To retake or not to retake the GMAT ? That is the question.

Literally, THE question.

The most popular question we get around here, in the forums, on the street… everywhere. So let’s talk about it, shall we? Starting at the center of it all: GMAC statistics….

The first thing one notices looking at the GMAC statistics is that India is sending the most scores (4.4 score reports vs. the global average of 2.9) What does this tell us? Firstly, it gives us an idea of just how tough things are for Indian applicants; not only is it already a very large and crowded pool but Indians tend to apply to a lot more schools than other applicants, which, in a certain way, ‘bloats’ the number of Indian applicants in comparison to their part of the applicant pool.

So what does this mean for YOU?

Well, first and foremost, it means that a GREAT application is mandatory. One that shows uniqueness, clarity of vision, voice, humor, originality, daring… All of these elements are VERY important, especially for Indian applicants, because more than just “seeming good,” or having a high GMAT score…you need to be DIFFERENT.

Secondly, any candidate can get an advantage by applying to more schools (the more the merrier, right?). For Americans applying to US schools, 6-8 schools would be considered “more schools.” For Indian applicants, however, that number is even HIGHER. Think 8-10. And that means you need to start your applications earlier, plan better, and be smarter/more flexible when it comes to your school choice.

Mooooving on….

Some other interesting information from the GMAC reports:

1. Looking over the last five years, total mean scores go from 568 to 582. Yup, people are testing better, which makes it even TOUGHER for you guys 
2. Good news for Indian FEMALES. The share of regional exams taken by women is only 26 percent, the lowest of any world region. Which may mean that although it is tougher for Indian males, it may not be for Indian females. And US schools dowork hard to keep a good balance in their class profile, with most schools having between 30-50% female students. So… go women, go!

But let’s get back to this whole re-take thing.

The number of people retaking the GMAT in East and Southeast Asia is 32.4%
And in the US… only 14.4% .

Now, we know that there is more in there than just India but stay with me. That number makes total sense. Indian applicants are up against stiff competition, so it’s natural to want to re-take the test, get that score up 20-3o points and feel better about your chances.  Which explains why we get this questions ALL. THE. TIME:

“I’m an Indian male and I got a 720, should I retake?” [It's very rare that we hear that question from a guy in the US!]

The reasoning is, if they get that score up they’ll be a guarantee at Stanford. But, hate to burst your bubble, it doesn’t exactly work like that. Here’s the truth, my friends: schools look at everything! EEEEVERYTHING. And beyond a certain point, there are other things which become more important. Like working on your essays and finding your original voice. Or ensuring you get out two or three more applications than you would have to cast a wider net and open your options a bit. Or working on that start-up idea to have something happen before you apply. Or making up for your weak volunteer experience, by taking on another non-profit post….

So should YOU retake your GMAT???

Obviously every case is different, and there is no global answer, but here are some things to ask yourself.

1. Am I testing close to my maximum? Meaning, how does your actual GMAT score match up with your mocks? If you are 10-20 points below your mocks then you probably won’t do much better on a retake. (In fact the general statistics on retakes confirm this – folks who retake the test get on average about 30 points higher, so people aren’t testing 100 points higher each time). If the difference is huge though, then yes, consider a retake – maybe something did happen on test day.
2. What else could I do with my time?? If you are applying to round one in October of a specific year and it is March, a retake cannot hurt you, because you have all the time in the world. So in most cases I would say give it a shot. But if it’s June/July, your GMAT is going to take time away from your applications, or your work, or perhaps some other area in which you can improve yourself. So think about how your time will be better spent: another GMAT, or improving other areas.
3. How important is the GMAT given my specific profile? In some cases, a GMAT is more important for some candidates than for others. For example, for applicants to the HBS 2+2 program, for people who come from a non-business background (and for whom the GMAT is the only proof of business capabilities), or for candidates who have low GPAs. For those guys, the GMAT becomes more important than for “regular” applicants. Are you one of those “non-traditional” guys?

At the end of the day, the GMAT – although very, VERY important – is not a ticket into a top bschool. Getting a 770 will not necessarily get you into HBS if you are missing the background (the good school, the unique job, the passionate essays, the strong community service). So keep that in mind when you’re asking yourself if your current score is good enough.

