I am currently in the process of applying to business school via the deferred admission route, and would like to give my $0.02 on the decision of whether to take the GMAT or GRE.
When I first decided on whether to really focus on the GRE or GMAT for business school I looked at a bunch of posts on here as well as read articles online and saw (assumed) that the GMAT was pretty much the norm and - being strong in math - I opted to vigorously start studying for the GMAT. However, the plan to take the GMAT kinda blew up when (1) my in-person test got cancelled because of freaking COVID and (2) the at home version of the GMAT would not enable me to use pen and paper. Screw that, I didn't want to use the online whiteboard. So I came back to the GRE and will explain why it is probably a better test for a lot of us.
The GRE is an easier test (and, thus, an easier test to look good at) for a couple reasons. Firstly, the math is WAY easier. I was scoring ~80th percentile on the GMAT quant in all of my practice tests and data sufficiency questions were always tripping me up (badly). On my first practice test for the GRE? I didn't miss a single question and got a 170. While the GRE quant section is less forgiving when you get a question wrong, I can't stress enough how much easier the math is as long as you know the basics.
For verbal it is more of a mixed bag. Yes, GRE Verbal has a bunch of arcane words that nobody uses on a daily basis, but they are also fairly predictable and easy to study. I ended up using a list online of 357 vocab and doing about 15 a day for 3 weeks and I was set w/ regard to GRE vocab. It is definitely a grind, but I would much rather memorize 300+ words than whip myself trying to ace GMAT quant.
Lastly, it is also important to consider who actually takes the GRE and GMAT. Since the GMAT is all over-achievers bent on business school, the curve is TOUGH. Meanwhile the GRE (w/ about 4x the number of testtakers each year) encompasses a broader array of people, which helps out. This also helps for admission to b school - it is easier to shine and help their averages w/ higher GRE scores!
I consistently scored between 700-730 on the GMAT official practice tests and I think it is fair to assume I wouldn't have scored much higher than 730 on the actual exam. On the flipside, I did better comparatively with the FIRST practice test I took w/ the GRE across the board. So make sure when you are deciding to take both tests you look at each and take a practice test for each. I ended up getting a 167 Verbal, 165 Quant on the GRE on my first official exam and don't really feel the need to take it again.
The GMAT can be a real grind and so can the GRE, but I would like to point out to play to your strengths and if you are struggling with the GMAT, give the GRE a shot.
well...it depends. TLDR: The GRE will check a box, the GMAT can be a difference maker.
The GRE has a ceiling , the GMAT does not.
The main difference from the MBA perspective is that it is harder to differentiate yourself with GRE, precisely because of what you mentioned- Every year people with perfect 170/170 get rejected from schools they thought they were a shoein because they BELIEVED they had equivalent of an 800 GMAT.
If you are 3.7 from HYPSM and 2+2/FAANG/MBB/Similar- sure, bang out an acceptable GRE score.
But if you are, like most people, coming from a tougher position, e.g. a white guy in FP&A or B4 consulting with a lower 3, you NEED a big GMAT score to make the difference and set you apart.