2 Quick Questions
So I have 2 quick questions... along with some sub questions I guess.
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How long should I study for before taking the GMAT? I took a practice and scored a 660. I was super bored/lazy and kind of breezed through it. I definitely need to study and brush up on the HS math though. Essentially... do I have enough time to study before it changes in June?
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I'm currently at a MM shop and had a 3.56 undergrad from the business program at a semi target (BC/GU/NYU/Wake - all comparable undergrad I feel). I am wondering whether it'd be better to wait til i've been out for 4 years, or if two years of banking is sufficient. What do you think my shot is like at getting to either Kellogg or Booth and what do I need to score on the GMAT for it to be sufficient. I feel like the 700+ range is a sure thing. Would a 670 cut it?
Thanks in advanced.
If you breezed through it and got a 660 then put in a little effort for the 700+
You do have enough time. That said, if you're on regular banking times you probably have to use GMAT pill and sources like that to come up with a more condensed study schedule.
Biz schools start to get scared when they see an applicant with more than 3 years of IB. They know the top analysts move to PE/HF so if they see you still being in IB they'll make the assumption (a fair one at that) that you weren't a top analyst. So no. Don't wait. Now to the schools: Booth's average GMAT is 719 and their 10th percentile is 670. Kellog's average GMAT is 714 and their 10th percentile is 660.
Point: 700+ is not "sure" thing. Not even close. If you wanna be on an even playing field as everyone else then shoot for at least the school average. 670 will most likely not cut it unless everything else is top notch.
My thought: don't be lazy and try to breeze through it. There's a lot at stake here (well, not really. just your future career). Put in what you can to the best of your ability. You should be aiming for 720.
Could you elaborate on #2?
2 seems like a dumb assumption to me.......maybe, just maybe somebody wanted to stay in IB.
Also, the other issue is that at the top schools they have so many top applicants that they don't have to take a chance on this random guy who "maybe, just maybe actually loved being an analyst for 4 years". Booth is always going to have somebody else in the application pool that did their 2 years of IB and then jumped to HF/PE. Why would they ever get this guy who was an analyst for 4 years?
You should have been more specific then, being in IB for more than 3 years is not the same as being an Analyst for more than 3 years
Also... which materials would you recommend for me to use? I've only ever heard of Manhattan GMAT and Kaplan.
Hanhzo,
Great questions! My take is as follows:
1) Most people spend anywhere from 6-12 weeks prepping for the GMAT, so depending on how quickly you progress, you might be able to work in the needed prep before the new test changes. Having said that, I'm not so sure that you should really worry about the changes to the exam - since the new section is not going to be a part of your overall (800-scale) score and will likely be treated more like an AWA section by the admissions world at the outset. If you are scoring 660 on a practice test, you should be able to boost things substantially with a little hard work in the coming weeks. Firms like Kaplan, ManhattanGMAT/Prep and Veritas all do a nice job of providing courses, tutoring and off-the-shelf materials for self-study.
2) Many applicants apply to b-school following two years of investment banking experience (assuming you will have three years upon matriculation, right?). While it used to be more common to work 4+ years before applying, there has been somewhat of a downward trend in recent years in terms of when people apply to top programs. Having said that, programs like Kellogg and Booth place a fair amount of value on work experience and the perspective you might bring to the classroom. As such, applying with two years of experience could be a bit thin if those two years haven't been terribly exceptional or unique (vis-a-vis others in the applicant pool).
At the end of the day, as a male working in finance you are going to fall into a heavily over-subscribed portion of the applicant pool. As such, a GMAT result that is north of the schools' average would be ideal. Your GPA is solid, although I should mention that I'm not sure I view all of those programs in the exact same light - and it's worth noting that your ugrad path is rather common in the pool (business major).
Finally, and perhaps most importantly, I would need to know a lot more about the rest of your candidacy to provide proper guidance. For example, which employer you work for, what subjects you have studied outside of business, what languages you speak, where you were born, where your parents were born, whether or not you have traveled extensively, what hobbies you pursue, what community service you have engaged in, who might write your recommendation letters and where you ultimately want to be post-MBA. I know that's a lot to digest, but these 'secondary' traits in your file are often of great importance when applying from an over-subscribed portion of the applicant pool.
Feel free to reach out with some of this info if you'd like a more in-depth assessment.
Best of luck,
Graham
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