Source -BeattheGMAT

GRE Study Plan

GRE preparation Plan

First step – GRE mock on Powerprep  www.gre.org

To gauge your strengths and weakness , Next

Register for the test, you will get a free copy of the Official Guide

http://www.ets.org/Media/Tests/GRE/pdf/gre%20practice%20general%20test.pdf

Complete this book to get a good hold on concepts for the GRE test

Move to GRE Guide for practice questions in different sections, if you cannot crack these go back to concepts,http://www.greguide.com/gre-practice-tests.html

Once you are confident , the move on to full length tests from GREGUIDE.com and http://www.majortests.com/gre/

Another good resource  which has 4 full length tests:

http://www.mygretutor.com/

The key here is to have a proper schedule in place based on your strengths and weaknesses .

Dedicate about 2-3 hours per day for GRE study for the next 3 months , you would be geared enough for a  high score, a competitive score for most engineers is 320/340. 

Ideal time to take the test is by August /September 2013 for Fall 2014 intake.

Critical Reasoning Questions – Not Settling for Second Best!

Critical Reasoning Questions are all about distractions. One is supposed to not only trace the logic behind the task but also to see through the author’s sneaky plan of leading the great minds struggling with the GMAT astray. Therefore, cracking a Critical Reasoning question can resemble an attempt to go through King Minos’ labyrinth with the difference being that those scoring well on the GMAT are equipped with USEFUL techniques and strategies instead of Ariadne’s thread.

A typical CR question may have from one to three answer choices going beyond the question’s scope and their elimination can be a matter of seconds. However, having eliminated the obvious we find ourselves with that uncomfortable problem of having to choose between seemingly tasty alternatives. The dilemma is made even more frustrating with the realization that such choices make or break our GMAT scores!

To survive in this hostile environment it is crucial to know your enemy – to understand how distractors work. They are commonly referred to as trap-answer choices and their elimination is never automatic; a good distractor seems plausible in some way. The question structure also renders more than one answer appealing. Consider this question:

Two farmers, who never left their farms their whole lives, were looking at their dogs and observed that all their border collies were black and white. The border collies were the only things that the farmers ever saw as a mix of black and white. Farmer Gil luckily but correctly observed that if something is a border collie then it must be black and white. Farmer Geva then remarked that if something is not black and white, then it is not a border collie.

The argument is flawed primarily because Farmer Geva:
A. fails to realize that there are other dog breeds apart from border collies
B. fails to realize that being black and white is a necessary but insufficient condition to be called a border collie
C. lacks sufficient information on which to base the condition for being a border collie
D. only observes one type of phenomenon – border collies and their color
E. demonstrates only limited knowledge about the world outside

Before approaching this question, we need to determine its type. The question stem tells us that this is an Argument Flaw question; what is the inherent flaw in the argument’s conclusion or its underlying assumption?

In this argument, the first three sentences are the premises, citing facts. Sentence 4 is the conclusion, as it demonstrates an opinion based on the premises:

Premise A: Two farmers, who had never left their farms, saw that their border collies were black and white.
+
Premise B: Both farmers had never seen other things that were black and white apart from the dogs.
+
Premise C: Farmer Gil: all border collies must be black and white.
≠
Conclusion: If something is not black and white, it is not a border collie.

Fairly easily, we can eliminate answers A, D and E.

Answer A is incorrect because it assumes too much – that Farmer Geva is unaware of other breeds. Even if this were true, would this make the argument stronger? Is this really the flaw? Not really, as the argument only needs to deal with one dog breed.

Alternatively, choice D criticizes the argument for considering only one phenomenon. However, this is not a flaw as the argument only deals with one type.

Finally, answer E can also be easily rejected. It mirrors what the premises already state – that they had never left their farms and knew no other dog types except border collies; therefore, this answer choice does not illustrate the flaw.

It is clear that the toss-up will be between B and C: both answer choices relate to the scope we defined. Then which is the best answer choice? Which is the correct answer choice and which is the nasty distractor?

At this point we must pause and compare the two answer choices more carefully:

(B) fails to realize that being black and white is a necessary but not a sufficient condition to be called a border collie

(C) lacks sufficient information on which to base the condition for being a border collie

The two statements seem similar, but there are microscopic differences. According to answer B, going on the information of Farmer Gil that all border collies are black and white, Farmer Geva supposes that this is enough for a border collie to be called as such, wrongly assuming that only color delineates what a border collie is, whereas there may be other conditions which make border collies what they are.

Answer C, on the other hand, suggests that Farmer Geva lacks sufficient information to be able to define what a border collie is. Clearly this is not the case – the premises state that Farmer Gil correctly points out that all border collies are black and white and also, as one of the conditions for being a border collie (i.e. being black and white) is a premise, then such factual data is considered correct.

Once we isolate this difference, it becomes easier to judge which answer choice is best: Answer C makes a claim that contradicts the premises, whereas answer B correctly indicates a flaw in Farmer Geva’s reasoning.

