GMAT vs. Early Application
Hey all!
I'm applying to European MSc. in Finance programs, and took my GMAT 2 days ago. I got a 650 overall, 49Q,30V.
I'm targeting ESADE, IE, Imperial (with this gmat score seems like a long shot), ESSEC (MSc. in Finance), EDHEC and Bocconi. I know that these programs use the GMAT as one of many factors, so I'd like to know if it's worth retaking?
Only problem is, if I wait a month, i'll miss a couple of application deadlines, which is also negative. On the other hand, if I apply now, will this low GMAT really decrease my chances of admission significantly? Do they look mostly at the Quant score (which would make sense for a finance degree)? The dilemma is applying early vs. improving my gmat score.
I did my undergrad in Switzerland (University of Geneva) in Economics, GPA of 3.2-3.3. I have 2 years of full-time experience in Private Wealth Management (~junior client advisor), in a large swiss bank.
I'd really appreciate any advice/feedback, to make a decision (not sure there is a good one...)!
Thanks!
I found myself pretty much in the same situation in early September. In the end, I decided to apply to the programs I had a decent shot at (I have 640 GMAT), to see the results and then to decide if I really wanted to sit another time the GMAT. I got in at IE (thanks to my CFA l1) and ESADE, and won't bother with the GMAT anymore.
The question is how confident are you to score a higher GMAT and how much time you will require? Competition will increase in the months to come, so time is more of an issue here (even tough you are still applying very early). I don't think it would be a good trade-off if you decide to take the GMAT in April and improve your score of 20 points. However, if after one month of studying you can get a 700, I'd say go for it. You see my point.
So if I were you, I'd apply to ESADE, ESSEC and EDHEC right now. If you fail one Bocconi's round, you cannot apply for the next one so be aware of that; they do really care about your GMAT so it might be tough. But it also depends on your favorite program. Imperial might be a long shot I don't know, perhaps people with more experience in UK MiF could help you out here.
Don't put all your eggs in one basket. Apply for programs you think you can make it. To be honest, I personally think 650 is a great score and that 2 years in PWM, moreover in Geneva, makes you a top candidate with very good chances to all the programs you mentioned.
Best of luck!
Hi! thanks for sharing your experience!
About improving my score, my issue is really with the verbal part, on which i'm really inconsistent (got between 25 and 38 randomly on all the practice tests I did). Improving the quant section probably won't help that much as i'm already at 49. I honestly have no idea how another month of studying will affect the verbal part, so if I take it again next month to get a worse/similar/+20 score, not sure it's worth it.
Maybe applying early to ESADE, IE and ESSEC (EDHEC is not really one of my top choices), and then decide if I should take the GMAT again or not could be an idea.
PS: Applying for MScs, NOT MBAs.
Cheers!
Your stats currently are not good enough to get into a top school (and it seems like you want to go to a top school based on your targets). Below average GPA, below average work experience (GWM isn't a great finance job), and below average GMAT. Get 700+ on GMAT and apply next year.
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