What Does Top 10 MBA Mean?

Top 10 Business Schools

How many times have you heard someone say that they’re looking to get an MBA from a top 10 program? In fact, I’m sure at least half of you who read this are guilty of the thought (and the thought of getting into a “top 10” MBA program is probably what drives you to get an elite GMAT score), but what exactly does “top 10 MBA program” mean?

Sure, there are some schools that leap into your mind immediately when you think of “top 10 MBA programs”… business schools like Harvard, Wharton, Booth and Stanford… but how about the other schools that would round out the top 10? I’m sure that for each person that you ask, they’ll have a different set of 10. Whatever top 10 a person comes up is usually based off the rankings list of Businessweek or U.S. News and World Report but the fact is the rankings from Financial Times, The Economist, Forbes, Businessweek, and US News and World Report will all be different meaning that there’s no real consensus on  “top 10”, which also means that you may want to broaden your willingness to apply to other business schools based off of other criteria other than a “top 10” list.

Don’t believe me?  If you look at the listings from 2012, you’ll notic that Columbia is listed as #12 in Businessweek but according to Forbes is listed as #5. Dartmouth ranges anywhere from #2 (Economist) to #14 (Businessweek). We sometimes forget that the ranking systems is somewhat arbitrary which is why each business school and its MBA program is ranked differently, according to the group that’s giving out the rankings, meaning that rankings in general should be taken with a grain of salt. (Only Harvard, Stanford, Wharton, MIT, and Booth are among consensus among all these various publications for being top 10).

While having an idea of rankings is great, sometimes applicants take them a bit too seriously, even though as we just showed, there is some huge inconsistencies depending on which ranking system you choose to look at (all 5 of these systems are well respected and none is considered better than the other). So, if these publications can’t agree on the “top” schools, does it make sense for you, as an applicant, to be rigid with your definition of a “top” school?

If you’re really serious about maximizing your career prospects, I would encourage you to discard your obsession with the rankings, and take a good, hard look at a variety of MBA programs. Be open-minded with your research and don’t just base your decision on rankings… instead visit the various campuses, speak with people who have your dream job post-MBA to find out how important rankings really are… though if you’re still obsessed with prestige. check Poets and Quants, which does a composite from the five ranking programs.

800score Review

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Intro

The 800score GMAT course is one of the largest online and well known prep sites around. According to Wikipedia, they were founded in 1999 and have helped over 150,000 students score higher on the GMAT test since then.

800score Features

Review on GMAT prep program 800score

800score Review: Features

(For a condensed version of features, you can check out this article on 800score. For those who want a more in depth feature list, continue on below).

5 GMAT CAT Tests

These are tests in the GMAT CAT format that simulate the actual GMAT. This means that the questions get harder or easier depending on your performance. A sample test is available for download here: Download Sample Test.

Technical features

  1. Explanations & Scoring
    When you complete each test, you’ll get a breakdown for your quant and verbal sections, you’ll find out how those translate into a score (out of 800), what your percentile would be and you’ll get a full analysis and explanation for each of your questions. Additionally, there are plenty of video and flash explanations as well as the ability to learn more about any topic that you’re having trouble with.
  2. CAT
    These exams are meant to simulate the GMAT meaning that the program will be basing questions off of how you’re doing, ie, the questions will get progressively harder as you get questions previously correct or slightly easier if  you start getting them wrong.
  3. Test Pacer
    Just as it sounds, the test pacer will tell you the question you should be on if you want to finish the test on time. As an example, if you’re halfway through the test, you’ll be told that you should be on the middle question. This feature will help you with time management, an important skill if you want to achieve a high score on the GMAT as poor time management could have you lose upto 100 points from your score ( double penalty if you leave any questions unanswered at the end due to running out of time which is worse than getting a question wrong, clearly making the ability to manage your time key to success).
  4. Timing
    As the practice CAT exams from 800score are meant to simulate the real GMAT, there is a timing feature that’s set to time you for each section, just as on the GMAT. With that said, you can turn the timing feature off to allow you finish your practice exam if needed, allowing you to get some additional practice of questions.
  5. Performance Analysis
    Get an evaluation on your performance based on time spent and question type.
  6. Graphical Explanations
    Some math questions include graphical explanations through the use of flash movies that create interactive visual explanations.

