institute of Management and Research rests its admission on CAT. The institute offers a wide variety of courses to choose from. It has a long history being established way back in 1938. Today it is one of the top business colleges in the country. Indian School of Business (ISB) in Hyderabad offers a one year management program. It is a prestigious business school of India with international repute. It has a visiting faculty that includes eminent people form the universities of Wharton, Kellogg, Harvard, Stanford, Chicago, Duke, Texas etc. A good option for business studies is the Faculty of Management Studies under the University of Delhi, founded in 1967. It is known for its great placements – national and international. School of Management, a core management institute of Indian Institute of Technology (IIT) with branches in Delhi, Mumbai and Chennai, is a viable option for students. It conducts the Joint Management Entrance Test (JMET) for admission to this institute. There are a number of other credited institutes in India that offer a course in business administration. A few among them are - the Xavier Institute of Management (in Bhubaneshwar, entry through XAT); Symbiosis Institute of Business Management in Pune; IMT, Ghaziabad; Mudra Institute of Communications in Ahmadabad; T.A. Pai Management Institute, Manipal; Institute of Rural Management, Anand; ICFAI in Hyderabad, University Business School in Chandigarh. Most of the Business Colleges in India consider the CAT score for admission. Some others (XLRI, XIM, BIM Trichy, LIBA Chennai, XIME Bangalore, Goa Institute of Management) base admission on XAT. The rest of the institutes have college specific entrance examinations. Mumbai has very good business schools like the Jamnalal Bajaj Institute of Management Studies, Welingkar Institute, Narsee Monjee Institute of Management Studies, National Institute of Industrial Engineering etc. Some deemed institutes in Delhi are the FMS, International Management Institute, Indian Institute of Foreign Trade, Fore School of Management Birla Institute of Management Technology, NIILM Center of Management Studies. In Chennai you can consider the Loyola Institute of Business Administration, Institute of Financial Management and Research, Institute of Technology and Management, DMS Anna University. The hoard of people desiring to do a course in business administration is immense. Everybody wants to join the legion to amplify their job prospects. It has thus become even more essential for dedicated students to try for the best Business Colleges in India to step apart from the crowd.

The Graduate Management Admission Test (GMAT) is an entrance examination that determines your admission to a prestigious business school abroad. It is conducted by the Graduate Management Admission Council (GMAC) founded in 1953, and the test score is accepted by 1900 universities of business and management studies worldwide. 

An applicant should be a graduate in any discipline, from a recognized university, to be eligible to write the exam. If you do not clear the test at the first go, the GMAC gives you the chance to reappear. A good score gives you the power to select one of the top universities though each of them have their particular criteria.

The GMAT examines the mathematical, basic verbal, analytical and writing skills of the applying candidate. It does not test a person’s business or job, or subjective skills. It is a very general exam testing the basic knowledge of the candidate.

The test consists of three main parts. The first is ‘Analytical Writing Assessment’. It has two sections – analysis of an issue and analysis of an argument. You are provided with thirty minutes for each section. You can take a break in between the three parts of the test but not in between sections. The second part tests tour ‘Quantitative Skill’. It consists of 37 multiple choice questions on data sufficiency and problem solving skill. For this part, you are given 75 minutes. The final segment is the ‘Verbal Section’. It has 41 multiple choice questions on reading comprehension, critical responding and sentence correction. You get 75 minutes for this part as well. You have to answer all these segments on the same day. 

It is important to note that GMAC does not allow the use of calculator or digital watches or even cellular phones during the test. All the calculations have to be attempted by yourself. You can be disqualified if found violating this rule.

The score in GMAT is determined on the the basis of three criteria – the number of questions answered, the number of right and wrong answers, and the level of difficulty and other statistical characteristics of the questions attempted. There is negative marking for incorrect answers. So you should not answer if you are not sure. Also there is penalty marking for not completing the test, that is leaving questions un-attempted. 

Preparation for GMAT should ideally begin at least six months before the test. The first and foremost necessity is to work on your speed as there is negative marking if you are unable to complete the paper. Assess yourself, your potential, and then prepare according to your motivation, ambition and discipline of study. This will provide a base for study. The GMAC provides the candidates with free test preparation software and test preparation material on purchase. You should make full and effective use of these. They are great aids. Check out the official website of the GMAT and get a clear idea of the format. Solving sample test papers, reading articles and working on your mathematics skill helps you be prepared for the test. A lot of effort and practice is a must. Know the rules and criteria for admission, how you can score, what determines your score and what will affect your score. This will prevent any folly on the test day. Keep solving previous years’ papers. Do not get complacent but be confident. 

To appear for the GMAT, you have to get yourself registered – online (official website only), or with any of the test centres worldwide or in India. When you are prepared to give the test, you have to make an appointment with the test centre where you have registered, or which has been allotted to you. A date will be given for you to appear for the test. 

The GMAT seems not a difficult test, especially for those aspiring to give the other MBA entrance examinations like the CAT, XAT etc. But keeping in mind the tough competition and that it will have applicants from all over the world, getting through is quite difficult. You may score high marks but may miss by a slight margin. Tedious preparation is therefore a must. The GMAT score is valid for a period of five years and you can apply to the universities any time you deem suitable. You also have the liberty to reappear in case of failure or low score. Opportunities galore; it is up to you to exploit it and get an MBA from one of the best universities of the world courtesy the GMAT.

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