To study for a Master of Business Administration (MBA), it’s previously been necessary to complete a GMAT exam before going forward to the MBA course. The exam takes approximately three and half hours to complete and several months of study to cover the groundwork of the topics necessary to pass the GMAT. However, there have been some changes to the official process of GMAT exams which now allow certain groups of people to get a GMAT waiver and no longer need to take it.
Let’s find out more.
GMAT Test Seen as Less Relevant for Applicants
The GMAT exam given to prospective students of the MBA hasn’t kept up with business experience in modern times. The issue is mainly that applying for an MBA hasn’t previously taken into account relevant business or military years dealing with many of the issues that are covered with greater specificity on an MBA degree course.
The exam itself also costs $250 per time. Applicants are required to buy books and seek out other information as a guide to what’s contained in the exam and what needs to be learned first before attempting it.
GMAT Waiver Useful for Some Military Vets
Members of the military with five years’ experience are eligible to get a GMAT waiver for veterans. The thinking here is that they’ve often benefited from additional leadership experience and a broader sense of responsibility that more than qualifies them for a direct application to a MBA degree course.
When it comes to business administration, this includes the need to lead others in a team or a whole organization, organize financial matters and deal with day-to-day higher-level issues. These areas are ideally suited to someone with half a decade or longer military service because while their previous tasks conducted in the military may not directly match those in civilian life, there’s plenty of opportunity to transition the knowledge across to make it relevant in the business world.
Business Experience Counts Too
People who haven’t been in the military but already have five years of work under their belt are also likely to qualify for a GMAT waiver. This is good news for workers with practical leadership experience or organizational management knowledge that has been put to the test already in real businesses. No longer is this useful skill-set ignored when applying for an MBA, which is gratifying to the men and women who have acquired this knowledge and skills over many years in real-world situations.
The change in policy for prospective students of an MBA, which is seen a prestigious course that usually leads to considerable career opportunities in business, opens the door to more applicants considering an MBA. Rather than having to go through the additional study time and expense to proceed to the GMAT exam, veterans and business leaders can take advantage of the revised policy to apply more directly. Not needing to set time aside to study for the exam means students can apply sooner, qualify faster and give their career a boost without wasting time.