The correct answer choice is B.

Take home lesson

Remember that GMAT questions often yield to the scheme of 3 + 1 + 1. Three relatively easy eliminations, a distractor and a correct answer choice. Find the three quickly, and then pause for a microscopic look at the last two. Do your best to choose the best, and not the second best answer choice.

Source: BeattheGMAT

Global Admit - Beyond GRE/GMAT recording

Excerpts:2013 Visa Interview Mumbai Counsellate

Name: Nazm Bilochpura

Degree: Chartered Accountancy, Bachelors in Computer Applications

 Work Exp/Company Name: 2 years work ex. Companies :- Lancers Army Schools Trust, Estrela  hotels and resorts

GRE/GMAT & TOEFL /IELTS  scores : GMAT - 680, Toefl- 103

 Program Applied to : MBA

 Universities applied to : Babson, Oxford, will apply to LBS

COUNTRIES: USA, UK

 Admits /Interview Calls received so far  (specify names)- Babson, Oxford

 Scholarships if any USD : $15,000

Interviewer - Goodmorning ! Give me your I-20 and passport.

Me - Goodmorning Sir (Remember to wish cheerfully and confidently)

Interviewer - So going to Babson eh ? Which course are you going to do there?

Me - Yes. I'm going for my Masters in Business & Management

Interviewer - Ok, and what have you done in your education ?

Me - I'm a CA, and have also done my Bachelors in Computer Applications

Interviewer - When did you finish your last degree ?

Me - By Jan 2012

Interviewer - What did you do after that ?

Me - I was working in my family business, etc.... (I described my work)

Interviewer - And what was your salary there?

Me - My reply. ( I mentioned current salary only)

Interviewer - Good. So Who's going to pay for your education? 

Me - My employers are sponsoring me. I work for my family owned partnership firm, so they are taking care of my expenses.

Interviewer - What is your firm's Turnover ? or its profits.

Me - T.O this year has been ........, and profits have been.......... I have their latest ITRs with me. (but he didn't check them)

Interviewer - and what are your parents' share of profits from the firm

Me - (I fumbled here.... But gave an honest answer). Umm, my dad's share is XYZ I'm not very sure of my mother's share.Basically,the firmt's paying, with support from my Dad.

Interviewer - Hmm... and where else did you apply for admission ? and what happened there?

Me - Oxford and LBS. I got through Oxford, but things didn't materialize. Haven't heard from LBS so far. So I decided to go in for Babson. I'm getting a scholarship from Babson, so thats contributed to my decision

Interviewer - Great. So now, You can collect your passport.

Me - Collect my passport ? Now? (They said that to my Brother last time when his visa got rejected. They return passports immediately then !)

Interviewer - (Smiles) Collect it after 4-5 days. Your visa's been approved :) 

Steps for I-20 after getting an admit !!

The approximate sequence of what you have to do after the admits to get the I-20 form and Visa  is as follows:

  1.   Read the admit letter or email carefully. If you have to send an acceptance of the offer do it promptly.                                              Even if you have multiple offers it makes sense to accept one.

2.       Based on the factors mailed earlier, decide the final university that you want study at, since you can book a visa date only for one university!!

3.       If you have received the I-20 form along with the offer of admission you can straightaway start the preparations for visa. Note: you cannot apply for the F1 visa unless you have the I-20 form from the university that you have chosen.

4.       Please note that you cannot apply for the visa interview more than 120 days before the starting date of the program mentioned in I-20 form. The fall 2013 semester will begin sometime in the third week of August. So, if you plan to join an American university this fall, you can start applying for your visa from the third week of April.

5.       However, the university will ask you to send affidavits of support from your sponsors as well as the bank statements of your sponsors showing that you have sufficient funds for meeting the I-20 form amount (that is, the total cost of the first year which, includes tuition, other fees and living expenses.)

6.        Most universities mention that the funds should be only bank funds and accept balance certificates from banks on bank’s letterhead which are sealed and signed by the banker. Generally, electronic copies and faxed statements are not accepted. Funds in bank include savings account and fixed deposits. You can also include Personal Provident Fund (P.P.F.) balance

7.       The I-20 form is an official document issued by the University on behalf of the United States Citizenship and Immigration Services (USCIS).   The following  important details are mentioned in the document:

·         the name and passport number of the student

·         the name of the university which the student is joining

·         the program to which the student has been admitted

·         the date of  commencement of the program

·         the date by which the program has to be completed

·         the total cost of education for one year(minus any aid received)

Once you receive the I-20 form check it carefully to see that all details are accurate. Pay specific attention to spelling of your name, accuracy of date of birth and the start and end dates of the program. Of course, all details should be accurate and the first page of the I-20 form MUST bear the signature of the university official. The third page need not be signed at this stage.