Essay Prep

You’ll learn how to structure your essay so that you can do well on your GMAT. Included is a 60-page section on the GMAT essay section along with with templates, strategies and 20 sample essay answers that comes from actual GMAT essay questions. Additionally, you have the ability to try 20 practice timed essays; after you take one of these 30-minute timed essay simulations, you’ll get the essay mailed back with answers from previous students. Furthermore, for only $19.95, you can have one of their ivy-graduate GMAT tutors give you specific feedback which is invaluable if you need tips for improving. You can try an essays by going to: www.800score.com/takeessay.html.

Verbal Prep Guide

  1. Sentence Correction
    You’ll get 60 pages of content as well as 30 timed online practice questions that are divided by skill level.  You’ll be taught by the use of graphical layout diagrams to teach grammatical concepts. The content focuses narrowly on the common error types found on the GMAT and it is interspersed with specific advice about GMAT grammar.
  2. Reading Comprehension
    Nearly 100 pages worth of material that is a breakdown of writing logic and structure and combines the a very detail oriented analysis on how to dissect academic writing. You’ll also get approximately 80 questions to work through.
  3. Critical Reasoning
    You’ll learn how to use reasoning skills to identify flawed arguments which is what the critical reasoning section is all about.

Quantitative Prep Guide

  1. Math Introduction
    You’ll find content that covers all the topics that you’ll need to do well on the quantitative section of the GMAT, including advanced strategies that are based on discussions with tutors who cater to 700+ students.
  2. Fundamentals
    These sections are for those who are more on the beginning or intermediate level.
  3. Word Problems & Strategy
    This section is considered to be one of the more advanced sections and covers the following topics:Functions & Symbols
    Progressions & Sequences
    Percentages
    Ratio and Proportion
    Interest
    Discounts and Markups
    Uniform Motion
    Data Interpretation
    … and any other main topic on the GMAT quant section. You’ll find that material here to be comprehensive and it’ll cover many of the common trick questions that you might come up against.
  4. Permutations, Combinations, Probability
    Great section for beginners and those on an intermediate level to make these abstract concepts highly intuitive.
  5. Data Sufficiency & Strategy
    This section does a good job discussing common trick-question types.
  6. Standard Deviation
    This area is a bit lacking, especially considering how in-depth all the other sections are. 800score continues to improve on their prep materials and so you should see this section being better developed in future iterations.

800score Review

Pros

  •  Low Cost
  •  Extensive content and explanations
  •  Great analysis of questions and overall diagnostics
  •  Interactive
  •  CAT Tests
  •  Ability to email a tutor with a GMAT related question

Cons

  • Standard deviation section needs to be beefed up

Cost

The course currently sells for $39.95 which is a fraction of the cost of attending a full-service testing center or using a GMAT tutor for one-on-one sessions, with either of this options typically costing hundreds of dollars and up to a few thousand. When you consider how much material  you get from 800score, it seems like a no brainer when you consider the difference it can make.

Final Thoughts

800score definitely sets the standard for low-cost test preparation. They offer a plethora of material to work from, the variety of questions (with many of those questions linking back to discussions on their forum so that you can get a better undertanding of the material), the pacer feature are just some of what makes this prep course so good.

The use of this course will help you with enhancing your strategy with how you approach the GMAT, in addition to actually getting the general knowledge you need. 800score.com gives you tutorials, access to samples of questions that you are similar to what you’ll see on test day, advice on spotting trick questions, and tools to help pace yourself with their Test Pacer system.

The Test Pacer system helps people learn how to better pace themselves. Remember, with the GMAT’s CAT system, you get penalized for leaving questions unanswered (as mentioned earlier, the penalty is worse than if you were to get the question wrong), you can’t go back to questions unanswered if you finish early, and there’s no ability to skip a question. That’s why it’s so important to be able to pace yourself properly if you want to achieve a score that’s in the 90th percentile.

