Currently a senior with some time on my hands. Prepping/planning on taking the GMAT next spring before the changes.
I know that the scores are good for 5 years but I plan on working at least two years in banking and possibly another 2 somewhere else.
By that time most applicants will have taken the new version of the exam... will I be at a disadvantage with scores from the old exam?
No. If anything, you want to take it before the changes. There's a lot of data pointing to two conclusions:
1) Ad-coms don't know how to judge the score from a new version of the test against the old version. Imagine how hard it would be to look at every applicant's score, then figure out when they took the test, then come up with some kind of scale like 'a 780 on the old one = 760 on the new one' etc., it would be a nightmare. 2) Scores tend to drift downward for half a decade anytime a standardized test is changed. In short, people don't know how to prepare for it fully as it is not as much a test of raw intellectual capability as it is a test of simple preparation. Plus, test prep agencies don't know how best to cover it in their courses and books, and admissions consultants can't help you as well as they could with the old.
Hope this helps.
sharks is also right on the suggestion to take it your last semester/quarter of college. If you played the game right, you should have a light final term that allows you to study consistently for it. In the event that shit goes awry during your first attempt, leave ample room to prepare for and sit for a retake before the start of your FT job. If you're IBD-bound, I don't know how you'd study consistently for it. You'd probably want to wait until you're on the buyside.
I'm aiming to take it before the changes..
Possible to fit in study time for the GMAT while traveling all the time for work and trying to balance a semblance of a social life mixed with personal free time?
Nah just take it your last semester of college. You are still challenging your brain every day, and you will probably never have as much free time as you do your last semester. I'm entering mine (13 hours) and plan on taking the GMAT sometime towards the end. Like it was said before, scores are good for 5 years.
Not to hijack, but would you recommend that I, a current college junior take it? It should still be good if I go two years of IB and two years of PE.
I'd wait until senior year to be safe - 2-3 years of banking plus 1-2 years of PE, and you might be cutting it close if you take it as a junior... plus as a 2nd semester senior, you'll have much more time than a junior trying to find a summer internship and possibly studying away...
Wow, I was just wondering this today. Thanks for posting this up and for the answer.
x
Do it before
Going into my final semester, I was planning on taking it despite a heavy course load (17 hours)
What are the best study guides? How long do people usually spend studying to get a high score? Over how long do they study (1 mo. , 2 mo. etc.)
GMATclub.com is your best resource for all this. - study guides - score breakdowns and strategy walkthroughs from high scorers - reviews of each independent prep service - online flashcards and note sets - community to answer all questions related to GMAT, b-school, etc.
The math and the verbal sections are not going to change so you still are going to get 7xx or 6xx score. Only instead of two essays you have this new section and 1 essay. I believe your score on the new section has no bearing on your overall scaled score. So you will still get 7xx or 6xxx.
That's correct. Seems like a non-event to me. Take the exam when you feel ready.
The test will change in June 2012 right?
^ yes.
take it now and dont plan out 4 years out... make it past year 1...
Wait, so the new section won't count towards anything? So instead of having to write two essays, you just write one and the new section you can theoretically 'wing it' without any negative repercussions? Sounds too good to be true..
No, not wing it. It just doesn't change the Q + V / 800 dynamic. It's scored separately. The first year it is scored, they are probably not going to weight it that heavily (my guess). Technically the essay section is scored as well, but they don't seem to weight that at all. Do well on Q and don't screw up on V and you will probably be in good standing.
Previously when you took the GMAT, you got: XXX/800 = Q+V Score X/6= AWA Score (Analytical Writing Assessment, consisting of two essays: Analysis of an Argument & Analysis of an Issue)
New GMAT, you will get: XXX/800= Q+V Score X/6 = AWA Score (one essay: Analysis of an Argument) X/Y = Integrated reasoning
Basically, they said that the second essay (Analysis of an Issue) was useless since people generally got the same score on the first two essays, so they're cutting out one essay, basing the entire essay score on the remaining essay, and using that 30 minutes to introduce a new section whose grade will be reported in a third category. How much this third category will count is undetermined at this point, but by no means can you fuck it up and expect it to not matter.
As far as preparation goes, if you're not applying to early admission programs or anything like that, I would recommend taking it at the end of senior year when you have down time. How long you need to study depends on the person--I have friends who are bad test takers and studied 3 months for about 2 hours/day senior year because they needed it. I'm lucky enough to be good at standardized tests without being the next physics doctorate candidate at MIT, so I reached my peak score after about 3 weeks of studying for a few hours a day. Another friend of mine started studying two days beforehand and got a 770.
My advice would be take a timed practice test (you can find testing centers around you that offer them in testing conditions for free or for cheap). If you're below 600, give yourself 3 months. If you're at 600-700 then maybe 1-2 months, and if you're above 700 less a month should be fine. That's all very rough and also depends on your opportunity cost (an IBD analyst isn't going to give a shit about the difference between a 720 and a 740 but if you're a senior that has nothing better to do why not study an extra week right?).
Thanks for the information..This also helped my brother regarding the exam..
im game for writing less essays! i am looking to enter bschool 2013 probably take the test a year from now. i figure that 6 month delta from when it comes out and when i am ready to take it will be plenty of time to figure the new part out.
My Manhattan GMAT books should still be good with the Q+V remaining untouched right?
You're ignoring the fact that it changes in June.
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