8.       As soon as you have applied for I-20 form, you have to prepare the financial and other documents required for the visa interview. Putting together the finances may take time. Please refer to the documents mailed for the standard and details of documents required.

9.       Keep in mind that you should have adequate liquid funds to cover the total cost of one year of education – this is mentioned in the I-20 form. Many students are under the wrong impression that their sponsor needs to deposit this entire amount in the bank and that otherwise their visa can be rejected. This is not true. Funds can be shown in the form of bank deposits, shares, mutual funds, provident fund etc. Even education loans of up to Rs. 20 lakhs are also permitted. Of course, having adequate funds alone does not guarantee a visa approval. The consulate officer also considers the following points:

·         whether you have admission to an accredited and reputed university

·         whether your academic background is good

·         whether your GRE score is satisfactory

·         whether your sponsor’s income is adequate

But the more important factor is you should have good communication skills and should be able to give convincing and honest answers to the consulate officer’s questions.

Most students show their parents as their sponsors. If this is not possible, they can show support from any other family member e.g. their brothers or sisters, their grandparents, either individually or as co-sponsors with their parents.

Sponsorship can also be taken from other immediate relatives, like uncles and aunts, provided their financial position is very sound and their income level is high.

Highest GMATs & Salaries in Europe

Highest GMATs & Salaries in Europe

INSEAD has come out on top of a new ranking of the best European business schools. The school, with campuses in Fontainebleau, France, and Singapore, topped the list of 20 business schools. Right behind it were No. 2London Business School, No. 3 IMD in Lausanne, Switzerland, No. 4 IE Business School in Madrid, Spain, and No. 5 IESE Business School in Barcelona, Spain.

The survey, published recently by BusinessWeek, is based solely upon the opinions of international corporate recruiters conducted by an MBA tour company, QS Quacquarelli Symonds. BusinessWeek did not report the number of respondents to the survey nor the response rate.

It would be easy to criticize this ranking of European schools. In the top 20, for example, Manchester Business School, ranked highly by The Financial Times, The Economist and Forbes, fails to warrant a mention. Neither does City University’s Cass School or Cranfield in the U.K. Germany, which is not known for graduate business education, claims three spots out of the top 16 schools.

Largest class size in Europe: INSEAD with 1,008 students

Far more interesting than the actual ranking, however, is the comparative data for the schools. By far, the European school with the largest class size is INSEAD with 1,008 MBA students, compared to IE Business School, which has the second largest class size at 450 students. Otherwise, most of these programs are very small, with more than half of the 20 admitting class sizes of under 100 MBA students.

Highest GMAT scores in Europe: INSEAD and London Business School

The highest reported average GMATs come from INSEAD at 703, some 26 points below Stanford’s 729 average and 21 points below Harvard’s 724. INSEAD’s average is equal to the University of Michigan’s Ross School and the University of Virginia’s Darden School. There are now a dozen business schools in the U.S. with higher average GMAT scores than INSEAD. The second highest average GMAT scores for the latest entering class is reported by London Business School, with an average GMAT of 698, which is the average score for Washington University’s Olin School in St. Louis.

Highest reported starting salary: IMD

The highest reported starting salary is at IMD in Lausanne, Switzerland, at $132,852, with Warwick Business School second at $129,970. Starting salaries at those two European schools bested Stanford’s $129,652 and Harvard Business School’s $124,085 last year. IMD’s reported numbers are due to the school’s student population which tends to be older with more work experience. It’s unclear how Warwick’s starting salaries could exceed Stanford, Harvard, INSEAD or London Business School.

INSEAD reported starting salaries of $102,888 and London Business School at $110,606. Another surprise in the numbers is the difference in starting salaries between IESE Business School in Barcelona, Spain, and IE Business School in Madrid. IESE reported average starting salary of $113,512 vs. $89,602 for rival IE Business School, a difference of $23,910.

Most expensive MBA program in Europe: HEC Paris

The most expensive MBA program in Europe? According to this list, it’s HEC Paris where the full tuition is $103,860, considerably higher than the one-year program at INSEAD which costs $66,877 in tuition or London Business School with an $87,164 pricetag. The least expensive? The MBA program at Warsaw University of Technology where the entire tuition is just $12,728.

Source: Beatthegmat