The fact that you get five full GMAT CAT exams will help with preparation as it not only gets you used to the CAT format of the GMAT, but you’ll be able to review your wrong answers, getting a full explanation of the problem, and with many of the questions linking back to the 800score forum.

Without a doubt, 800score (for additional reviews check them out on epinion) should be part of your overall GMAT preparation strategy as their course only costs $39.95 and works great as a standalone product for preparing you for the GMAT or even to use as an addition resource/supplement to whatever other prep strategy you decide to use (whether you take a full course or use a private tutor).

Dealing With Disappointment With Your GMAT Score

How to deal with GMAT disappointment

As the great Winston Churchill one said: “Success is not final, failure is not fatal: it is the courage to continue that counts.” A failure that many people looking to get an MBA deal with is what they consider to be disappointing GMAT score. Before discussing how to handle your disappointment, let’s first set the parameters for such a discussion.

 

We all know that person who is disappointed with their 780 score because they were hoping to hit an 800. There’s nothing wrong with wanting to attain perfection and so we shouldn’t diminish the disappointment that they’re feeling, but let’s face it, with a score like that, they have nothing to worry about when applying to business school, at least from the GMAT side of things and they’ll be the envy of almost every b-school applicant.

In that regard, if you’re a person who has gotten above a 700, then the best way to deal with your feelings of disappointment (if you are actually feeling that way) is to realize just how lucky you are to be in this elite region already. With a score above a 700, you’re already in at least the 90th percentile and at this point don’t have to worry about your GMAT score being the limiting factor of getting into the business school of your choice (see my post What is a Good GMAT Score for more info).

Those people who are reading this and score below a 700 have some analysis that they need to do in order to figure out if it’s worth retaking the GMAT so that you can get into the b-school of your choice, which means we’ll need to look at it from the perspective of the business school which wants to know “can this candidate handle the academic demands of our school?”.

A strong GPA is a factor that strongly weighs into this decision, as well as your work experience, letters of recommendation, and your essay. These are all things that a business school will look at to figure out whether you’re a candidate that they can envision being a future leader and therefore being a desirable candidate. Think about the time and effort you would need to spend to achieve a higher result on your GMAT and its cost in terms of other aspects of your application.

If you end up deciding that a better GMAT score will increase your chances of getting into the business school of your choice, then it’s time to figure out how to get to that goals. As Einstein once said: “Insanity is doing the same thing over and over again and expecting a different result.

For your second pass at the GMAT, you may want to look at using additional materials as part of your overall study strategy. For example, you may want to consider using online prep material; 800score is considered one of the top in this regard as they are the largest online GMAT preparation website, giving clients hundreds of practice questions to work with, five CAT exams to use, and a load of other resources.

Aside from using a GMAT prep website, something else to consider is either taking a GMAT class, such as those that are offered by Kaplan or Veritas, or getting yourself a one-on-one tutor.

Finally, make sure that you get plenty of rest, not just the night before the exam, but during the entire studying process. Your brain’s ability to sore new information depends partially on you getting enough REM sleep.

 

What’s a Good GMAT Score?

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According to the Graduate Management Admission Council (GMAC), the lovely company behind the GMAT,  the GMAT score percentiles correlates GMAT score with the percentile of everyone who takes the GMAT, which will give you an idea of the score you need to land to get into the business school of your choice. See below to see what scores show up on your report and what reports business schools will see.

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  • Quantitative score (out of “51 questions” and percentile)
  • Verbal score (out of “51 questions” and percentile)
  • Your overall score (out of 800 and percentile)
  • Essay score (out of 6.0, increments of .5 and percentile and which is a minor blip on the report as long as you don’t bomb the essay)

So first off, you’ll notice that your score is based out of 51 “questions”, even though the verbal really only has 41 questions and the quantitative has only 37 questions.   The reason for this is that the raw score takes into account degrees of difficulty for the questions your answering as part of the computerized adaptive testing (CAT), where the computer adjusts its difficulty according to your performance on the test.

