Getting a high score on your GMAT might be more important than you think now that business schools are getting flooded with top applicants. And now that many students have found out they might be able to have a six-figure starting salary with an MBA, even more want one.
According to the Graduate Management Admission Council® (GMAC®), average salaries for 2006 MBA graduates were $100,000+. It's this number that appeals more students to the degree which only increases competitiveness and the importance of scoring high on the GMAT.
Scores on the Up
In the early 90s, the average GMAT score of students accepted at New York University's Stern Business School was 610. Sixteen years later that number rose to 699?89 points higher. The average GMAT score to get into the top ten business schools is 690?but just because you might reach that score doesn't mean you'll get in solely because of a number?remember there are other aspects the admissions committee will look at and consider before sending your acceptance letter.
One thing to keep in mind: 690 is not the golden ticket into b-school. That figure includes many students who were accepted for favorable traits (such things as diversity, special talents, unusual accomplishments, etc.) and have allowed them to get accepted with a lower score.
If you don't really have any obvious traits that make you stand out as an applicant, try to shoot for a 720 score instead which is more than the 99th percentile to up your chances of getting into a top-ten business school.
The Right Score for the Right Program
And sometimes the point difference between an average and the 99th percentile is more important than you might think: At the Stephen M. Ross School of Business at The University of Michigan your GMAT score will decide whether you are not only accepted to the program, but also which program: day or evening.
Average GMAT scores may seem like a general issue, but it becomes very specific when institutions are looking for the best and brightest. If a school's average GMAT score is lower than the average, they might not be able to recruit the top-level student, ultimately hurting their institution's ranking?the score really shows what kind of students they accept and paints a very clear picture of the academic potential of their students.
In addition to the data from GMAT scores on the rise, during the 2006?2007 admissions season, the application volume rose by 20 percent at the University of Chicago Graduate School of Business and by 30 percent at Cornell University's Johnson School. 2009?2010 applicants should be prepared to not only compete against a larger number of applicants into b-school, but also with increasingly well-qualified candidates.