ImageIf you look at the results above, you’ll see that the GMAT is rewards those with a stronger performance in the Verbal section as far few people are able to score in the top percentile for verbal as opposed to quantitative, therefore the test those who have a strong performance on the verbal section get rewarded with a higher score.

In terms of overall score and percentile, here is the breakdown:

  •  540 is the mean & median score on the GMAT, which means that 50% of GMAT test takers score better and 50% do worse
  • 650 is the 78th percentile
  • A score of 700 is in the 90th percentile
  • Getting a 730 enters the top test takers as it’s the 96th percentile
  • Scoring a 750 basically gets you to elite status as you’re in the 98th percentile, meaning only 2% of test takers have done better
  • 760 and up is the elite class as it’s in the 99th percentile.

So now that we’ve broken down the scoring, let’s get down to what is considered a good score which really just depends on what your goals are. For example, getting a 650 already will get you into some respectable business schools. The question though is what if your have set your sights on something higher, like a top tier business school. While the GMAT isn’t everything, it certainly wouldn’t hurt to be in the 98th percentile…

What’s a good GMAT score for top business schools?

Visiting the US News and World Report will give you a list of what’s considered to be the top business schools, which typically has Harvard and Stanford at the top the list.

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You’ll see that the average score of people getting into Harvard is 724, while those getting into Stanford have an average of 730. Looking at the score for what’s considered to be the top 10 schools, you’ll see that people that are admitted have an average of 715 on the GMAT. It’s important to remember though that these are average GMAT scores, meaning that there are people getting admitted who are scoring higher and lower than the numbers you see in the image above.

For example, scoring a GMAT score of 760 (99th percentile) means that you’ll have an above average score for any of the business schools you apply to and at this point admission into the school will depend on other factors such as your work experience, references and interview. It also means that if you bomb these other aspects, such as poor references or not having valuable work experience, an exceptionally high score won’t help you get in, whereas someone with a score of 700 (90th percentile) which is below average for all the top 10 schools (other than Duke) but who excels at the other aspects of the application process will most likely find themselves getting admitted into the school of their choice.

How to Decide if You Should Retake the GMAT

Again this all depends on your goals and your current score, but to give you an idea of whether you should consider taking the GMAT or not, let’s consider the following scenarios:

  • If you are currently getting around a 600, taking the test again to get a 630 would be a huge push, moving yourself from the 62nd percentile up to the 72nd percentile.
  • If you’re scoring a 680, pushing yourself to get to 700 would be a great move, as you’re moving from the top 15% of GMAT test takers to the top 10% of GMAT test takers.
  • This is where things get a bit tricky. If you’re already scoring above a 700, adding another 20 or 30 points, most likely won’t do much for your application. That’s not to say that you shouldn’t retake it, but you’re now entering the laws of diminishing returns. Getting a score over a 700 shows business schools your academic ability, which means that they’ll now be focusing on other factors to decide whether you would be a good fit for their school – they’ll look at your work experience and reference letters, they’ll evaluate your interview, your application essay, etc to figure out  a person they can imagine with a promising leadership potential. Few people, if any, who score above a 700 will benefit from retaking the test in order to increase their score. Once you get a 700+ GMAT score, it’s ridiculous to spend time, money, energy, and your sanity in hopes of pushing it up – instead use that time to figure out how you can round out the rest of your application to show that you’re the best applicant for the school you’re looking to be admitted to. Getting a 770 may give you some bragging rights, but it won’t do much over a 720 GMAT score in terms of getting you into business school.

Want a Higher GMAT score?

If your GMAT score is one that would benefit from improving on, such as being in the low to high 600’s, then you may want to consider using a GMAT prep course like 800score, Kaplan, or Manhattan GMAT. In future articles, I’ll be sharing my thoughts as well as reviews to these courses to help you decide what’s best for you.  Remember that your personal best GMAT score may not necessarily be a perfect score which is okay – instead it’s what you can score when you’re fully prepared, which is why a GMAT prep course or a private tutor might be helpful as they can figure out your weaknesses and help you fully prepare.